discovermarket Bags Double Wins at the 28th Asia Insurance Industry Awards
12 Nov 24
Global insurtech company discovermarket, the unprecedented double-category winner, has clinched the titles of Insurtech of the Year and Technology Initiative of the Year at the 28th Asia Insurance Industry Awards (AIIA). This historic win marks the first time an Insurtech has swept both categories in a single year. The awards were proudly received by Patrick Bühler (Group CEO & Founder) and Marco Kamerling (Chief Commercial & Marketing Officer) at the ceremony held at Marina Bay Sands Expo and Convention Centre in Singapore.
Securing both Insurtech of the Year and Technology Initiative of the Year is a testament to discovermarket’s excellence in driving innovative products and solutions while enhancing customer experience and satisfaction in the embedded insurance sector. This achievement is powered by discovermarket’s groundbreaking marketplace-as-a-service platform, a technological advancement that has distinguished the company within the industry.
In recognizing discovermarket, AIIA highlighted that: ‘AIIA noted that ‘established in 2021, the InsurTech discovermarket has significant presence across Southeast Asia. The Insurtech’s technology platform and business blueprint have enabled a truly digital insurance experience, making insurance affordable, accessible, and relevant for over 200 million customers across Singapore, the Philippines and Indonesia. Through its flagship marketplace-as-a-service platform, discovermarket partners with trusted brands to ensure easy access to unique insurance products’.
Patrick Bühler, Group CEO & Founder, discovermarket, shared his thoughts:’ After our two wins at the Insurance Asia Awards earlier this year, we are incredibly honored to be recognized with these prestigious awards for Insurtech of the Year and Technology Initiative of the Year at the 28th Asia Insurance Industry Awards. These wins are a testament to our team’s dedication and innovation and reinforce our commitment to closing protection gaps in the Asian market. At discovermarket, we are dedicated to delivering affordable, accessible, and relevant embedded insurance solutions that meet the needs of today’s underserved customers. These awards validate our efforts and encourage us to continue our mission to make protection more integral to people’s lives across the region.’
The discovermarket platform has attracted trusted brands across various sectors in this region to build unique insurance products. Notable collaborations include Globe Telecom in the Philippines for cyber insurance, J6W for bus passenger accident protection, Lexasure in Indonesia to support farmers with parametric weather insurance, and InterContinental in Singapore to provide rain protection for hotel guests. These collaborations exemplify discovermarket’s capability to work with a diverse range of industries and its commitment to providing tailored insurance solutions.
With one single platform, discovermarket orchestrates the entire embedded insurance value chain through its platform, allowing insurers and brokers to seamlessly connect to trusted brands to access new customer segments. By facilitating seamless onboarding of partners, intuitive product configuration through simple drag and drop features, customer journey integration, policy lifecycle management, claims registration and portfolio performance management, it allows a fast time to market and transact profitably microinsurance policies as low as USD 1 cent per policy. The platform is product-agnostic and extends across various use cases such as eCommerce, fintech, ticketing, and leisure. Moreover, its pre-built integration with global data sources and AI-driven insights allow trusted brands to elevate customer experience by intelligently identifying insurance needs and ensuring timely, relevant product recommendations.
The Asia Insurance Industry Awards, known for its rigorous criteria and transparent selection process, is independently audited. This year, nearly 200 entries competed for the prestigious awards, with 17 winners recognized as the region’s top insurers, reinsurers, brokers, risk managers, and service providers. The winners were selected by a panel of 20 distinguished judges from the APAC insurance industry, enhancing the awards’ credibility.
discovermarket has firmly established itself as an award-winning global insurtech company, celebrated by the industry’s most esteemed accolades. In July this year, discovermarket has achieved two prestigious wins at Insurance Asia Awards 2024: Insurtech Start-up of the Year – Singapore and Insurance Initiative of the Year – Philippines category wins.
