E-commerce firm Synagie Corporation unveils lifestyle insurance mobile app

Kaisu.me will first provide a 12-month accidental screen damage protection for brand new mobile phones.

SGX-listed e-commerce solutions firm Synagie Corporation launched its lifestyle insurance mobile app and cloud insurance platform Kaisu.me to provide instant protection for consumers in Singapore and Southeast Asia, an announcement revealed.

The Kiasu.me mobile app, which is usable on both iOS and Android devices, reportedly focuses on delivering pay-as-you-use lifestyle insurance policies that is tailored to protect consumers from threats and hazards in their digital lifestyle.

According to the firm, Kiasu.me was developed in response to most traditional policies being unsuitable for the on-demand economy due to their higher premiums for coverage that consumers might not use.

Also read: Grab forms joint venture with ZhongAn to offer digital insurance products

“Traditional insurance policies are probably two sizes bigger than they should be. Imagine a pair of sneakers that is two sizes up from your normal size. Would you pay extra to buy them,” Zanetta Lee, co-founder and executive director of Synagie, commented in a statement. “Our policies work like a subscription where you pay a low monthly fee for the lifestyle coverage you need and have the freedom to add on more protection or cancel anytime.”

Kiasu.me will be offering its first product Device Shield, which will be launched in the form of a scratch card, available at leading mobile phone retail outlets in Singapore. Device Shield is a 12-month accidental screen damage protection for brand new mobile phones that covers the cost of one screen repair for all major brands with coverage activation and automated claims powered by Kiasu.me.

“This innovative insurance coverage includes an app-based concierge service that picks up the damaged phone for repair and send it back to the consumer after repair free of charge,” the firm explained. Statistics show that more than 95 million smartphones are damaged each year due to drops.

Other insurance products are in the pipeline for 2019, including cyber risks and family insurance that will soon be available on Kiasu.me mobile app or through the app’s official website.

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