Vouch Insurtech (Vouch) is an innovative car insurance social platform that incentivises safe drivers with a cash-back of up to 15% of their annual car insurance premiums if no claims are made. Vouch has partnered with three major insurers: NTUC Income, Sompo and Tokio Marine, which collectively account for over 25% of the Singapore motor insurance market. Their digital platform benefits drivers and insurers alike. Drivers enjoy a convenient and seamless experience, while also being rewarded for safe driving. Insurers have a way to better manage the underwriting risks, as well as attract more customers.
Co-founded in late 2016 by NUS Overseas College alumnus (NOCSV, 2006) Chean Yujun, Vouch received NUS Enterprise’s Practicum award to validate the business idea. The company subsequently raised SGD1 million in seed funding in December 2017, from investors including GREE Ventures, Nogle Capital and angels. Vouch officially launched its platform in Singapore in February 2018 (vouchinsurance.sg), and in Thailand in July 2018 (branded as FairDee.co.th), has plans to expand its reach to Malaysia and Indonesia over the next two years.
As an NUS Enterprise incubatee company, Vouch has received mentorship support, the Startups Go-Global grant for overseas market access, publicity support and connections to the NUS alumni community.