Matchmaking for business: How SG firm found tech startup to help scale digitally
Matchmaking for businesses: How SG firm found tech startup to help scale digitally
Tapping IMDA’s pool of solution vendors on the Open Innovation Platform enabled insurance provider Assure General Insurance to find the right software partner in SMITSU, driving growth in both companies
IMDA’s Open Innovation Platform aims to help companies with problem statements find the right tech partners and create breakthroughs.
Photo: GETTY IMAGES
For homegrown insurance provider Assure General Insurance (AGI SG), digitalisation has been a game-changer. The firm does not offer its own insurance, but partners major insurers to match its customers with suitable policies from them, earning a commission for each sale.
AGI SG’s employees used to spend hours manually keying potential clients’ details and requests into spreadsheets and checking its partners’ available policies to find the most suitable ones. This process was time-consuming, prone to human error and resulted in long response times to inquiries.
AGI SG was looking for a digital solution tailored to solve these problems and chanced upon the Infocomm Media Development Authority’s (IMDA) Open Innovation Platform (OIP), which connects businesses with digital challenges to relevant technology providers.
In February 2021, AGI SG approached IMDA OIP to have its operations analysed so that a clear problem statement can be developed to crowdsource innovative solutions.
After evaluating proposals submitted by solution providers on the OIP, AGI SG selected local software start-up SMITSU – a company that offered a smart system which automatically generates quotations from insurers that fulfilled the required coverage. The solution was commercialised and AGI SG started using a customised version of the system in less than six months.
ONE-STOP SUPPORT STATION
From diagnosing our challenges to refining our problem statement, assessing proposals and setting key performance indicators to ensure the right outcomes, we received end-to-end support, and it was entirely free.
MR ALEXIS ADRIAN CHUA, AGI SG’S CHIEF EXECUTIVE OFFICER
With the new solution, AGI SG staff could easily compare real-time quotations from its partners within minutes of entering prospective customers’ information and insurance wishes. AGI SG’s chief executive officer Alexis Adrian Chua shares: “We have reduced our manual processes by 60 per cent and slashed our customer quotation lead time to an average of 4 hours.”
Lending a hand to smaller businesses
Participants can also benefit from IMDA’s network of experts and consultants, technology resources, and facilities for prototyping.
Photo: Getty images
Both Mr Chua and Mr Hento Ong, SMITSU’s founder, also pointed to the OIP’s benefits for small- and medium-sized enterprises (SMEs). Mr Chua says: “When we were searching for an answer to our problems, we quickly realised how much time and effort it would take to source, qualify and shortlist digital solution providers on our own.”
“After we chanced upon the OIP, it was clear that we needed the professional consultancy support that came with it. From diagnosing our challenges to refining our problem statement, assessing proposals and setting key performance indicators to ensure the right outcomes, we received end-to-end support, and it was entirely free.”
Companies aiming to find solutions through the OIP get to determine the sum of the prize money prior to the call launch. This prize money, which is funded by the problem owner, will be awarded to the selected solution provider after the agreed prototype has been successfully developed. There are no other costs involved in taking part in the OIP. To date, the OIP has facilitated the solution of over 300 problem statements, worth over $9 million in prize monies.
For SMITSU, the OIP has been an opportunity to increase awareness of its brand and software systems, discover more about its potential clients’ needs and develop better versions of its products.
The OIP also provided the start-up with a level playing field where it can compete with larger companies and have a chance at making an impact in the industry. Mr Ong notes: “Thanks to the OIP, we became aware of AGI SG and its associated issues, which we may not have discovered otherwise. Similarly, without our involvement in the OIP, AGI SG may not have been aware of our organisation and the potential benefits of our collaboration.”
As AGI SG tried out SMITSU’s solution, it provided feedback on ways to upgrade and refine the smart system. This led SMITSU to add several features, including an option for AGI SG employees to quickly and easily send its partners’ insurance requests for niche products that require a larger extent of policy customisation, such as luxury cars.
SMITSU also programmed a module to automatically calculate the commission for AGI SG agents if they make a particular sale. Says Mr Ong: “As we continue to grow and expand our range of services, we’re excited to incorporate new features that will further enhance the user experience. For instance, we’re currently exploring the possibility of implementing an upgrade that would enable customers to conveniently make payment for their insurance policies through the platform.”
He continues: “Participating in the OIP innovation call process has allowed us to make significant improvements to our product, resulting in a more appealing offering to be presented to potential customers. In addition, the feedback we received from the OIP team has given us valuable insights which helps us improve our product to meet the evolving needs of our customers.”
Empowering businesses to grow
Participating in the OIP has yielded other dividends, he adds. “Thanks to AGI SG, we’ve been able to introduce our automated solutions to companies outside of the usual industries we engage with. One such company is a local lending firm that deals with SMEs and is constantly inundated with large volumes of documents to be processed. While we’re currently prioritising our current work, these connections are extremely valuable and we plan to follow up with them in the near future.”
ESTABLISHING A STRONGER PRESENCE
The OIP has been instrumental in levelling the playing field, which enabled us to compete with larger competitors.
MR HENTO ONG, SMITSU’S FOUNDER
Being an OIP innovation call winner has also burnished SMITSU’s reputation. “When we mention that to potential customers, they take us more seriously and treat us differently. It has enabled us to get more business too. Just recently, we signed an agreement with a local financial advisory firm.”
Mr Ong notes that there are other advantages to being part of the OIP, such as access to IMDA’s network of experts and consultants, technology resources, and facilities for prototyping. For instance, IMDA has linked SMITSU to its innovation consultant who helped finetune its pitches to other businesses at no cost.
Mr Chua adds: “The entire OIP process is very well facilitated, and we received close guidance along the way. With the OIP innovation call, we were able to find the right solution provider much more quickly.”
For Mr Ong, the OIP experience has exceeded all his expectations. He says: “The OIP has been instrumental in levelling the playing field, which enabled us to compete with larger competitors. Our experience has been incredibly positive, and we believe that others will benefit from participating in this programme too.”
Learn more about how you can be connected with a tech solution provider and scale your business.
Source: The Straits Times