Synergy Strategic Solutions, a provider of insurtech solutions in the APAC region, and iNube Software Solutions®, a provider of digital insurance solutions, have announced plans to enter into a strategic partnership to expand their current offering for the insurance sector from end-to-end consulting and solutions, with niche digital products and micro platforms that enable e-insurance.
The partnership with iNube will not only enable Synergy to strengthen its offering to its current customer portfolio in Asia but also market these products and solutions to smaller, new age insurance companies across Hong Kong, Singapore, Malaysia, Indonesia, Japan, Vietnam, and Thailand. iNube is keen to explore the Asia market with Synergy’s well-established client base in Asia. Through this partnership, the companies are expecting to grow their revenues between 20-30% on an incremental basis over the next five years. Overall, the Asian Insurers tech investments are expected to grow to US$ 500 million by the end of 2022.
“With technology playing an increasingly critical role in every aspect of insurers business, traditional insurers today recognize the need for accelerating their digital journey to ensure they remain on the competitive vanguard. There is rising demand for modular and well proven agile core solutions in the insurance sector. We have been looking for companies with a suite of core products that were easy to configure, simple to maintain and highly modular. iNube’s product portfolio, specially MICA, a Small Ticket Insurance Core Platform, which has been a great hit for insurance companies in the Indian region, perfectly matched the requirements of our growing client base in the Asian region, with insurers exploring ways to develop newer distribution channels, especially affinity and e-commerce distribution. We believe through this partnership we will co-create best in class solutions and we are excited to drive new value for our customers,” Pradeep Satya, CEO and Founder of Synergy said in a statement.
“With our understanding of the Insurance eco-system for over a decade and our established presence in more than 7 Asian countries, combined with iNube’s strong customer footprint across India, Sri Lanka and Middle East, this partnership will allow us to strengthen our go to market strategy with additional offerings” he added.
“Combined with a strong technology leadership and deep domain knowledge of the Insurance industry, iNube has been consistently providing cutting-edge software solutions that are critical to business success, for Insurance companies. With this partnership, iNube will leverage opportunities to strengthen its presence, in the Asian market and explore new customers, for our suite of Digital Insurance Solutions. Combined with Synergy’s advisory in our own product innovation and development, we are confident of drawing out a roadmap that helps us add more value to our existing and new customers. We are very excited about this partnership and look forward to bringing in a stronger value proposition to the Insurance marketplace,” Vinodkumar A. Iyer, CEO of iNube Software Solutions® said.
About Synergy Strategic Solutions
Synergy Strategic Solutions Limited is a global management consulting and end-to-end technology solutions provider to the insurance industry. Founded in 2011, Synergy has emerged among the leading insurtech companies in the Asia region, with a clientele including some of the biggest names in the Insurance industry in this region. Headquartered in Hong Kong, Synergy has operational presence in Singapore, Malaysia, Japan, India, and Indonesia markets. The company has its knowledge center based out of Bangalore in India, where cutting edge digital solutions are developed for the fast-growing Insurance industry.
About iNube Solutions®
iNube Software Solutions Pvt. Ltd. is a leading provider of innovative digital insurance solutions and a trusted and preferred technology partner for the global insurance industry. Established in the year 2010 and headquartered in Bangalore, iNube is equipped with unparalleled expertise of 250+ person-years of powerful team leadership experience in the Insurance industry and IT domain.
With strong technology leadership, iNube has proactively conceived, developed and implemented 25+ customer-centric, cloud-based digital insurance solutions across the insurance value chain for insurance companies, reinsurers, third party administrators (TPAs), insurance brokers and claims surveyors across Property & Casualty (P&C), Life and Health Insurance segments.