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Agiliux Cloud Insurance

Agiliux offers cloud-based software for insurance industry.

St. Kitts
Market: Internet and IT, Insurance
Stage of the project: Operating business

Date of last change: 12.02.2022
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Idea

Agiliux offers software-as-a-service solutions for Insurance industry to enhance distribution efficiencies and improve customer experience.

Current Status

Paid Customers: Insurance Companies (2), Insurance Brokers (5), Agencies (4), in 6 Asia Pacific countries.

More than 40 potential customers in our sales pipeline and expecting to close at least half of them in next 6-9 months.

Also working actively to build our partners network across the region, to increase our reach, already nearing 20 partners, including some big names, like eBaotech, Microsoft, etc.

Market

Agiliux is targeting Insurance Companies, Brokers and Agencies in Asia Pacific region, in the General Insurance segment.

There are close 1000 Insurance Companies, 1000 Insurance Brokers and probably a million Insurance agencies.

Globally Insurance Software is a $15 billion industry. Asia is still at pretty nascent stage, especially when we look at the current stage of digtilisation of the players, be it large medium or small. As per one report, Asia-Pacific will be responsible for 42% of global insurance premiums by 2029 and to support this kind of growth, need to digitalise will be massive.

Problem or Opportunity

Insurance is in a major transformation, where legacy systems and processes are getting replaced by modern stack. There aren’t many Asian vendors offering, off the self, insurance software, due to complexity and stringent regulatory requirements. Larger Insurance players develop their own systems and end up using outdated software for decades and mid to smaller size guys, just make use of whatever they can.

This results into not able to meet fast changing needs and expectations of the Customers, especially the younger generation.

Solution (product or service)

Agiliux Insurance Distribution Solution - offers digital solutions that enable insurance companies, Banks (bancassurance), and brokers to sell insurance directly to customers via website or a mobile app, along with an interface for agents to serve customers better. The distribution platform also includes Customer service modules to offer self-service functionality to customers for checking policy status, renew policy or submit claims and an integrated helpdesk system for customer service team.

Competitors

Asia is bit behind on this transformation curve as compare to EU or US, but with the current insurance penetration level at only 2% and projected to be the largest market by 2030, with 42% share of world’s premium, many overseas service providers are looking at entering Asia Pacific. They have technology and expertise, but it’s not localised, Asian regulations, languages, integration with local service providers and partners and so on.
There are few local insurance software providers but all of them are very traditional in approach (client server, onsite hosting, accounting or financial focused, etc)

UPCOMING COMPETITORS
Uncharted (Singapore), SymboPass (Singapore), CoverGo (Hong Kong) and Tigerlab (Malaysia). All these competitors, except for CoverGo, don't have much (or any) APAC experience, so far.

Advantages or differentiators

Integrated solution, covering all major functions, for end to end automation, Faster Go Live
Services include initial Consulting and Preparation of Transformation Roadmap to Go live & Ongoing Support for continuous improvement
Being Asian (product, support, integrations, experience)

Finance

As any Enterprise SAAS, we have two revenue streams, subscription fee and professional services. Cost is mainly staff salaries, cloud infrastructure and general expenses (sales, marketing and admin).

Business model

As any Enterprise SAAS, we have two revenue streams, subscription fee and professional services. Customers usually pay one-time setup fee based upon modules they need and any customisations or integrations required and the ongoing subscription fee is mainly based upon number of users.

Money will be spent on

1. Sales & Marketing (40%)
Grow Marketing team (+3)
Hire 1 Sales Guy in SG
Hire Sales Guys in MY (+2)
Creating awareness in our targeted countries
Partnerships (PH & Indo)

2. Product Enhancement (25%)
Hire Product Manager in MY
Hire 2 Backend Dev in MY
Hire 1 Business Analyst in MY
Hire 2 Customer Success in MY
Invest in Blockchain, AI, ML

3. Branding and PR (25%)
Work with PR agency
Brand awareness campaigns
Participate in Industry events /conferences
Content Marketing

Offer for investor

US$500k for 10% equity
(valuation ~5 times 2021 revenue)

Team or Management

Risks

Its highly regulated industry, so that risk is always, there we are not directly regulated, but our Customers are, so we need to ensure, all is in god shape in terms of security, process, quality control, etc

As mentioned above, there are many established players in EU and US and some of them are already looking at Asia and though we have many advantages right now, but if we don't move fast, we might lose this competitive advantage of being local and first here.

Incubation/Acceleration programs accomplishment

We participated in a Malaysian accelerator programme, Scaleup Malaysia, in 2020, for advice and mentorship to grow fast.

They invested US$46k for 8% equity.

Product Video

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Idea
Current Status
Market
Problem or Opportunity
Solution (product or service)
Competitors
Advantages or differentiators
Finance
Invested in previous rounds, $
Business model
Money will be spent on
Offer for investor
Team or Management
Mentors & Advisors
Lead investor
Risks
Incubation/Acceleration programs accomplishment
Won the competition and other awards
Invention/Patent
Photos
Product Video