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Agiliux Cloud Insurance

Agiliux offers cloud-based software for insurance industry.

Malaysia
Market: Internet and IT, Insurance
Stage of the project: Prototype or product is ready

Date of last change: 12.10.2020
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Idea

Agiliux offers cloud-based insurance software with extensive policy and claims management capabilities, focusing on Insurance Companies, Brokers and Agencies in the Asia pacific region, to help digitalise the entire ecosystem.

Current Status

We have worked with a regional Insurance player [AmTrust Mobile Solutions, now known as BoltTech Devices Protection] over last 5 years and developed and implemented Agiliux for them and since then supporting them in multiple Asian countries [Malaysia, Indonesia, Philippines, Vietnam, and India] for their end to end operations. Along with their internal automation, we also integrated with 100’s of their partners and services in each of these countries, which gave us a major edge on any other provider in the region.
It’s only this year, in May 2020, we started selling Agiliux to other customers in Malaysia and Singapore and since then have got a great response, lots of learning and right now working on many projects, along with moving towards developing a full suite of products, covering multiple Insurance types, integrating with Insurance companies, etc.
Though we are in talks with more than 15 potential customers, few close ones are:
1. AWG Insurance Broker in Singapore (currently implementation going on, estimated going live by end of Oct)
2. Great Eastern Malaysia (implementation to Support Agency Mgmt, project already approved, waiting for PO, expecting by mid of Oct)
3. AXA Malaysia (agreed to do a POC with them, expecting to start in Oct)

Overall Agiliux Product Stats (without including new projects):
Solution Deployed in 5 Countries | Total 13 million Active policies | Adding 400k New Policies monthly | Process 10k Claims monthly

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 industry is in a major transformation phase, where the legacy systems, processes and methodologies are getting replaced by modern stack.

Asia is bit behind on this transformation curve as compare to EU or US, but with the current insurance penetration level in Asia at only 2%, it is projected to be the largest market by 2030, with 42% share of world’s premium share.

There are not many Asian vendors who offer, off the self, insurance software, mainly due to complexity and stringent regulatory requirements. Due to this, most of the Insurance players develop their own systems and end up using the same outdated software for decades.

Solution (product or service)

There are multiple solutions that we are working upon:

Agiliux Cloud Insurance Solution
Agiliux offers digital solutions that enable insurance companies to create and launch new products faster, managing policies and claims much more efficiently, and improve customer engagement and empower their agents, than was ever before.

Agiliux Insurance Brokers Solution
Agiliux offers end-to-end automation of Insurance Brokers entire operations, from the risk coverage request from customer to giving them the required quote and generation of debit notes, manage payments and integrated accounting, and generating regulatory reports much more efficiently than was ever before.

Agiliux Customer Engagement Solutions
Agiliux offers companies to setup automated Customer Communication, omnichannel Contact centres with full Helpdesk and intelligent Email Management for better Customer engagement.

Agiliux Go Digital Platform
Agiliux offer full range of self-service platforms with white-labelling and a seamless customer experience across all digital channels, including customer portals and mobile apps, which offer customer to check their policies, purchase or renew policies, submit and track claims and always be in touch.

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

Customers usually pay one time setup fee based upon what modules they need and any customisations or integrations required and the ongoing subscription fee, based upon modules and number of users.

Currently sales is mainly happening through our enterprise sales team (direct outreach, pitch, demo, proposal, close sale), mainly in Malaysia and Singapore.

Next year, we'll start focusing on other countries, which mainly shall be with our resellers and partners:
a) work with industry players, like InsurTechs or Marketplaces, who work with the same target market (Insurance Co’s, Brokers & Agencies)
b) appoint Resellers in other markets like Indo, PH, Thai and VN, mainly for insurance agencies
c) work with SI’s who may already have insurance clients or network
d) work with Insurance Co’s (e.g. digitalise their agencies)

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 have recently participated in a local accelerator programme, Scaleup Malaysia, for advice and mentorship to grow fast.

They invested US$46k for 8% equity.

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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
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Product Video