Oona Insurance and InsureMO Unite to Fast-Track Digital Evolution in SEA

SINGAPORE, Sept. 20, 2023 /PRNewswire/ -- Oona Insurance (Oona) has chosen InsureMO, the foremost middleware platform specialising in insurance solutions, as its preferred partner to support it in driving digital transformation in the Southeast Asian (SEA) insurance sector. This collaboration will help Oona on its journey to build the leading digital insurance-as-a-service platform in SEA. For InsureMO, this strategic partnership offers an opportunity to collaborate with a digital-first and forward-thinking insurer, demonstrating its commitment to advancing the insurance industry's transformation and showcasing the resilience, adaptability and customization of its platform.

By leveraging InsureMO's platform, Oona will enhance digital consumer experiences to support its regional digital strategy, with a focus on agility, scalability, and tailored solutions for over 2 million customers across its current markets in Indonesia and the Philippines. Despite the challenges of integrating legacy systems from Oona's acquisitions, InsureMO's solutions will ensure a smooth and efficient transition with an accelerated time frame.

Oona intends to introduce new digital platforms for customers, employees, agents and other partners, with implementation already underway in the region. One of the immediate examples highlighting the speed and agility of this collaboration is the launch of a new general insurance product in Indonesia this month, the Oona Smart Flight Delay Insurance, accessible via chatbot and WhatsApp, a first for the Indonesia market and a global first use of ChatGPT for insurance sales.

The key benefits of the Oona and InsureMO partnership are:

1.      Accelerated Implementation & Efficiency: InsureMO's platform, deployed in under two months, provides Oona with a regional insurance infrastructure to incorporate best-of-breed applications for both front and back-office operations.

2.      Digital Transition Expertise: Oona can smoothly progress in its digital era transition without disrupting its established operational backbone, while InsureMO actively participates in the digital transformation of the insurance industry in SEA through Oona.

3.      Expedited Business Growth: Leveraging InsureMO's capabilities, Oona is strategically planning for a strong digital presence regionally, particularly through the development of new products and services.

Abhishek Bhatia, Founder and Group CEO of Oona, stated, "Choosing InsureMO as our mid-office platform is a significant step in Oona's digital transformation journey. Their capability to seamlessly create and connect diverse distribution channels gives us an edge, allowing us to accelerate our time to market for new and existing products. This partnership isn't just about technology—it's a partnership towards creating an insurance-as-a-service model for future-ready insurance carriers."

"We are deeply honoured to work with the digital-first insurer Oona during its dynamic expansion phase. InsureMO's platform is designed to empower Oona in modernising its core systems without necessitating replacements in the existing back office, paving the way for Oona's rapid digital shift. This focus on creation and connection ensures that Oona's transformation journey yields immediate and significant business results while allowing InsureMO to actively demonstrate the power of our solutions" expressed Woody MO, CEO of InsureMO.

About Oona Insurance

Oona Insurance is on a mission to redefine insurance in SEA by providing innovative and customer-centric solutions. Oona Insurance has been set up with a USD 350 million equity commitment via Warburg Pincus, a New York-based private equity firm, to create the pre-eminent digital general insurance player in SEA. This investment represents the largest funding round in the region to seed a digital insurance platform. The platform is seeded with two significant acquisitions – PT Asuransi Bina Dana Arta Tbk in Indonesia and Oona Insular Insurance Corporation (formerly MAPFRE Insular Insurance Corporation) in the Philippines, both of which have a long-standing track record and reputation in their respective markets for providing quality products and superior customer service. With a commitment to digital excellence, Oona is set to become the region's pre-eminent digital general insurance platform.

About InsureMO

InsureMO is a globally recognized insurance middleware platform, dedicated to revolutionizing the digital landscape of the insurance ecosystem. Serving a diverse range of stakeholders, including insurance carriers, insurtech companies, and independent software vendors, the platform is pivotal in modernizing and streamlining insurance operations on a global scale.

Highlighting its impressive capabilities, InsureMO manages a colossal 1.2 Billion API calls daily. It has efficiently processed 65 Million policies within a 24-hour span and overseen an annual gross written premium (GWP) exceeding US$20B. Furthermore, it supports over 300 insurance carriers worldwide, offering an expansive suite of over 3,000 product SKUs, 5,000 channels, and 4,000 APIs. These metrics underscore InsureMO's vast reach, capacity, and commitment to excellence in the insurance domain. More information, please visit InsureMO.com.

SOURCE InsureMO