Singapore impact investing fund Triple P Capital buys insurance IT solutions provider

SINGAPORE- Singapore-based private equity impact investing fund Triple P Capital announced on Friday (Dec 21) that it has acquired Contemi Group, an insurance IT solutions provider that operates chiefly in Asia and Scandinavia.

Triple P Capital said it decided to enter the insurance IT market and acquire Contemi as it sees rapid growth and innovation in the IT market for insurance. It has injected US$5 million (S$6.8 million) into Contemi so far, and plans to increase its investment as the company gains traction with its strategies.

“The most successful insurers today are consistently expanding their investments in IT, particularly around middle and front-end solutions and customised developments,” said Triple P Capital partner Allan Pedersen.

“These increased investments are vital for insurers to be able to take advantage of all the exciting new business, partnership and efficiency opportunities, new technology and changing customer habits are enabling. We found that Contemi has outstanding solutions and services for participating in this growth market for both Europe and Asia.”

Mr Pedersen said the fund found Contemi’s foothold in Asia attractive, with its strong client presence in the region’s emerging markets such as Vietnam, where it has more than 60 skilled developers working on quality insurance solutions.

He said: “In Contemi, we see a company that combines high-quality insurance solutions with the capacity to provide fast solution designs and implementations. In addition to those, Contemi has a robust set of clients in both Europe and Asia, making them a leading IT insurance firm that is ready to shoulder the challenges of digitalisation in the insurance sector – particularly in Asia where many emerging markets still need to ramp up financial inclusion and literacy.”

Triple P Capital added that Contemi plans to turn its core policy system into an open source project in the first quarter of 2019. Contemi CEO Karl Busk said that modern insurers are rapidly adopting open source solutions in their IT architecture, and the company believes the industry is ready to appreciate the benefits of an open source core policy system.

“We are excited at the prospect of engaging more deeply with the insurance industry developer community in this process, as – by working together – we hope we can turn this core policy system open source project into a successful core basic platform for the insurance community,” Mr Busk said.

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E-scooter sharing startup Neuron Mobility bags $5m seed funding from SeedPlus, 500 Startups, others

SINGAPORE – Singapore’s Neuron Mobility, which operates an electric scooter sharing service, has raised $5 million in seed funding from SeedPlus, 500 Startups, SEEDS Capital, ACE Capital and other angel investors and family offices.

Neuron Mobility will use the funds to expand its services beyond Singapore to across Asia-Pacific. The firm recently launched the first e-scooter sharing service in Bangkok and Chiang Mai, and will launch its service in Malaysia in December.

The company will also be developing a superior commercial grade, UL certificate-compliant e-scooter that will set a new standard for enhanced robustness and rider safety. UL certification means that the product complies with certain safety standards.

The company has a proprietary supply chain for its scooters, allowing them greater control over the manufacturing of scooters andenabling quicker scale up, said Neuron Mobility in a press statement.

Chirayu Wadke, partner at SeedPlus, said: “The co-founders impressed us with their strategy around building an e-scooter service, whichtends to be very different from ride-hailing or bike-sharing, given the short trips and charging infrastructure needed to deliver a great customer experience. Using homegrown IoT (Internet of Things), predictive analytics and network optimisation, the company is positioned favorably to rapidly expand across South-east Asia.”

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