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Synergy enters in India’s insurance market

Hong Kong-based insurtech solution provider, Synergy Strategic Solutions Ltd on Monday announced its plan to enter India’s fast-growing insurance market.

In a statement issued, Synergy said, “The company will launch its end-to-end technology solutions and services including application development, smart automation, cybersecurity, and data analytics that it has successfully deployed for leading insurance companies in the APAC region, enabling them to navigate their digital transformation journeys with speed and ease.”

“Synergy’s entry into the Indian market is in line with its overall expansion plans to strengthen its operational presence in the APAC region spread across Hong Kong, Singapore, Japan, Malaysia, Indonesia & Philippines at present,” the statement added.

Earlier in 2015, the company set up its knowledge and development center at Bengaluru with over 100 engineers specialized in the BFSI domain and has been instrumental in developing its cutting edge solutions customized to the needs of the retail insurance sector across life, health and property & casualty insurance segments.

Speaking on Synergy’s growth plans in India, Pradeep Satya, Co-founder & CEO of Synergy Strategic Solutions said, “Since inception in 2011, Synergy has emerged as the preferred partner to some of the biggest names in the insurance market in the APAC region. Our model engages insurers to understand their pain points and limitations and thereby crafting tailor-made digital solutions that help them with quick digital growth. It was natural for us to expand our offerings to the Indian market, to not only strengthen our market leadership in the region but, more importantly, to tap into one of the most promising markets. We are expecting the Indian market to contribute to almost 50% of our total revenues in the next 24 months.”

“Traditionally insurers have predominantly adopted a ‘product push’ approach with a strong focus on distribution. However, the current landscape makes it imperative for them to keep customers at the core of their strategy, leveraging technology to create integrated products & personalized customer experiences,” Satya said.

Adding to the statement, Satya further said, “Automation coupled with low code solutions will help insurers reduce significant costs and in the current COVID-19 context, it will help them return to normalcy faster and build efficiencies. They can rapidly drive the adoption of digital channels not only for regular requests but new ones arising out of this crisis and our solutions are designed specifically to meet this objective.”

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