Insuring in the new normal
- Singapore Management University (SMU) has launched an advanced full certificate program in insurtech to upskill working professionals and undergraduates, a first in the country.
- Trainers come from Singapore’s fintech community and 500-backed insurtech startup PolicyPal. The course will be rolled out from July 2021.
- Those interested can sign up for the 1-day introductory course or the full 12-day certificate program. Both are funded by SkillsFuture Singapore, a national upskilling initiative under the Ministry of Education, with up to 90% subsidy on course fees.
- Val Yap, founder and CEO of PolicyPal, said, “The programme will be paramount to individuals who wish to develop the necessary framework and skill sets to elevate and prepare themselves for the new normal. We also hope to bring expertise on finance and technology to enhance the course offerings and establish a community with past and present participants who are passionate about insurtech starting from Singapore.”
- Read the full press release on SMU here.
Shopping trends
- Two 500-backed startups have come together to publish an exclusive report. iPrice, in collaboration with Parcel Monitor , investigated the direct-to-consumer (DTC) trend in retail. DTC refers to brands that sell their products directly to consumers without the need for intermediaries such as retailers or wholesalers.
- The report found that:
- More brands are adopting a DTC strategy, with DTC sales accounting for up to 40% of brands’ total retail sales revenue.
- Marketplaces, which may see the shift towards direct-to-consumer as a threat to their business model, actually play a vital role as part of brands’ DTC strategy.
- More direct-to-consumer brands like Adidas, Nike and Under Armour are establishing official partnerships with marketplaces like Shopee and Lazada to expand their online presence.
- This is also reflected in the significant increase in the number of official brands’ products on marketplaces. Official products sold by Adidas themselves, for instance, make up 18% of all Adidas products on Lazada Singapore.
- Read the full report on iPrice here.
Staying safe
- 500-backed hospitality startup RedDoorz has launched Sunerra Hotels to cater to the growing middle-class segment within its customer base. According to KrAsia, this is the startup’s third line of offering, following lifestyle hotel Sans, and community living arm KoolKost.
- Founder and CEO Amit Saberwal shared that the move to broaden its offerings aligns with its vision to be the largest hotel company in Southeast Asia.
- The startup added that new hotels incorporate the requirements for safety, hygiene ,and physical distancing — with automated check-in, capacity limits at restaurants, and contactless transactions, among others.
- RedDoorz is currently in four countries — Indonesia, the Philippines, Vietnam and Singapore — and Amit shared that he feels optimistic about Indonesia, its biggest market.
- According to Amit, domestic travel is doing relatively well in Indonesia, with some RedDoorz hotels enjoying occupancy rates of 10 to 20% above the industry average.
- Read the full article on TTG Asia here.
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500 Startups is a venture capital firm on a mission to discover and back the world’s most talented entrepreneurs, help them create successful companies at scale, and build thriving global ecosystems. In Southeast Asia, 500 Startups invests through the pioneering 500 Southeast Asia family of funds. The 500 Southeast Asia funds have backed over 240 companies across multiple sectors from internet to consumer to deep technology. It continues to connect founders with capital, expertise and powerful regional and global networks to help them succeed.
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