The insurance industry has been undergoing a significant transformation, fueled by the integration of modern technologies and innovative processes. While larger companies have been at the forefront of this digital shift, smaller players face challenges in keeping up, and the rise of disruptive Insurtech startups poses a threat to traditional insurers. However, one startup is on a mission to revolutionize the insurance intermediary space and empower traditional players to stay competitive amidst the changing landscape. Meet Agiliux, a pioneering company offering tailored software solutions to insurance brokers, agencies, and banks.
Agiliux’s journey began as an offshoot of their earlier startup, Second CRM. Having collaborated with a prominent Insurtech company across Southeast Asian countries, the founders gained invaluable insights into the transformative potential of technology in the insurance industry. Drawing from this experience, Agiliux was officially launched in May 2020, with a vision to empower intermediaries and reshape the insurance landscape.
The startup has spent the last three years in intensive product development and collaboration with their initial customers. They have successfully validated their products in multiple markets, serving 14 paying customers across Malaysia, Singapore, the Philippines, Thailand, and the UAE. Additionally, Agiliux is currently in talks with over 30 potential customers from ten countries across Southeast Asia and the Middle East.
Agiliux offers four innovative products tailored to different segments of the insurance industry:
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- Agiliux Retail: This versatile platform empowers insurance companies, brokers, and banks to streamline their retail channels, including direct sales through websites or mobile apps, chatbots, agency portals, POS apps, and embedded insurance partnerships. Agiliux Retail also provides an all-in-one customer support solution, equipped with a self-service portal or app for policy status checks, claims submissions, and policy renewals, supported by an omnichannel helpdesk system for efficient customer support across channels.
- Agiliux Commercial: Designed for both Direct Insurance Brokers and Reinsurance Brokers, this comprehensive automation solution offers end-to-end automation, from risk coverage requests to generating quotes, debit notes, payment management, and integrated accounting. Additionally, Agiliux Commercial provides efficient regulatory reporting capabilities and more, empowering brokers to streamline their operations and improve efficiency.
- Agiliux CRM: Providing a comprehensive automation solution for internal sales or external agents, Agiliux CRM enables insurers, brokers, banks, and independent agencies to streamline their operations, generate accurate quotes, and track policy and claims information. This helps them focus on delivering top-notch service and support to their clients.
- Agiliux Chat: Revolutionizing the insurance experience, Agiliux Chat allows customers to buy policies and submit claims through an intelligent chat interface. Integrated with Agiliux Commercial and Agiliux Retail, this creates a unified ecosystem offering personalized recommendations and streamlining the entire insurance process.
With their sights set on becoming a game-changer in the industry, Agiliux targets Insurance Brokers in Malaysia, Singapore, the Philippines, Thailand, the UAE, and the UK. Their current focus is to empower these brokers with their solutions, but they plan to expand to include Banks (Bancassurance), small insurance companies, and independent agencies in the future. Eventually, they might also consider non-insurance players like car dealers and travel agencies who sell insurance.
The market potential for Agiliux is promising, with the Global Digital Insurance Platform Market projected to reach $278.51 Billion by 2030, growing at a CAGR of 11.3% (2021-2030), as per Allied Market Research. Within their target countries, they estimate a market size of approximately US$200 million per year, with around 3000 brokers spending an average of US$60k per year on digital solutions.
Behind Agiliux’s remarkable journey is a dedicated team of 20 members based in Malaysia and India, with plans to expand to 30 by the end of 2023 and further scale to 50 by 2024. The startup’s founders, Deep and Sarab, bring a wealth of experience and expertise to the table. Deep, with a background in Engineering and an MBA, and Sarab, with a strong foundation in Science and an MBA, have been committed to B2B or Enterprise SAAS solutions, particularly in Southeast Asia. Their previous ventures, Second CRM Cloud Office Automation and Agiliux Cloud Insurance, have laid the foundation for Agiliux’s growth trajectory.
In conclusion, Agiliux is on a mission to empower insurance intermediaries through their tailored software solutions, ensuring they remain relevant and competitive in the rapidly evolving insurance industry. With a focus on driving innovation and enhancing customer experiences, Agiliux is poised to play a pivotal role in reshaping the future of insurance intermediaries.
This article was originally published on stepstart.in.
Whether you are managing an agency or being a broker yourself and are curious about digitally transforming your operations, feel free to contact us at +603 8687 4433 (Malaysia) or +65 6304 8022 (Singapore). and drop us an email at sales@softsolvers.com.
