Technology company Synagie said on Monday it was launching mobile insurance app Kiasu.me to offer “lifestyle” insurance policies, with the initial product, Device Shield, to provide coverage for smartphone screens.
The Device Shield produce offers 12-month coverage for accidental screen damage to new mobile phones and includes a concierge service for free pickups and returns for repairs, Synagie said in a filing to SGX before the market open on Monday.
The policy will be offered as a scratch card available at mobile-phone retail outlets in Singapore and will cover one repair, it said.
“When you buy a new mobile phone which today can cost above two thousand dollars and you accidentally crack the screen, the cost of repair can run up to a few hundred dollars,” Zanetta Lee, co-founder and executive director of Synagie, said in the statement.
“In addition, you will have to bring the phone to the authorized repair center and wait in line to submit it for repair. That is technological trauma for the consumer and a huge pain point,” she added.
The company said it plans to test the Device Shield product in Singapore before extending it to other countries in the region.
Synagie added it has a pipeline of other insurance products, including for cyber risks and family insurance.
Kiasu is slang in Singlish — or Singapore’s local patois mixing English, Bahasa, Hokkein, Tamil and other languages — for always needing to win or to be first.