In this week’s Entrepreneur Feature, we speak to Chean Yu Jun from Vouch Insurance, a start-up that does Cashback for safe drivers. They reward drivers by returning part of their premium if they don’t make a claim on their car insurance.
Who are you and what do you do?
Hi, I’m Yu Jun, the CEO and co-founder of Vouch Insurance. We are a car insurance platform where we work with insurance in Singapore and in Thailand to create a new product called cashback car insurance where safe drivers get part of their premium back if they don’t make a claim.
What is Vouch’s secret sauce?
At Vouch, our secret sauce is that we work closely with the insurance to co-develop these products that are both beneficial to the consumer and ensures the insurance will be able to attract the customers they want. Our other secret sauce is our ability to work with the regulators to come up with these products.
What’s next for Vouch?
Right now for Vouch, we are looking to fundraise. We have launched our products in both Singapore and Thailand. We are looking to raise funds to acquire customers more aggressively and continue our growth.
Why use Vouch?
Everybody who drives needs insurance. Experienced drivers know you have been paying for car insurance for many years without getting anything back. With Vouch, you can be part of a safe community of drivers and get savings on your premiums, expert advice on what you need most, and enjoy being part of a community of safer drivers.
What Your Greatest Challenge in Your Entrepreneurial Journey
When I first started this, I was bootstrapping and using a lot of part-timers for tech. Initially, we were working with big corporates like insurers to do integration and there was a lot of hiccups along the way. That took almost more than six months to overcome. We were able to overcome it when we attracted some seed financing as well as an introduction to a very reliable CTO who is now based out of Bangalore.
The next challenge after that is getting customers. With a limited budget in a competitive space, we have to be creative to go out there, build a brand for ourselves while attracting people to give us a chance. For the tech perspective, we overcame this challenge with the help of investors as well as building a culture and a vision appealing to our new team members. With regards to acquisition, that is where we have to be more aggressive in being innovative with our messaging. Out there, people who sell car insurance are typically just promoting their products and pushing cheaper pricing. We need to educate the consumer that what we’re doing is slightly different where they benefit in the long run they get to have equal or greater savings by the cashback as well as being insured by credible brands.
What Your Best Memory At BLOCK71 Singapore?
Firstly, we are invested by NUS Enterprise. I am an NUS student myself. So even before moving to BLOCK71 as a resident, I’ve been a visitor multiple times. I’m a true fan of the community and the whole environment. When given the opportunity to work at this space, we took it up. Since then, we benefitted from the founders’ meetings, meeting the rest of the community here, exchanging thoughts. So that is the strength of BLOCK71 and why we are happy to be a part of this community.
How Can We Help?
If you are a driver, do check us out at https://vouchinsurance.sg. It’s a place where you can be a part of our community of safe drivers and benefit from our product. We are also looking to hire interns as well as staff to help us with our growth, all that can be reached out to us on our website.
Watch the full video interview with Yu Jun From Vouch Insurance here:
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