Vynn Capital announces collaboration with BIB Insurance

KUALA LUMPUR, March 31 -- Vynn Capital, an early-stage venture capital firm, is collaborating with insurance brokerage firm BIB Insurance Brokers to create more revenue streams for insurance companies, technology firms as well as traditional businesses.

In a joint-statement today, the companies said the collaboration will introduce new insurance and financing products. 

Vynn Capital’s founder and managing partner Victor Chua said the company believes that it is important for traditional businesses to be “traditionally innovative” and for technology firms to look at the larger picture on ways to collaborate, rather than re-inventing the wheel.

“The recent virus outbreak as well as the pace of market movements that have never been seen before are not just impacting economies but have also changed our view on how we should live as human beings.

“As such, we need to breakdown walls and think out of the box on how we can leverage innovation to create new ways to protect and enhance economies and societies,” he said. 

To-date, he said Vynn Capital has invested in Malaysian companies such as Dropee and Carsome, both of which have expanded their business coverage to offer financing services.

With more technology firms entering the financial and insurance industries, Vynn Capital believes its partnership with BIB Insurance will result in better products and solutions for customers which can be provided to them in a more productive and cost-efficient manner.

BIB Insurance’s chief executive officer Kenny Thing said due to the constantly changing business environment and customer expectations of service and communication, running the business as usual is no longer an option for traditional insurance brokers.

“Partnering with a leading early stage venture capital such as Vynn Capital will give BIB access to underserved segments and tailor-made digital solutions for small and medium enterprises and digital platforms,” he added.

-- BERNAMA