MoneySmart launches own insurance brand, Bubblegum

Bubblegum, a digital insurance firm and subsidiary of MoneySmart Group, has launched its suite of car and travel products in Singapore.

Photo credit: Bubblegum

Building upon data on consumers that the personal finance marketplace has amassed over the last decade, Bubblegum lets customers purchase, manage, and make claims online in a process that takes just minutes. It is starting with insurance products focused on cars and travel.

The firm also focuses on transparency – the terms and conditions for its policies are simplified, allowing consumers to fully understand each plan without an agent.

Purchasing car insurance can be complex – pricing depends on a range of factors such as the make and model of the car, as well as the claimant’s history and profile.

According to Bubblegum, its car insurance product is nearly S$300 (US$211) cheaper compared to competitor policies, while still offering benefits such as protection accounting for fire damage, theft, third-party liability, and personal accident coverage. It also offers engine and gearbox malfunction coverage of up to S$5,000 (US$3,517) without prior inspection required.

Meanwhile, the firm’s travel insurance policy, which includes protection against Covid-19 related costs such as overseas medical expenses, is “competitively priced” against similar policies that don’t have a Covid-19 cover.

Going forward, Bubblegum says it is exploring products for home content, term life, pet care, and health.

Set up in Singapore by MoneySmart CEO Vinod Nair earlier this year, Bubblegum targets the younger generation of digital natives.

MoneySmart is not the first financial aggregator to launch insurance products. For a brief period in 2020, now-defunct GoBear also rolled out a travel insurance product, though the pandemic meant that global travel – and demand for travel insurance – came to a halt.

The global insurtech market is poised to grow to US$159 billion by 2030, expanding at a compound annual growth rate of 32.7%.

See also: The rise of enigmatic insurtech unicorn Bolttech

Currency converted from Singapore dollar to US dollar: US$1 = S$1.42.