GoBear: shakes up insurance and financial comparison
GoBear is one of the fastest growing fintech startups in Asia. It is the first independent comparison website for insurance and financial products in Asia. Their independent metasearch engine is user-oriented, fast and personalized. GoBear neither aggregates nor sells products. They simply offer consumers a free and transparent comparison process based on their financial needs, and not influenced by service providers’ advertising. The result is a user-friendly and informed experience that saves consumers both time and money. In just one year, over 1.2 million users have used GoBear for quicker and more personalized comparisons and the company established strong market presence in Singapore, Thailand and Malaysia. GoBear’s expansion plans this year would include Philippines, Vietnam and in 2017, Indonesia.
More than 20% savings on premiums
Headquartered in Singapore since early 2015, GoBear was founded on the simple premise that a consumer should find freedom and ease in choosing complex financial products like insurance car, health, travel and loans. The latest addition to its suite of financial products in Singapore is the credit card comparison, which boasts the largest listing of over 100 credit cards in Singapore. Combining Singapore and Thailand, GoBear currently offers more than 1,000 financial products for its users, with more than 95% of the Singapore market covered for its health, travel insurance, and credit card categories. GoBear helps consumers to find the best deal.
GoBear’s unique Coverage Score algorithm provides users with a clear indication of a financial product’s benefit quality. When stacked against the product’s price, the user is able to make a more informed and cost-effective choice based on personal needs. The business model of GoBear is based on the small marketing fee from the provider. After only 1 year in the market, GoBear has helped consumers on average save more than 20% in their premiums.
Why we selected GoBear for DIA Barcelona
We selected GoBear to DIA Barcelona because GoBear is an innovator, revamping the concept of insurance relationships. GoBear’s search experience has given users unprecedented transparency in financial product comparison, which is new to Asia and insurers are now motivated to adjust their premiums and provide better coverage. Consumers now have a strong voice, thanks to GoBear.
Who is GoBear
GoBear is a joint venture between Walvis (a private equity fund of the Family Fentener van Vlissingen) and AEGON. It was formed when the two Dutch companies sought opportunities to work together in Asia. The company plans to launch in China in 2016. CEO Andre Hesselink is a seasoned entrepreneur. The idea of GoBear was born out of frustration when he tried to get a car insurance in 2013. The existing online insurance offer was unnecessarily complex and cumbersome. After answering 30 questions online he received an error message when he entered the capacity of his car. He was forced to get in touch with the call center. After 45 minutes he finally received a quote from an insurer. After this experience he was inspired and determined to create a customer-centric tool, with an unbiased search engine, no advertisements and no push products. So he teamed up again with the investors who bought his first company. “The idea for GoBear came about because insurance and finance products in Asia are not very transparent and the distribution model is still very traditional, so we identified a gap in the online insurance market.” “We’re always looking for ways to make comparing better and smarter for you. Go bare or go home.” Andre Hesselink, CEO GoBear
Presenting at DIA Barcelona Marnix Zwart, SVP Product & Business Development
Contact info Marnix Zwart, SVP Product & Business Development, [email protected]