Stark Group – Disrupting The Insurance Industry

• BY THE ENTERPRISE WORLD

​Stark Group is a start-up incubator and InsurTech lab that aims at disrupting the insurance industry. Since 2014, it has been mandated by numerous insurance companies, banks, and financial advisory firms to work with them and create better value perception for greater willingness to pay.
In a talk with Mr. Matthias de Ferrieres – CEO / Founder at the Stark Group, we discussed the current industry scenario and how Stark Group is empowering the change.

• What were the initial challenges you faced? 

After 15 years in Asia working with AXA, I decided it was time to move forward and try to launch my ideas and concepts. I have been lucky enough to have AXA partnering with me since day 1.  They have been my first client, offering me the opportunity to test and learn digital innovation. I cannot say I had to deal with challenges at the very beginning.

• Which was that point that triggered the growth of the company?

In early 2016, DBS Bank contacted me and asked me to partner with them to develop their motor comparator. They gave me 3 months to design, develop and deploy. They contacted me in March and we were live in early September 2016. Till today, I am still running their Motor insurance aggregator. This mega-contract transformed Stark Group and made it a credible player in the digital insurance space. In 2017, another great milestone was reached as I have been contracted to develop 6 life insurance products for a major insurer in Thailand. Stark Group became 11 staffs insurance-focused startup.

• What are the key achievements of your entrepreneurial journey?

• 2000: first investment and set up of  French wine trading company in Sydney
• 2001: Join AXA Singapore as an Intern in Actuary
• 2002: Create a publishing company in Singapore (Busted in 2003)
• 2003: invest in Avenue Group, a company that suggests investment in Wine and Land.
• 2014: Leave AXA and creates Stark Group
• 2015: Create your-insurer (the tech platform is sold in August 2017)
• 2018: Invest in Insurance-republic and start to incubate some project
• 2019: Create My-insurer Pte Ltd
• 2020: Create Wellnex

• According to you, how has the Insurance sector changed over the years?

It is a complex question. The digital revolution changed consumer purchasing behavior and the industry had to evolve and accept that digital was part of the customer journey. Yet the industry remains very conservative with little innovation and no real space for disruption. I don’t think we should expect to be truly disrupted anytime soon. 

• It’s a rat-race out there. How do you cope with that?

I let the rat race. I don’t think I like other rats and mainly consider myself as a rat. I don’t want to compete with others; I believe the best innovator that can put his innovation in place and market it will win.
​

​SINGAPORE, 9 April 2020 –Wellnex officially signed on PFP Legacy as a partner to offer Wellnex membership complimentary to all clients and referrals of PFP Legacy's 200 and counting representatives, allowing them to enjoy exclusive promotions in more than 400 clinics and outlets around Singapore.
 
Wellnex is a HealthTech start-up arm of my-insurer Pte Ltd designed to support the insurance industry and its distributors. It aims at creating greater value perception for prospects and clients of Financial Advisors in Singapore through tangible and impactful healthcare and lifestyle benefits.
Wellnex membership benefits include access to:

• GP consultations from $12 only
• TCM consultations from $10 only
• Dental polishing, scaling and consultation from $50 only
• Specialist consultations at $100, with follow up visits at $70 (excluding Neurologists)
• Discounted gym memberships, mind, body and soul therapeutic wellness services
• Discounted healthy F&B outlets

These benefits can also be extended beyond the member, up to 4 dependents, so that young children, elderly parents, and domestic helpers

Regine Lai, MD of Wellnex, believes that we all deserve a healthy and fulfilling lifestyle. “It starts by being well protected with the appropriate coverage, before having access to affordable and competitive healthcare, fitness and lifestyle services. Through the partnership with PFP, we are completely in line with the strategy of MOH to provide fellow Singaporeans/PRs and expats with the best value proposition when it comes to prevention and protection.”
 
Jeffrey Chow, CEO of PFP Legacy says, “As a company, part of our mission is to improve the community and contribute to the greater good. Thus, we believe that this collaboration with Wellnex to journey alongside our clients on getting the best of healthcare, by lowering costs and increasing benefits is mutually beneficial.”

​About Wellnex
Wellnex is a HealthTech start-up designed to support the insurance industry and its distributors. Wellnex aims at creating a create greater value perception for prospects and clients of Financial Advisors in Singapore through tangible and impactful benefits.
With 40 over partners, and growing, in healthcare, lifestyle, food and beverage, fitness and wellness, Wellnex is the first and leading company in Singapore that helps the Insurance industry to offer peripheral services, assists Financial

After 6 months of discussion, Insurance Market Life is ready to generate business and partnered with 5 insurers:

1. SingLife
2. AXA
3. AVIVA
4. Tokio Marine
5. China Life

Insurance Market Life will recruit a new breed of Agents and FAs driven by customer services and customer satisfaction rather than productions!
No KPIs but being and remaining compliant.

WE INVITE FAs TO REDISCOVER WHY THEY CHOSE TO BE A FINANCIAL ADVISOR IN THE FIRST PLACE!
​Keep advising your clients on their financial needs while managing personal commitments in total independence ​ Appreciate the professional fulfilment in helping people while earning an additional income in full compliance ​

Wellnex launches its first campaign to support its financial advisors!
Quick designs, quick video, Wellnex tries to explain how things work and why the value proposition is unique! 
Go and check out!
Any new advisors are welcomed! 
Click here

Stark Group is very proud to see the enthusiasm of the financial advisory industry. In less than a week My-insurer has been able to embark more than 30 Life agents into the Wellnex journey.
With more than 60 features that help FAs to generate leads smartly and seamlessly, the start-up has been able to really find the right way to support them.

Wellnex assists them to collect more than 51 data points from leads. 
They can design their own questionnaires through the platform
They will collect 6 data points in 1 minute, 45 data points in 4 minutes and 96 data points in 9 minutes ​​ 

They can share personalised reports on the spot and generate a compliant & formal KYC/FNA, as well as advices & recommendations in real time. 
All in compliance with MAS. ​

All the payment will be managed through the e-wallet of Grab - GrabPay - that has been integrated. 
Now members can go to visit doctors for as low as SGD12, dentist for as low as SGD50... It is a first in Singapore.