Singapore Life
Singapore Life Pte Ltd is the first independent life insurer to be licensed by the Monetary Authority of Singapore since 1970. Headquartered in Singapore, the insurtech startup is the first to provide digital life insurance that eliminates paperwork for applicants. As at June 2018, Singapore Life’s asset under management stands at SGD6.6 billion.
History[edit]
Following incorporation, Singapore Life raised USD50 million in a successful Series A fund-raising round in April 2017.:[1] The firm went on to achieve full licensing by the Monetary Authority of Singapore in June 2017, being the first local independent insurer to do so since 1970.[1] Following successful launches in July and October – aimed at high-net-worth banks and partners, and the retail insurance market respectively – Singapore Life acquired Zurich Life Singapore’s entire business portfolio in January 2018. The acquisition added more than SDG6 billion in coverage to Singapore Life’s portfolio.[2] At the same time, Singapore Life achieved close to SGD250 million in life cover from new customers.
Partners and Investors[edit]
Singapore Life’s investors include Chong Sing Holding FinTech Group Limited, a provider of online financial services to SMEs and individuals in China and Asia. Another major investor is IPGL Limited, a London-based private holding firm focussed on building financial service businesses, including broking, fund management and insurance. Singapore Life is partnered by reinsurers Munich Re and Pacific Life Re.[1]
First Fully Digital Insurance[edit]
Singapore Life is the first life insurer in Singapore to offer fully digital life insurance products. On the website, customers can request a quotation and sign up for a plan within minutes. This process is completely automated, utilising robo-underwriting to enable real-time results.[3] There is no medical underwriting required if the proposed coverage remains below SGD2 million.
Insurance Asia 2018 Awards[edit]
In July 2018, Singapore Life won the award for the Insurance Start-up of the Year at the Insurance Asia 2018 Awards.[4]
References[edit]
- ↑ 1.0 1.1 1.2 hermesauto (13 June 2017). "Singapore Life is newest life insurer on the block".
- ↑ hermesauto (8 January 2018). "New insurer Singapore Life acquires Zurich Life Sg and S$6b of coverage".
- ↑ "Life Insurance Made Easier by Singapore Life - Fintech Singapore". 9 October 2017.
- ↑ "Insurance Asia Awards 2018 - Insurance Asia". insuranceasia.com.
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