Singapore: First local life insurer licensed in 47 years
Source: Asia Insurance Review | Jul 2017
Singapore Life Pte Ltd has been approved as a fully licensed direct life insurer by the MAS, thus making it the first local insurer to be licensed since 1970.
Singapore Life leverages the latest technologies and seeks to make the life insurance industry more efficient and accessible by empowering customers and creating a user-centric experience for all, the company said in a statement.
Singapore Life successfully raised US$50 million - the largest ever by a Singapore-based InsurTech company - in its Series A funding round in May, with the support of renowned international shareholders – Credit China FinTech Holdings and IPGL. It has also partnered two of the world’s leading reinsurers – Munich Re and Pacific Life Re.
Mr Walter de Oude, CEO of Singapore Life, said: “The life insurance industry has not kept pace with the innovation seen in other industries and needs to be challenged to be better. People deserve a better partner for their life insurance needs – one who can reduce the complexities in the purchase journey, and offer efficient, transparent and flexible solutions. With our base in Asia’s most sophisticated, innovative and trusted financial services centre, Singapore Life aims to bridge this gap in the industry by leveraging FinTech solutions to empower people to take control of their financial future.”
Starting in the High Net Worth (HNW) customer segment, Singapore Life will provide attractive alternative HNW solutions to individuals who prefer Singapore as a destination for their wealth and protection. The company will also soon offer life insurance solutions for all – that can be easily purchased both digitally and through financial advisers. A