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Jun 2019

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Singapore: Digital insurance broking forecast to take off this year

Source: Asia Insurance Review | Jan 2019

Technology-based insurance brokers are expected to swarm over Singapore this year as they will seek regulatory approval to operate in the market, according to a commentary by international law firm, Clyde & Co.
 
The law firm points out that in a consultation paper issued by the MAS in November 2018, the regulator proposed the creation of ‘Sandbox Express’, enabling certain types of businesses to go through an expedited application and approval process when seeking to trial their business proposals. Insurance broking activities (covering direct general insurance broking and general and life reinsurance broking) have been identified as one business category that would be eligible for registration through the Sandbox Express programme. 
 
In practical terms, this means that businesses with an innovative insurance broking product or platform would be able to apply to enter the Fintech Regulatory Sandbox within a much shorter timeframe and can develop their proposal with a clear understanding of the likely regulatory arrangements that would apply to them during the trial. The inclusion of insurance broking as one of the recognised categories also flags the fact that the Singapore regulator is increasingly confident in its assessment of the risks and opportunities attaching to digital innovation in the broking space.
 
In mid-2017, Singapore saw its first insurance broker – local business PolicyPal, graduate from the Fintech Regulatory Sandbox. A 
 
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