InsurTech startup Singapore Life has been in the news for all the right reasons. About two months ago, it secured $50 million which is said to be the largest ever series A funding round scored by a Singapore-headquartered firm specializing in the InsurTech domain. The investment was expected to complete around the end of 2017, pending approval by the Monetary Authority of Singapore (MAS).
Today, it has announced that it has been approved as a fully licensed direct life insurer by the MAS. This makes it the first local insurer to be licensed since 1970.
Singapore Life had earlier refrained from talking about the product they are working on, however, now it has now revealed how they aim to contribute in this burgeoning sector. It incorporates multiple InsurTech solutions to improve the customer experience.
Currently, it offers high net worth universal life solutions for those that prefer Singapore and the Singapore regulatory environment as a destination for their wealth and protection needs. They will begin targeting the High Net Worth (HNW) customer segment by providing attractive alternative HNW solutions to individuals.
This product range is slated to expand to offer life insurance solutions for all made available both digitally and through financial advisers. The company is supported by a team of industry veterans and trail blazers – from its management team, to its board of directors, shareholders and partners.
Therefore, the startup envisions to offer proven expertise in answering to the life insurance needs of its customers, both in the high net worth and retail customer segments. Walter de Oude, Chief Executive Officer, Singapore Life, in a statement comments,
The life insurance industry has not kept pace with the innovation seen in other industries and needs to be challenged to be better.
He says people seek and rightly deserve a solution that reduces the complexities in the purchase journey, and offer efficient, transparent and flexible solutions. Walter goes on to add,
With our base in Asia’s most sophisticated, innovative and trusted financial services center, Singapore Life aims to bridge this gap in the industry by leveraging FinTech solutions to empower people to take control of their financial future.
Singapore Life is backed by renowned international shareholders including Credit China FinTech Holdings Limited and IPGL Limited.