The Monetary Authority of Singapore has approved Singapore Life Pte Ltd as a fully licensed direct life insurer, making it the first local insurer to be licensed since 1970.
Singapore Life leverages the latest technologies, seeking to make the life insurance industry more efficient and accessible by empowering customers and creating a user-centric experience for all, the company says in a statement. The new insurer is born from the innovation, dependability and sophistication that defines Singapore as Asia’s favoured financial services centre.
In its Series A funding round in April, Singapore Life successfully raised US$50 million - the largest ever by a Singapore-based InsurTech company, 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. Customers who are looking for term life insurance and critical illness solutions can register their interest for an exclusive early-bird offer.
Mr Ray Ferguson, Chairman of the Board of Singapore Life, said: “Singapore continues to demonstrate leadership in its ‘Smart Financial Centre’ vision and focus on innovation and technology. One of the outcomes of this dedication to revolution in the financial services sector, Singapore Life will positively contribute to the local insurance industry and encourage better insurance, while we keep pace with the digitally-immersed consumers who are also increasingly savvy buyers.”