Singapore:First local life insurer in 47 years opens for HNW business

| 20 Jun 2017

Singapore Life Pte Ltd has announced that it has been approved as a fully licensed direct life insurer by the Monetary Authority of Singapore, thus making it the first local insurer to be licensed since 1970.

Singapore Life is born from the innovation, dependability and sophistication that defines Singapore as Asia’s favoured financial services centre, the company said in a statement. By leveraging the latest technologies, the company seeks to make the life insurance industry more efficient and accessible by empowering customers and creating a user-centric experience.

Mr Walter de Oude, Chief Executive Officer, 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, the insurer aims to provide alternative HNW solutions to individuals who prefer Singapore as a destination for their wealth and protection. 

It 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 at www.singlife.com for an exclusive early-bird offer.

Singapore Life has partnered two reinsurers – Munich Re Group and Pacific Life Re Limited. Last month, it successfully raised US$50 million - the largest ever by a Singapore-based InsurTech company -  in its Series A funding round, with the support of international shareholders Credit China FinTech Holdings Limited and IPGL Limited.