The insurtech market in Singapore has been attracting growing funding in recent times as traders recognise the trade’s potential to disrupt the normal insurance coverage sector.
One of many major causes for this elevated funding is the robust authorities assist for the insurtech trade in Singapore. The federal government has launched a number of initiatives to advertise innovation and development within the sector, together with the Singapore FinTech Pageant, which encompasses a devoted insurtech convention. This has helped to create a beneficial setting for insurtech corporations to thrive.
The Singapore insurtech market measurement when it comes to funding worth is anticipated to develop from US$ 142.07 million in 2024 to US$ 225.08 million by 2029, at a CAGR of 9.64% throughout the forecast interval of 2024-2029, in line with Mordor Intelligence. The market is about for vital development, pushed by the rise of modern services catering to evolving shopper calls for.
Singapore insurtech funding market measurement. Supply: Mordor Intelligence
Startups within the Singapore insurtech sector are capitalising on this development, leveraging digital applied sciences and adapting their methods accordingly. The market’s resilience is underscored by its beneficial regulatory panorama, whereas startups showcase their agility by introducing novel options to fulfill evolving shopper wants.
One other issue contributing to the growing funding within the Singapore insurtech market is the rising demand for digital insurance coverage options. Customers are more and more searching for extra versatile, reasonably priced, and personalised insurance coverage merchandise out there on-line or by way of cell apps.
Insurtech corporations use cutting-edge digital applied sciences similar to synthetic intelligence, machine studying, blockchain, and cloud computing to fulfill these evolving wants and create modern merchandise. Traders are additionally interested in the potential for insurtech corporations to disrupt the normal insurance coverage enterprise mannequin and create new development alternatives.
Insurtech companies in Singapore are leveraging new enterprise fashions similar to pay-as-you-go, peer-to-peer, and microinsurance to supply extra accessible and reasonably priced insurance coverage options to a wider vary of consumers. Listed here are 5 modern insurtech merchandise emanating out of Singapore.
Earnings Insurance coverage
Earnings Insurance coverage in Singapore, previously generally known as NTUC Earnings, presents a various portfolio of insurance coverage merchandise together with life, well being, journey, automobile insurance coverage, and financial savings and funding plans.
The corporate has been on the forefront of digital innovation, offering on-line platforms for patrons to simply buy and handle their insurance coverage insurance policies. This features a user-friendly web site, embedded insurance coverage platform, and cell app for handy entry to insurance coverage providers
One notable insurtech product in Singapore as of 2024 is SNACK by Earnings. As a microinsurance product designed to combine seamlessly into customers’ each day experiences, it permits to construct monetary safety and funding incrementally by way of way of life actions.
SNACK permits customers to build up insurance coverage protection and investments in small quantities, linked to on a regular basis actions like ordering a meal, exercising, or taking public transport. The app integrates with numerous way of life companions, similar to EZ-link, Fitbit, and Burpple, enabling customers to stack insurance coverage protection with their each day actions.
SNACK presents quite a lot of protection choices, together with life, crucial sickness, accident, journey, house, and even pet insurance coverage, catering to a broad spectrum of wants. Customers have the final word flexibility in how and when to contribute to their insurance coverage and investments, with the app letting them resolve the frequency and triggers for contributions.
Earnings Insurance coverage can also be a social enterprise, and says it’s subsequently dedicated to creating insurance coverage inclusive and works in direction of benefiting the broader neighborhood in Singapore.
FWD Singapore
In Singapore, the insurtech sector is leveraging synthetic intelligence (AI)-driven danger evaluation to rework the insurance coverage trade. Corporations like FWD Singapore are growing predictive instruments that analyse insurance coverage information to supply enterprise insights for submissions profitability, pricing changes, and needed formulation adjustments.
FWD Singapore turned the primary well being insurer in Southeast Asia to deploy Shift Applied sciences’ FORCE fraud detection resolution that makes use of synthetic intelligence to analyse a number of information sources and thereby enhance insurers’ claims evaluation capabilities by eliminating attainable waste and fraudulent claims.
It makes use of superior AI and information science to detect doubtlessly fraudulent claims and apply a dynamically generated fraud rating for every declare that signifies how suspicious the declare is, contributing components, and the way the declare could possibly be investigated.
By making use of this rating to the corporate’s claims, FORCE helps FWD get rid of the difficulty of fraud, waste and abuse because it pertains to straight-through processing, making certain real claimants are paid rapidly and precisely.
Singlife
Homegrown insurtech Singlife has partnered with Physician Anyplace, a neighborhood tech-driven healthcare agency, to launch a brand new well being subscription plan aimed toward self-employed people, together with gig staff.
The plan, named DA Healthwise Plus, is designed to supply reasonably priced healthcare choices and accident protection, which has been notably absent for a lot of freelancers and contract staff similar to ride-hailing and meals supply drivers. Singlife’s analysis signifies {that a} staggering 53% of gig staff lack any type of insurance coverage to guard towards accidents and potential revenue loss.
Members of DA Healthwise Plus profit from reasonably priced entry to common practitioners, with consultations out there for S$13 at over 300 associate clinics throughout Singapore or on-line by way of the Physician Anyplace app.
The plan additionally consists of group private accident protection, providing monetary safety for unexpected accidents, with advantages similar to each day hospital revenue of as much as S$80 for as much as 30 days.
Moreover, members can entry specialist video consultations beginning at S$70 for a 45-minute session throughout numerous disciplines, together with cardiology, orthopaedics, paediatrics, obstetrics and gynaecology, psychological well being remedy, and vitamin & health counselling.
Igloo
Igloo is one other main insurtech firm in Southeast Asia, recognized for its modern insurance coverage expertise that goals to make insurance coverage easy, reasonably priced, and accessible. One in all their standout merchandise is their Climate Index Insurance coverage, which is especially modern because of its use of blockchain expertise.
One of these insurance coverage doesn’t comply with the normal indemnity mannequin. As an alternative, it pays out primarily based on the prevalence of a predefined occasion, like excessive climate situations, which could be objectively verified.
Using blockchain ensures transparency and effectivity in claims administration. It permits for quicker payouts and reduces the potential for fraud.
By leveraging expertise, Igloo is ready to supply this product to a wider viewers, together with those that might not have had entry to insurance coverage beforehand. Climate Index Insurance coverage is designed to be extremely customisable, catering to the precise wants of various clients and industries.
bolttech
bolttech is probably essentially the most famend Singapore-based insurtech firm that has developed numerous modern insurance coverage merchandise. One of many extra distinguished examples is their system safety providing, which offers complete protection for digital gadgets.
bolttech’s system safety product leverages their expertise platform to supply cell system insurance coverage in a totally digital, streamlined means. Key options embrace prompt buying of system insurance coverage on-line or by way of app, while not having to fill out prolonged paper kinds. The whole course of from citation to cost to coverage issuance is digital.
Quick, simple claims submitting are additionally made attainable by merely importing a photograph of the broken system by way of bolttech’s app. This removes friction in comparison with conventional insurance coverage claims processes.
Claims payouts are likewise fast, with accepted claims reimbursed inside days on to the client’s registered checking account. And clients can simply handle their system insurance coverage by way of bolttech’s app and internet portal, together with viewing coverage particulars and increasing protection.
Featured picture credit score: Edited from Freepik
