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Singapore Life secures license to operate as direct life insurer

IBR Staff Writer Published 14 June 2017

Singapore Life has secured license from the Monetary Authority of Singapore (MAS) operate as a fully licensed direct life insurer.

The new insurer claims to be the first wholly-owned local insurer since 1970 to have got the MAS approval to carry out business as a direct life insurer.

Singapore Life has launched plans like universal life policies aimed at private banking customers and wealthy individuals.

It calls itself to be a better life insurer which leverages technology to deliver a better insurance experience to customers.

Singapore Life claims that it offers high net worth solutions for those who opt for Singapore to park their wealth.

The insurer plans to roll out term and critical illness plans which it says can be bought conveniently on the web or mobile in a matter of few minutes.

According to Singapore Life CEO Walter de Oude, the life insurance sector has lagged behind in terms of innovation, compared to other industries, and needs to be disrupted to be better.

De Oude added: “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."

In late April, Singapore Life raised $50m in a series A funding round, as reported by TechinAsia.

The leading investor in the financing round was Impact Capital, a subsidiary of the Hong Kong stock exchange listed Credit China Fintech. Through the investment, Impact Capital had bought a stake of 33.8% in Singapore Life.

Image: Singapore Life to offer life insurance solutions to high net worth customers in Singapore. Photo: courtesy of David Castillo Dominici/Freedigitalphotos.net.