Four Insurers to Support Tech Companies in Singapore

Prudential, NTUC Income, Great Eastern and MetLife’s LumenLab have signed a memorandum with Singapore’s IMDA (Info-communications Media Development Authority), as part of a government-sponsored program to support local tech companies develop their expertise and scale globally.

The four companies will team up with local tech companies to develop digital products such as chatbots and mobile apps, and at the same time can “use these tie-ups to find ways to take advantage of digital disruption to transform themselves”, according to Senior Minister of State for Communications and Information and Transport, Janil Puthucheary, who spoke at the Innovation Labs World event on Tuesday, when the four signed the memorandum with IMDA to join the program.

The program, which started in 2014 currently includes 31 tech companies in the fields of local data analytics, AI and cyber security. Since its inception, more than 1,500 public and private sector projects, worth around $260 million, were created. Of these, more than 360 projects have been awarded, raising more than $150 million for the accredited firms.

“Customers want their lounge room experience – watching Netflix and ordering food online . They want that exact same experience when buying insurance. I’ve got 50-year-old friends who say if you can’t sell it to me on a mobile app, don’t even bother.” – SVP and Head of Strategic Engagements, Transformation, Kalai Natarajan.