Singapore Wealth is Growing 4X The Rate of Swiss Wealth
The first local insurer to be licensed in Singapore in nearly 50 years, aka Singapore Life, wants to make buying life insurance a more pleasant experience for the wealthy.
With $50M in funding, the company plans to innovate in two main areas across the value chain – sales and distribution, and underwriting – to allow customers to purchase life insurance in 10 to 20 minutes. “We have an automated underwriting mechanism that is really smart and so based on a person’s responses to a list of questions, they can get their policy sorted out within 10 to 20 minutes” – CEO Walter de Oude, which hopes to capture at least a 5% market share of the retail life insurance business in Singapore in the near future. Munich Re Group and Pacific Life Re are right by its side.
And while on the subject of well-funded life insurers – just one more player comes to mind – Gryphon Group Holdings Limited, which recently raised £180M to offer folks in the UK protection coverage.