Singapore’s insurtech market has seen increased investment in recent years as investors recognize its potential to disrupt the traditional insurance industry.
One of the main reasons for this increased investment is the strong government support for Singapore’s insurtech industry. The government has launched several initiatives to foster innovation and growth in the sector, including the Singapore FinTech Festival, which features a dedicated insurtech conference. This has helped create a favorable environment for insurtech companies to grow.
Singapore insurtech market size in terms of investment value will grow from USD 142.07 million in 2024 to USD 225.08 million by 2029, at a CAGR of 9.64% during the forecast period 2024-2029. expected to grow. mordor intelligence. The market is expected to grow significantly due to the rise of innovative products and services that meet evolving consumer demands.
Singapore insurtech investment market size.Source: Mordor Intelligence
Singapore’s insurtech startups are capitalizing on this trend, leveraging digital technology and adapting their strategies accordingly. The market’s resilience is underlined by its favorable regulatory landscape, and startups are showing off their agility by introducing new solutions to meet evolving consumer needs.
Another factor contributing to increased investment in Singapore’s insurtech market is the growing demand for digital insurance solutions. Consumers are increasingly demanding more flexible, affordable, and personalized insurance products available online or through mobile apps.
Insurtech companies are using cutting-edge digital technologies such as artificial intelligence, machine learning, blockchain, and cloud computing to meet these evolving needs and create innovative products. Investors are also attracted to the potential for insurtech companies to disrupt traditional insurance business models and create new growth opportunities.
Singapore’s insurtech companies are leveraging new business models such as pay-as-you-go, peer-to-peer and microinsurance to offer more accessible and affordable insurance solutions to a wide range of customers. Here are his five innovative insurtech products originating from Singapore.
income insurance
Singapore Income Insurance, formerly known as NTUC incomeoffers a variety of insurance products, including life insurance, health insurance, travel insurance, auto insurance, and savings and investment plans.
The company has been at the forefront of digital innovation, providing an online platform that allows customers to easily purchase and manage their insurance policies. This includes his user-friendly website, built-in insurance platform, and mobile app for easy access to insurance services.
As of 2024, one of the notable insurtech products in Singapore is: Snacks by income. As a micro-insurance product designed to be seamlessly integrated into a user’s daily experience, it allows them to build financial protection and investments step-by-step through their lifestyle activities.
SNACK allows users to accumulate small amounts of insurance coverage and investments associated with daily activities such as ordering meals, exercising, and taking public transportation. The app integrates with various lifestyle partners such as EZ-link, Fitbit, and Burpple, allowing users to stack insurance on their daily activities.
SNACK offers a variety of coverage options to meet a wide range of needs, including life, critical illness, accident, travel, home, and even pet insurance. Users have ultimate flexibility in when and how they contribute to insurance and investments using the app, and can decide the frequency and triggers for contributions.
Income Insurance is also a social enterprise and says it is committed to making insurance inclusive and working to benefit Singapore’s wider community.
FW Singapore
In Singapore, the insurtech sector is leveraging artificial intelligence (AI)-powered risk assessment to transform the insurance industry.companies like FW Singapore develops predictive tools that analyze insurance data to provide business insights into claim profitability, price adjustments, and required prescription changes.
FWD Singapore has become the first health insurance company in Southeast Asia to implement Shift Technologies’ FORCE fraud detection solution. The solution uses artificial intelligence to analyze multiple data sources to improve insurers’ ability to evaluate claims by eliminating waste and potential fraudulent claims.
We use advanced AI and data science to detect potentially fraudulent claims and apply a dynamically generated fraud score to each claim to tell you how suspicious the claim is, what factors are contributing to it, and how to investigate the claim. Masu.
By applying this score to a company’s claims, FORCE helps FWD eliminate fraud, waste and abuse issues associated with straight-through processing and ensure genuine claimants are paid quickly and accurately. Helpful.
sing life
Domestic insurtech sing life has partnered with Doctor Anywhere, a local technology-driven healthcare company, to launch a new health subscription plan aimed at self-employed individuals, including gig workers.
The name of the plan is DA Healthwise Plusis designed to provide affordable health care options and accident coverage, which many freelancers and contract workers, such as ride-hailing and food delivery drivers, are specifically not offered. According to Singlife research, an astonishing 53% of gig workers do not have any insurance to protect them from accidents and potential loss of income.
DA Healthwise Plus members benefit from affordable access to general practitioners who can be seen at over 300 partner clinics across Singapore or online via the Doctor Anywhere app for just S$13 .
The plan also includes group personal injury cover, which provides financial protection against unexpected injuries, as well as benefits such as hospital income of up to S$80 per day for up to 30 days.
In addition, members can access video consultations with experts across a range of disciplines, including cardiology, orthopedics, pediatrics, obstetrics and gynecology, mental health therapy, and nutrition and fitness counseling, starting from S$70 for 45 minutes.
igloo
igloo is a leading insurtech company in Southeast Asia, known for its innovative insurance technology that aims to make insurance simple, affordable and accessible. One of the company’s standout products is weather index insurance, which is particularly innovative due to the use of blockchain technology.
This type of insurance does not follow the traditional compensation model. Instead, payments are made based on the occurrence of predefined events that can be objectively verified, such as extreme weather events.
The use of blockchain ensures transparency and efficiency in claims management. This allows for faster payments and reduces the chance of fraud.
By leveraging technology, IGLOO is able to offer this product to a wider range of people, including those who previously did not have access to insurance. Weather Index Insurance is designed to be highly customizable to meet the specific needs of a variety of customers and industries.
bolt tech
bolt tech is probably the most well-known insurtech company based in Singapore and has developed a number of innovative insurance products. One of the more prominent examples is device protection services, which provide comprehensive coverage of electronic devices.
Volttech’s device protection products leverage its technology platform to provide mobile device insurance in a completely digital and streamlined manner. Key features include the ability to instantly purchase device insurance plans online or via the app, without having to fill out long paper forms. The entire process, from quote to payment to issuance of insurance certificate, is digitalized.
You can also make insurance claims quick and easy by simply uploading a photo of your damaged device through the Volttech app. This reduces friction compared to the traditional insurance claims process.
Claim payments are equally fast, with approved claims being refunded directly to the customer’s registered bank account within a few days. Customers can also easily manage their device insurance plans, including viewing policy details and extending coverage, through Volttech’s app and his web portal.
Featured image credit: Edited from freepic
