Singapore Life, the first new local life Insurer to be licensed since 1970, aims to focus on high net worth clients.
Singapore Life announced that it has been approved as a fully licensed direct life insurer by the Monetary Authority of Singapore, making it the first local insurer to be licensed in almost fifty years.
Starting in the High Net Worth (HNW) customer segment, Singapore Life will provide attractive alternative HNW solutions to individuals who prefer Singapore as a destination for their wealth and protection, the firm said in a press release.
Expansion in The Works
Backed by a team of industry veterans, Singapore Life will offer proven expertise in answering to the life insurance needs of its customers, both in the high net worth and retail customer segments.
The Company will also soon offer life insurance solutions for all - that can be easily purchased both digitally and through financial advisers.
Healthy Funding Support
«The life insurance industry has not kept pace with the innovation seen in other industries and needs to be challenged to be better, Singapore Life aims to bridge this gap in the industry by leveraging fintech solutions,» said Walter de Oude, Chief Executive Officer, Singapore Life.
Singapore Life successfully raised $50 million - the largest ever by a Singapore-based Insurtech company - in its Series A funding round in April this year.
