New life insurer joins Singapore market

NEW player Singapore Life on Tuesday said it has been approved as a fully licensed direct life insurer by the Monetary Authority of Singapore (MAS), making it the first local insurer to be licensed since 1970.

Describing itself as a boutique life insurance company, the insurer said it seeks to make the industry more efficient and accessible for customers by leveraging the latest technologies.

Said Walter de Oude, chief executive of Singapore Life: "The life insurance industry has not kept pace with the innovation seen in other industries and needs to be challenged to be better. 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."

The new insurer would start in the high net worth (HNW) customer segment before offering life insurance in the retail market that would be sold digitally and through financial advisers.