Singapore inks pact with UK to lead digital revolution in Asian insurance

SINGAPORE is primed to lead the way in the digital revolution in the insurance industry in Asia.

This follows an agreement announced on Wednesday morning, between the British government, the Monetary Authority of Singapore and British insurer Aviva, to collaborate and promote digital innovation initiatives in insurance, here and across Asia.

The parties signed a statement of intent to develop new business models, products, processes and channels to meet consumers' risk management needs in areas such as life, savings, retirement, health and general insurance, specialty insurance as well as reinsurance.

More importantly, the move paves the way for insurers to understand and respond to customers' changing needs in the digital age.

This will help them design better insurance products and enable customers to gain easier access to those products, either directly or through the most convenient channels.

The parties will also look at how business practices, policies and regulation weigh in on the digital revolution, and explore options to promote competition, lower costs and minimise barriers to digital products and distribution.

Also, part of the agreement pertains to support for FinTech start-ups with expertise, resource, and facilities.

The initiatives are expected to bring global digital skills and resources to inform and develop the Singaporean and regional insurance sectors.

The agreement was reached as part of British Prime Minister David Cameron's trade mission to South-east Asia to promote the United Kingdom's insurance and financial technology sectors.

Mr Cameron is accompanied by a delegation of 30 UK business representatives on the trade mission.