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Singlife’s hybrid theory tested in Singapore’s insurance forge

Singlife, the new kid on the block, is betting on its flexibility in being both a digital and traditional insurer. As a small player in a competitive market, it is constantly racing to be two steps ahead of its opponents

Ka Kay Lum, 14 Jul 2020

Singlife is Singapore’s first local insurer—without any foreign partner—to be granted a direct insurer licence since 1970

Armed with its latest product, Singlife Account, it aims to alter consumers’ perspective of traditional insurance products that are often linked with long lock-in periods

It faces stiff competition from Hong Kong-headquartered FWD Group, which has been expanding rapidly across Asia with a US$6 billion acquisition spree

In the past few years, larger and established insurers have also introduced more flexibility and digital aspects into their product offerings to woo consumers

Earlier this month, banks in Singapore slashed slashed The Straits Times UOB joins peers in cutting interest rates on flagship savings account Read more their savings account interest rates amidst macro uncertainties and a low interest rate environment induced by the Covid-19 pandemic. Since then, applications for Singlife Account, a mobile-first insurance savings plan that allows users to spend, save, and earn on an app, “peaked overnight”.

Launched in March 2020, Singlife Account saw more than 40,000 app downloads in the first month.

AUTHOR

Ka Kay Lum

Based in Kuala Lumpur, Ka Kay covers investment activities, aka following the money, across Southeast Asia and in-depth stories on the often-overlooked Malaysian startup ecosystem. She was previously a regional writer for Nikkei-owned DealStreetAsia.

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