According to the company’s statement, Singapore Life said it is the first wholly-owned local insurer, without any foreign partners, to be fully licensed by the MAS since 1970.
The life insurer said it plans to provide insurance solutions aimed at high net worth (HNW) individuals in Singapore.
In the coming months, Singapore Life said it will offer life insurance plans such as term insurance and critical illness through financial advisers as well as its online platform.
International backing
In April, the company raised $50m of funding – the largest ever by a Singapore-based insurer – through international backing from Credit China FinTech Holdings and IPGL. It also partnered two leading reinsurers Munich Re Group and Pacific Life Re.
Walter de Oude, Singapore Life’s chief executive officer, said: “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.”
Ray Ferguson, chairman of the board at Singapore Life, said: “Singapore continues to demonstrate leadership in its ‘Smart Financial Centre’ vision and focus on innovation and technology.
“One of the outcomes of this dedication to revolution in the financial services sector, Singapore Life will positively contribute to the local insurance industry and encourage better insurance, while we keep pace with the digitally-immersed consumers who are also increasingly savvy buyers.”
