Contact person: Mandylyn Bow
Email address: [email protected]
Contact number: 90057365
Asia and ANZ
The Digital Insurer Insurance Innovation Award
“The insurance industry was fundamentally broken in my view,” says Walter de Oude, CEO and Founder of Singapore Life. “There were significant opportunities for customers to benefit from technology, opportunities that were not being explored.”
“And so that’s what we did. We set up Singapore Life to do just that, to explore the potential for what a new insurance company could do better, with all the power of today’s technological efficiency.”
As Singapore’s newest life insurer and the first to be licensed since 1970, Singapore Life is breaking new ground by introducing a truly end-to-end digital life insurance process to the market. With more than two years in the making, the Singapore Life digital proposition is a game-changer that is truly unique, differentiating, customer-focused and trailblazing.
The traditional life insurance purchasing process has long been heavy-laden with paperwork, technical delays and manual intervention, resulting in the lack of immediacy for coverage, feedback and wastage in many ways for the end client, as well as for financial advisers alike. As such, most policy issuance is not immediate, spanning between 2 to 6 weeks, or even more.
Singapore Life’s proprietary digital initiative has automated and digitised manual processes and compressed never-once-thought-possible processes into a dynamic, robust and technology-driven life insurance process. Taking more than 2 years to be developed and built, Singapore Life launched it’s direct-to-consumer website in October 2017. Now, with Singapore Life, it can take as little as 20 minutes for your life insurance policy to be issued and get you covered for life.
In less than 100 days of being in operation, we have achieved more than SGD245 million in life cover for our customers. To date, we are providing cover of more than SGD600 million for our customers, and not including the SGD6 billion of cover offered to new customers recently acquired from Zurich Life Singapore.
At Singapore Life, our focus is to use technology to make our customers’ lives simpler. Underwriting requirements and questions are designed to capture the necessary at the applicant’s convenience and at the same time comply with regulatory requirements. As a result of smart design and rigorous system testing, most clients are able to get covered right away without the need for medical tests, saving them plenty of time.
Our partner Financial Advisory Firms are also valued customers who reap the benefits arising from the efficiency of our digitisation. They too get to experience the seamless Singapore Life transaction capability set apart from other life insurance providers. Their support for our digital business model is evident from the increasing uptake of policy issuance through the FA channel and Singapore Life is proud to be providing customers an alternative to their life insurance provider regardless of their choice of transaction – be it as a self-directed customer, or with professional advice from a Financial Adviser.
Singapore Life is here today, as the next generation life insurance, to set the stage for the new age of insurance – truly embracing innovation at its core through digitisation.