GREAT Green SP is a three-year single premium endowment plan that provides 1.5 percent interest per annum guaranteed yield upon maturity. Customers can invest a minimum amount of $5000 and up to a maximum of $100,000. The plan also offers protection against death and total permanent disability, with no medical underwriting needed.

Group CEO Khor Hong Seck made a note of the growing group of customers who are environmentally conscious and want to promote sustainable living. He told the media, “This initiative is part of our overall sustainability approach to achieve a low-carbon economy, improve people’s lives and drive responsible business practices. We note there is a growing group of customers who are environmentally conscious and seek to contribute towards sustainability outcomes through their purchasing decisions, including financial product.”

The proceeds and donation from the company will go to the local charity Zero Waste SG and they will also support programmes to educate and advocate for the mindful usage of natural resources. Founded in 1908, Great Eastern is a well-established market leader and a reliable brand based in Singapore and Malaysia. The insurer is a subsidiary of the leading bank, OCBC Bank.

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After receiving the brokerage licence, LISS can help banks, asset managers, funds and corporates of all sizes to access, automate, and streamline trade credit insurance coverage with the help of their LiquidX 360 platform. It helps the entire trade credit value chain for quoting, policy management, and risk monitoring.

Jim Toffey, CEO of LiquidX told the media, “The MAS licence is a huge milestone for our business in Asia. With a growing market for trade credit insurance, carriers and brokers are looking to technology to scale their growth, cut expenses, and digitally connect with their partners and policyholders. In addition, funders and corporates that manage and finance working capital on our platform can now seamlessly integrate trade credit insurance coverage.”

He also added that the insurance broking licence will allow LiquidX to reach its vision of becoming the global leader in digitising the trade credit insurance market. The company prides itself as the only solution platform that integrates trade credit insurance with next-generation capabilities for buying, selling, and managing accounts on the same platform.
According to experts, the trade credit market is expected to double in size from 2021 to 2027, from $9billion to $18billion after it participated in mitigating trade risk in uncertain economic environments. It is estimated that by 2025, around 30-50 percent of trade credit insurance will be managed, and transacted online.

Image credits- Dealstreet Asia

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In order to help people understand this issue, Instant Quote Marketplace came up with a collaborative platform that will help intermediaries access information faster. The platform will also help insurers to distribute their products more efficiently so that the customers have a complete and sound idea of the product. This helps business match demand with supply.

Derren Teo, co-founder of Surer told the media, “Surer helps intermediaries save 95 percent of their time on product quote sourcing and 70 percent of time spent dealing with administrative processes. The digitalisation of their workflow leads to greater speed and efficiency. With more time, intermediaries can increase their focus on prospecting and advising clients, including the 70 percent of uninsured or underinsured SMEs in Singapore. The launch of our Instant Quote Marketplace allows intermediaries access to instant quotations and furthers our value-proposition to the entire insurance ecosystem, where intermediaries can be more efficient in quote sourcing whilst insurers can be more effective in product distribution and recruitment.”

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With regard to the funding round, Ignatica chief executive officer and co-founder Manuel San Miguel told the media, “The insurance industry is going through an era of unprecedented transformation, with consumers seeking the convenience of buying and interacting with insurance services easily with nothing more than their mobile phone.”

Hong Kong’s Insurance Authority (IA) recently rolled out its new group-wide supervision framework (GWS) and regulatory regime for insurance-linked securities (ILS) business. Clement Cheung, Chief Executive Officer of the IA told the media that the GWS framework is in full alignment with international standards and best practices, positioning Hong Kong as an ideal base for large insurance groups and a coordinator of supervisory efforts among all relevant jurisdictions in Asia Pacific.

Singapore’s Ministry of Health (MOH) also recently announced that it has formed a 12-member Multilateral Healthcare Insurance Committee (MHIC), media reports said. The committee will be officially established on April 27th April 2021.

The healthcare insurance committee comprises representatives from the Academy of Medicine Singapore (AMS), Consumer Association of Singapore (CASE), Fee Benchmarks Advisory Committee (FBAC), Life Insurance Association (LIA), Singapore Medical Association (SMA) and private hospitals.

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The healthcare insurance committee comprises representatives from the Academy of Medicine Singapore (AMS), Consumer Association of Singapore (CASE), Fee Benchmarks Advisory Committee (FBAC), Life Insurance Association (LIA), Singapore Medical Association (SMA) and private hospitals.

The purpose of the committee is to manage the increasing healthcare costs in the healthcare insurance system. Further, the committee will also guide the establishment of platforms to address complaints and conflicts arising from healthcare insurance claims.

Singapore-based insurtech firm Igloo is partnering with Philippines-based insurance broker Philpacific Insurance Brokers (Philinsure) to provide access to digital insurance products in the country. The products will target mostly micro, small and medium-sized enterprises (MSMEs). Igloo said in a statement that the goal of the partnership is to provide accessible and affordable insurance to Filipinos in the country to support their need for security and protection.

Digital insurance penetration in the Philippines is under 1 percent, according to media reports. The insurance sector in the Philippines mostly runs offline and through traditional distribution methods. Through the partnership with Philinsure, Igloo will also strengthen its hold in the Philippines insurance market.

Last year, Singaporean fintech Pay2Home joined hands with Chubb Insurance to offer insurance cover to foreign nationals working in the city-state. The insurance product known as Priority2Project is designed for low-income individuals who are working in challenging conditions in Singapore.

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Digital insurance penetration in the Philippines is under 1 percent, according to media reports. The insurance sector in the Philippines mostly runs offline and through traditional distribution methods. Through the partnership with Philinsure, Igloo will also strengthen its hold in the Philippines insurance market.

Raunak Mehta, chief commercial officer of Igloo told the media, “This pandemic brought about an urgent need for traditional industries to tap technology, and this is especially evident in the insurance sector in the Philippines. This partnership with Philinsure aims to support a very important sector in the Philippines, such as small business owners whose work has a very real and immediate impact on their communities. We want to be able to provide them with affordable and relevant protection to give them the confidence to focus on their business and their livelihood.”

It is also reported that the Singaporean life insurance industry has grown by 3 percent in the fourth quarter of 2020 despite economic uncertainties and the coronavirus pandemic. According to the Life Insurance Association, Singapore (LIA Singapore), it recorded a total of SG$4.38 billion in weighted new business premiums for the fourth quarter of 2020.

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Scott Simpson, country president of Chubb in Singapore told the media, “In order to address the foreign workers’ protection gaps, we needed to first reduce the barriers to entry. Given the foreign workers’ familiarity and trust in Pay2Home, we hope that they are able to gain easy access to micro-insurance solutions that can support them through short periods of incapacity so they enjoy peace of mind before they return to work.

“Priority2Protect was also designed to eliminate the need for paperwork or medical underwriting, thus making the opt-in or application process fuss-free and convenient. For individuals who are looking for more comprehensive protection, they also have the option to increase their policy coverage and receive additional benefits with the paid plan.”

The insurance plan is available to all Pay2Home users when they make a remittance of at least S$100. Last month, Singapore-based fintech company Razer ventured into the insurance space by collaborating with digital insurance provider FWD Singapore. The insurance product will be available for the recently launched Razer Card users.

It is reported that FWD will offer $100,000 complimentary term life insurance coverage to users that qualify for Razer’s premium cards, launched in partnership with Visa. Earlier this year, FWD Singapore launched an insurance product that provides financial cover for Singaporean citizens who test positive for Covid-19. FWD said in a statement that it is available to Singapore residents between the ages of 18 and 65, with a valid NRIC or FIN number.

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It is reported that FWD will offer $100,000 complimentary term life insurance coverage to users that qualify for Razer’s premium cards, launched in partnership with Visa.

Lee Li Meng, Chief Executive Officer, Razer Fintech told the media, “We are excited to collaborate with our strategic partner to address and plug this crucial gap in insurance coverage for this segment. We believe that it is imperative for the youth and millennials to be adequately insured, in order for them to have a secured head start to life. This is the first of many initiatives to come where we look to further expand our product offerings to better support the needs of the underserved youth and millennials segment.”

Earlier this year, FWD Singapore launched an insurance product that will provide financial cover for Singaporean citizens who test positive for Covid-19. In a press release, FWD said that it is available to Singapore residents between the ages of 18 and 65, with a valid NRIC or FIN number.

The insurance plan will be sold directly through the FWD website or through its several partners such as CXA Group, Mercer Singapore and ValueChampion.

“As our city stands united against the COVID-19 pandemic, we want to provide reassurance that should Singaporeans test positive for the virus and require hospital treatment, this plan will give them the protection and financial resources they need,” said Khor Kee Eng, CEO of FWD Singapore.

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SNACK, which is owned by NTUC Income, offers stackable, micro-insurance that integrates into their customers’ daily lifestyle activities. As a result of the partnership, Revolut customers will receive a complimentary $500 insurance coverage when they sign up on the SNACK app.

James Shanahan, chief executive officer at Revolut Singapore told the media, “With Revolut, our customers enjoy excellent exchange rates, instant peer-to-peer transfers, rewards and cashback offers on ecommerce spend, real-time spend updates and smart analytics that provide useful predictions that help them manage their expenses. Our partnership with SNACK layers insurance protection over our existing money management features and allows our customers access to micro-insurance products that are underwritten by NTUC Income.”

The partnership will also allow Revolut’s customers in Singapore to purchase insurance products such as term life from the accumulated spare change in their Savings Vault on its app.

It is reported that Singapore’s government will spend $1.6 billion over the next three years to improve a medical insurance plan for the country’s citizens and residents amid the economic impact of the coronavirus.

According to the Ministry of Health, the funds will be used for premium subsidies for Medishield Life, a basic health insurance plan launched in 2015 to protect Singaporeans against large medical bills.

Last month, Singlife announced that it will acquire a 75 percent stake in Aviva Singapore. The transaction is expected to be completed by January 2021 and it could possibly be the largest insurance deal ever in Singapore.

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According to reports, the deal between Aviva and Singlife could be the largest insurance deal ever in Singapore. The transaction, which is subject to regulatory approval, is expected to be completed in 2021.

The combined entity will be initially known as Aviva Singlife, and is valued at SG$3.2 billion, according to a statement from the insurers.

Aviva and Singlife’s existing shareholder Sumitomo Life Insurance Company will reportedly hold 25 percent and 20 percent equity shareholding respectively in Aviva Singlife.

Also, Aflac Ventures, Aberdeen Asset Management, IPGL Limited, and minorities will collectively hold 20 percent while the remaining 35 percednt will be held by private equity firm TPG.

Ray Ferguson, who currently serves as the chairman of Singlife, will remain as chairman of the new group. Singlife group chief executive Walter de Oude will take up the role of deputy chairman, while current Aviva Singapore chief executive Nishit Majmudar will take on the role of chief executive officer of the new combined entity.

Ray Ferguson told the media, “Singlife was created with the ambition to reshape finance and help unlock the potential of money for everyone. Covid-19 and changing consumer demands have changed the way people think about financial services, and more than ever before they want to engage in a mobile-first way for their ordinary savings and protection needs, and still get the financial advice they need, when they need it.”

“By joining forces with Aviva Singapore, we are creating a home-grown regional brand that will go far beyond insurance and deliver on these ambitions by creating innovative financial products with intuitive technology and independent advice,” he said.

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