SINGAPORE (THE BUSINESS TIMES) – Financial comparison platform SingSaver has secured a brokerage licence from the Monetary Authority of Singapore (MAS) to offer over 100 insurance policies from 12 providers on its platform.
These providers are AXA, Allianz, FWD, HL Assurance, Ergo, MSIG, NTUC Income, Tokio Marine, Ergo, Sompo, Allied World and Etiqa TIQ.
The platform will now offer instant digital comparisons of insurance products across travel, home and maid categories. Its new broking team would also be able to advise consumers on insurance products.
SingSaver founder and country manager Rohith Murthy said: “We’re seeing more demand from consumers in Singapore of all ages for online shopping when it comes to financial products. It used to be the case that banks and insurers sold you a product; now that model has been flipped upside down.
As we become more digital savvy and less loyal to brands, a new generation of shoppers spearheaded by the Millennials and Gen Z’s want to instantly compare and apply for financial products like insurance online – and increasingly on mobile.”
The fintech start-up’s parent group CompareAsiaGroup is backed by institutional investors such as Goldman Sachs, IFC World Bank, Alibaba and Experian.
SingSaver said it is going after an insurance market in Singapore that is expected to be worth $4 billion by 2020, based on a compound annual growth rate of 3.4 per cent.
Founded in 2015, its platforms already allow users to compare credit cards and personal loans.