SingSaver.com.sg, Singapore’s leading financial comparison platform, backed by leading global institutions, has launched instant digital insurance comparisons and secured a brokerage license from the Monetary Authority of Singapore (MAS). The platform now offers a comprehensive range of insurance products across travel, home, and maid categories spanning over 100 policies by 12 leading providers. It is going after an insurance market in Singapore expected to be worth S$4 billion by 2020.
Insurance partners at launch include AXA, Allianz, FWD, HL Assurance, Ergo, MSIG, NTUC Income, Tokio Marine, Ergo, Sompo, Allied World, and Etiqa TIQ. The platform’s new license as an insurance broker is a key milestone for the business as it diversifies beyond credit cards and personal loans. SingSaver’s new broking team are able to advise consumers applying for a range of insurance products.
Rohith Murthy, Founder and Country Manager at SingSaver, 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.”
Singapore’s insurance market is expected to hit S$4 billion in 2020, based on a compound annual growth rate of 3.4 per cent (FY2018 data published by General Insurance Association of Singapore). In 2019, SingSaver parent CompareAsiaGroup (CAG) celebrated reaching over 80 million uses across the region. CAG secured US$20 million in Series B1 funding from Experian in August, the leading global provider of data and analytical tools. The group is backed by institutional investors including Goldman Sachs, IFC World Bank, Alibaba, and Experian.