Digital insurance coverage agency Singapore Life has began 2019 with a bang after it raised $33 million throughout two investments because it eyes new market expansions in Southeast Asia.
The firm pulled in $20 million from NYSE-listed Aflac Investment on December 31 after which it added an extra $13 million through an funding from Aberdeen Standard Investments, a Scotland-based asset administration agency with 50 workplaces worldwide. These offers take the corporate to $97 million up to now, which included a massive $50 million Series A final year.
Singapore Life was began in 2014 by Walter de Oude, who left HSBC after seven years in command of its insurance coverage business in Singapore. The concept is a 100 % digital insurance coverage agency that removes piles of paperwork and passes the cost financial savings from dishing out with conventional business fashions on to customers. The agency secured a license from the Monetary Authority of Singapore in 2017. It went dwell later that year after which gathered steam by the acquisition of Zurich Life Singapore’s business portfolio.
Today, its companies including life insurance coverage, household protection, endowment plans, wealth portfolio companies and extra. The firm has provided digital-focused merchandise including an exercise tracker and health program, a chatbot service and flash gross sales.
Singapore Life mentioned that each offers are strategic in nature. Aflac mentioned it has inked a reinsurance settlement with the corporate “on sure safety merchandise” whereas Aberdeen Standard Investments is “exploring new alternatives to deliver our asset administration experience to a broader consumer base within the area,” in response to Hugh Young, its head of Asia Pacific.
With this new cash within the financial institution, Singapore Life is planning to broaden into different markets in Southeast Asia, the fast-growing digital area with over 600 million customers. The firm mentioned it plans to start increasing into new markets and different verticals “over the approaching year,” though no additional particulars have been supplied.
In addition to competing with conventional insurers, Singapore Life’s rivals embody venture-backed CXA Asia. Digital insurance coverage and monetary has taken off in some Western markets and, in fact, China, the place web giants like Alibaba and Tencent have jumped in. Elsewhere in Asia, Hong Kong is welcoming digital-only manufacturers that embody Bowtie and OneDegree, each of which have raised capital from VCs.