Insurance Market is a new breed of the insurance broker in Singapore. The way we do business is quite innovative and is worth a little explanation. Most personal insurances are traditionally sold through banks and agents. Brokers are more independent and versatile than agents and banks. To date, brokers were however only used for more tailor-made and commercial risks.
Online broker brings independence and customer focus
Insurance Market wants to bring this independence and customer focus to the personal insurance market. On Insurance Market clients can always be assured that they have policies that really cover their needs and that they get them on the best possible terms.
Insurance Market does this online and that is quite innovative too. The industry refers to this development as “Insurtech”, i.e. using technology to make insurance more efficient and convenient. After Fintech, Insurtech in Asia is now starting to get noticed, particularly also amongst traditional brokers who have always pretty much ignored the personal line business and who can see that, if successful, this trend may well affect the way in which the distribution of commercial business will develop as well as well.
Martin Blake, and global head of fintech in insurance at KPMG, said that as insurtech “continues to climb,” brokers “can’t put their heads in the sand” as traditional relationships change. “We’re certainly seeing that the century-old relationship between customer and broker is starting to be disrupted by technology and, obviously, aggregators,” Blake told Insurance Business in a recent interview.
Development of a local insurtech ecosystem in Asia
Insurers are also noticing the changes and some of them are quick to adapt. Others need more time. Juergen Weiss, managing vice-president at Gartner, said insurtech companies can stimulate or accelerate innovation among insurers and complement digital business strategies.
Some of these developments have been around in Europe and the US for some time but just had not reached the more traditional market in Asia yet. Others are really innovative on a global scale. In Asia, Singapore and China (mainly Hong Kong and Shanghai) are considered insurtech hubs. These markets have been actively promoting the development of a local insurtech ecosystem.
How we make insurance more transparent and customer oriented
At Insurance Market, being based in Singapore, we hope to make a good contribution to making the insurance markets more transparent and customer oriented. We are not interested in technology per se or in disruption, but just in using technology to get people better insured.
We hope that through this we also encourage our customers to take more interest in their insurances. Too often we notice that people “give up” on finding out whether they are sufficiently and adequately covered. That is a risk you should not take. Hopefully, we can contribute to making things a little easier to understand.
You can take our word for it or you can try it out and see yourself. Have a go for your next Car Insurance, Pet Insurance, Home Insurance, Travel Insurance, Maid Insurance, International Health Insurance or Personal Accident Insurance on our site. In any case, you will end up with a good value for money policy.