- First and only to be licensed by the Monetary Authority of Singapore (MAS)
- Furthers Singapore’s vision to promote collaboration between financial technology start-ups and traditional financial institutions
Singapore – Insurance Market (IM), a new customer-centric online general insurance broker, launched in Singapore on 18 April 2016. Licensed by the Monetary Authority of Singapore (MAS), it is the first and only online general insurance broker to serve customers by bridging the distribution gap with insurers.
As an online broker, IM offers customers a straight through the administrative buying process and 24/7 service support center. This includes electronically submitting all data to the insurance company of choice, even managing payment purchases online.
With a customer-centric approach, IM wants to bring more Zen to the local insurance market by adopting an online “compare, shop and buy” experience which is commonly seen in Western markets. Through digital technology, it will bring insurance closer to customers by providing every customer with as much information as possible to make well-informed insurance choices based on value for money scores presented in an easy, simple and instant overview. According to the in-house rating model’s unbiased and consistent governance framework, these scores are derived by calculating the coverage terms and conditions, customer reviews and policy price.
Mr. Otbert de Jong, CEO and Founder of Insurance Market, said, “It is high time Singapore jumps on the bandwagon and buy insurance the smarter way. Singaporeans should be buying insurance beyond traditional distribution channels of agency force and financial advisors. In line with Singapore’s vision, we want to work closely with general insurers to promote collaboration between financial technology start-ups and traditional financial institutions.”
He adds that in the United Kingdom alone, 75% of all general insurance revenue is generated online. In other parts of Europe, growth rates in Spain are rapidly increasing by 13% and upwards.
Compared to hiring more insurance agents, IM offers insurance companies a cost-effective technological solution necessary to reach digital natives and savvy early adopters online. This is also aimed at resolving teething problems in the insurance industry, where low customer satisfaction, limited information transparency and traditional outreach channels present opportunities for new insurance solutions to flourish.
To create better customer-insurer relationships, IM wants to work closely with insurers to bring more transparency and convenience to general insurance consumers. This is done by simply approving the listing of insurance policies on IM’s online portal, which will allow customers access to extensive information comparison and flexibility. This mitigates the risks of product pushing and aggressive selling, typically experienced by sales-driven agent networks.
Insurers can also use IM as an additional distribution channel to target API connectivity with associated improvements in data quality, reduced risks and costs. Comprehensive customer analytics on the buying behaviour of clients and feedback is also available as a supplementary service.
About Insurance Market
Insurance Market (IM) was founded in 2014 to bring a bit of Zen to the chaotic world of general insurance in Singapore. Licensed by the Monetary Authority of Singapore (MAS), we are the first and only online personal lines insurance broker to serve customers by bridging the distribution gap with insurers. To do so, we provide every customer with as much information as possible to make well-informed insurance choices based on price, service and policy conditions in an easy, simple and instant way. For more information, please visit https://insurancemarket.sg.