Financial comparison platform SingSaver has secured a brokerage licence from the Monetary Authority of Singapore to offer more than 100 insurance policies from 12 providers.
The platform will now offer instant digital comparisons of insurance products across travel, home and maid categories.
Its new broking team will also be able to advise consumers on insurance products.
These providers include AXA, Allianz, FWD, Ergo, MSIG, NTUC Income and Tokio Marine.
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.”
The fintech start-up’s parent group, CompareAsiaGroup, is backed by institutional investors such as Goldman Sachs, IFC World Bank, Alibaba and Experian.
SingSaver, which was founded in 2015, said the insurance market here is expected to be worth $4 billion by next year, based on a compound annual growth rate of 3.4 per cent.
Its platforms already allow users to compare credit cards and personal loans.
THE BUSINESS TIMES
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