PolicyPal, a Singapore-based insurance start-up, is the first company to graduate from the fintech regulatory sandbox of the Monetary Authority of Singapore (
MAS).
The company has produced an app that uses artificial intelligence to simplify and digitise its insurance, allowing policyholders to manage various insurance policies in a simpler manner. It targets individuals and small-to-medium enterprises.
The insurtech start-up is currently being incubated by PayPal and is partnered with several insurers in Singapore, including
AIG, Aviva,
AXA, Etiqa, and NTUC Income. It is planning to expand outside of Singapore to other Asian markets such as Indonesia, Taiwan, Japan, and Thailand.
Beginning September 1, PolicyPal will begin operating as a registered direct insurance broker and exempt financial adviser under its BaoXianBaoBao subsidiary. The insurtech start-up entered the sandbox in March. The six-month sandbox period has given it the chance to test and refine its technology and distribution model.
The MAS fintech sandbox aims to encourage experimentation and innovation in the financial industry by providing a controlled environment with more relaxed financial regulations. It allows firms to test new financial products and services with more freedom, but it also has safeguards to keep the overall financial system safe and secure in case of failure.
"The MAS sandbox allowed us to experiment with technology applications and our product offerings in order to fulfil our vision of making insurance simple and convenient for all," said PolicyPal founder and CEO Val Yap.
Sopnendu Mohanty, chief fintech officer of MAS, added: “We are glad that the sandbox has helped PolicyPal jumpstart their journey through live experimentation, and look forward to enabling more FinTech innovations that can enhance value and improve people’s lives.”
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