Financial comparison platform SingSaver has secured a brokerage license from the Monetary Authority of Singapore (MAS), and will offer more than 100 insurance products from 12 major providers through its website.
According to a statement by SingSaver, the providers for the travel, home, and maid insurance segments include AXA, Allianz, FWD, HL Assurance, Ergo, MSIG, NTUC Income, Tokio Marine, Ergo, Sompo, Allied World, and Etiqa TIQ. The company is going after a Singapore insurance market expected to be worth SG$4 billion by 2020.
The move marks SingSaver’s diversification beyond credit cards and personal loans. It has also formed a broking team that is able to advise consumers applying for a range of insurance products.
“We’re seeing more demand from consumers in Singapore of all ages for online shopping when it comes to financial products,” said Rohith Murthy, founder and country manager of SingSaver. “It used to be the case that banks and insurers sold you a product; now that model has been flipped upside down. As we become more digital savvy and less loyal to brands, a new generation of shoppers spearheaded by the millennials and Gen Z’s want to instantly compare and apply for financial products like insurance online – and increasingly on mobile.”
Singapore’s insurance market is expected to hit SG$4 billion in 2020, based on a compound annual growth rate of 3.4%, based on 2018 data published by the General Insurance Association of Singapore.
In 2019, SingSaver’s parent company CompareAsiaGroup (CAG) celebrated reaching over 80 million uses across the region. In August, CAG secured US$20 million in Series B1 funding from a leading global provider of data and analytical tools. The group is backed by institutional investors including Goldman Sachs, IFC World Bank, Alibaba, and Experian.
