Singapore Life, an insurtech startup that aims to offer universal life and other insurance products, said today it has been approved as a fully-licensed direct life insurer by the Monetary Authority of Singapore (MAS).
The firm will initially focus on the high net worth (HNW) customer segment, it said in a statement.
“Singapore Life will provide attractive alternative HNW solutions to individuals who prefer Singapore as a destination for their wealth and protection,” the statement read.
The firm will also soon offer life insurance solutions for all client segments, it said, adding that policies will be available for purchase both digitally and through financial advisers.
“Singapore Life will positively contribute to the local insurance industry and encourage better insurance, while we keep pace with the digitally-immersed consumers who are also increasingly savvy buyers,” said Ray Ferguson, chairman of the board of Singapore Life.
The company’s founder and CEO, Walter de Oude, headed HSBC Insurance in Singapore between May 2010 and October 2014 before leaving to set up the new venture.
Singapore Life raised US$50 million in a Series A funding round in April, with backing from Credit China FinTech (CCF) and IPGL. The startup has also partnered with reinsurers Munich Re Group and Pacific Life Re.
CCF will hold 33.8% of Singapore Life, according to a stock exchange news announcement in April.