Singaporean insurance platform Singsaver secures brokerage license

They launched a platform that aims to tap into the $4b-worth local insurance market.

Singapore-based financial platform SingSaver has secured a brokerage license from the Monetary Authority of Singapore and launched an instant digital insurance comparison platform, the company announced.

The platforms offers insurance products across travel, home, and maid categories spanning over 100 policies by 12 providers. SingSaver shared that it aims to tap into Singapore’s insurance market, which is expected to be worth $4b by 2020 based on a compound annual growth rate of 3.4% (FY2018 based on the General Insurance Association of Singapore).

In 2019, SingSaver’s parent CompareAsiaGroup (CAG) announced that it has achieved over 80 million uses across the region.
Some of SingSaver’s insurance partners include AXA, Allianz, FWD, HL Assurance, Ergo, MSIG, NTUC Income, Tokio Marine, Ergo, Sompo, Allied World, and Etiqa TIQ. Meanwhile, CAG is backed by The group is backed by institutional investors including Goldman Sachs, IFC World Bank, Alibaba, and Experian.