Singlife’s growth trajectory secured by uniting innovation and tradition
Group CEO Pearlyn Phau confident of Singlife’s future as Singapore’s insurance industry is poised for growth.
While there are challenges, the competitive nature of Singapore’s insurance market demonstrates optimism in taking advantage of the opportunities for growth.
“The Singapore market is small and competitive... [but] we are seeing opportunities for growth,” Singlife Group Chief Executive Officer Pearlyn Phau told Insurance Asia as she ackowledged new entrants out to take a share of the market.
But as a bustling financial hub, Singapore has long been a competitive arena for insurance companies, both traditional players and innovative insurtech firms. And based on the past year’s performance indicators, there’s a lot of room for optimism.
“We saw growth especially in the life insurance sector of about 10% year on year, and it is expected that this sector will grow a further 10% in 2023,” Phau said.
In addition, industry projections hint at a substantial increase in gross written premiums, with an expected figure of around US$77b by 2027, representing a Compound Annual Growth Rate (CAGR) of about 10% between 2022 and 2027.
Phau cited these projections to support the belief that the industry is on an upward trajectory.
She also contextualised these trends within Singapore’s evolving demographics, highlighting the nation’s growing population of high net worth individuals and the accelerated aging of its citizens.
In light of these changes, insurers must adapt their offerings to cater to these shifting dynamics while navigating the uncertainties of the global economic landscape.
The integration of Aviva Singapore and Singlife has created a dynamic synergy that bridges the gap between established insurance giants and agile insurtech startups.
“The merger of Aviva Singapore and Singlife brought together the best of both worlds... offer customers a better way forward,” Phau asserted.
She said this amalgamation has resulted in Singlife gaining access to Aviva Singapore’s comprehensive product suite and strong heritage, while retaining its innovative edge.
The result is a comprehensive suite of technology-enabled, tailored solutions that cater to a diverse range of customer needs.
One of Singlife's notable initiatives is the GROW with Singlife platform, an integrated investment platform that has expanded Singlife’s offerings beyond traditional insurance products.
This expansion includes groundbreaking offerings such as cancer coverage plans and tailored solutions for digitally savvy young adults.
In this regard, Phau stressed the importance of putting the customer first, offering flexibility, choice, and comprehensive coverage options that adapt to different life stages.
In a landscape featuring both established insurance behemoths and emerging insurtech startups, Phao gave this reminder: “In the insurance industry, whether you’re established or you’re an emerging player, we all recognize the importance of fostering long term relationships with our customers.”
Here, she finds the customer-centric approach as one that transcends mere transactions. A growing segment of emerging consumers, particularly young adults, is being targeted with holistic solutions that encompass protection for various aspects of well-being, including financial, mental, and physical health.
Singlife's technological prowess and digital platform background provide it with a unique advantage in creating and customizing next-generation products rapidly.
By leveraging advanced analytics and AI, the company enhances customer experiences and streamlines operational efficiency.
This is why Phau sees the industry’s collective focus on customer-centric innovation as the element that drives growth and evolution.
For Singlife, the merger of established insurers with agile startups, like it did with Aviva, showcases how innovation and tradition can coalesce to deliver comprehensive and adaptable solutions.
“We have to continue to keep up such efforts to exceed our customers’ expectations, to create lasting relationships, and to make a meaningful impact in the industry,” said Phau.
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