In Singapore, the government automatically signs you up with a health insurance plan it sponsors called MediShield Life. However, this health insurance plan is only limited to basic treatment in public hospitals. Healthcare cost has been on the rise recently hence forcing most Singapore citizens to depend on insurtech companies. These companies provide a wide range of insurance services. What makes citizens prefer health insurance services from these companies is how their services are comparably affordable and more accessible.
Singapore Life has funds of around $7.3 million so far, which is only a part of their current Series B funding that it’s doing. This company is basing most of this funding on investments from Hong Kong, Ion Pacific and the merchant bank with the participation from other current shareholders such as the Scottish investment company, Aberdeen Standard Investments and American Insurance Company.
The startup got $13 million equity investment from Aberdeen in January. It also received $20 million in December 2018 from Aflac for its current continuing round. Singapore Life has raised over $90.3 million in 5 years since its startup.
The company is not disclosing plans on using their latest funds, and there can’t be any provoking of its response during the publishing of the report. However, reports show that the startup is expanding most of its services to markets in Southeast Asia. The startup sold a lot of insurance coverage in 2018 mainly in December when the total coverage worth amounted to $4.8 billion.
Walter de Oude launched this company in 2017, who was the CEO of HSBC Insurance in Singapore. The startup offers a variety of life insurance services to its retail customers. The services include term insurance, endowment insurance, universal life insurance, and other types of insurance services that you can link to your investment. You can also get services like insurance claims for death, critical illness, and term illness. The startup can eliminate any third-party agents and brokers as it offers most of its insurance services online.
Singapore Life investments also help the Ion Pacific to grow and expand its finance portfolio and the digital businesses it runs in Southeast Asia. Michael Joseph and Itamar Har-Even founded the merchant bank, whose offices you can find in Tel Aviv, London and Dallas. The secondaries’ funds of the merchant bank focus more on the tech, and they invest in startups coming from every part of the world. However, it mostly focuses on Asia and Israel.
There are many insurtech startups in Singapore. One of them is called CXA Group, and it has been making big moves and attracting the attention of many investors by making insurance services in Singapore affordable and accessible. For about the past three months, this startup has raised approximately $25 million purposely for expansion of its insurance services in Asia. On March, CXA Group was working with about 600 different companies and had a team strength of up to 200.
The cost of healthcare services in Singapore has greatly increased in 2019 with up to 9.1 per cent. It’s therefore due to this reason that Singapore Life is surging one per cent YOY (year-over-year) to almost $937.2 million.