Fintech start-up SingSaver secures MAS brokerage license in Singapore to offer instant insurance comparisons across travel, home, and maid categories; tapping into Millennials and Gen Z’s appetite for shopping via digital channels.
SingSaver, a Singapore-based startup backed by global, institutional investment firms, launches an instant digital insurance comparisons platform after securing a brokerage license from the Monetary Authority of Singapore (MAS) this month.
Founded in 2015, SingSaver provides financial comparison tools that allow users to compare credit cards, personal loans, and insurance for free. The platform also provides resources to help consumers make decisions on personal finance products in Singapore.
The platform claims to offer a comprehensive range of insurance products across travel, home, and maid categories spanning over 100 policies by 12 leading providers. According to a 2018 Report by General Insurance Association of Singapore, the country’s insurance market is expected to hit SGD 4 billion in 2020.
Insurance partners at launch include AXA, Allianz, FWD, HL Assurance, Ergo, MSIG, NTUC Income, Tokio Marine, Ergo, Sompo, Allied World, and Etiqa TIQ.
According to SingSaver Founder Rohith Murthy, the platform’s new license as an insurance broker is a key milestone for the business as it diversifies beyond credit cards and personal loans. SingSaver’s new brokerage team are 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. 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,” says Murthy.
In 2019, SingSaver parent CompareAsiaGroup (CAG) celebrated reaching over 80 million uses across the region. CAG secured USD 20 million in Series B1 funding from Experian in August, the leading global provider of data and analytical tools. The group is backed by institutional investors including Goldman Sachs, IFC World Bank and Alibaba too.