Local wealth technology and life insurance company Singapore Life managed to secure a USD$90 million (S$122 million) investment from Sumitomo Life, one of the largest insurers in Japan.
Through this transaction, Sumitomo Life acquires approximately 25% of the total issued shares in Singapore Life, and is geared towards supporting the latter’s expansion plans in offering connected, insurance-led financial services for people in Singapore and beyond.
Earlier this year, other investors like Alfac Incorporated and Aberdeen Asset Management had also invested in Singapore Life.
As the first local company to be fully licensed by the Monetary Authority of Singapore (MAS) as a life insurance company since 1970, Singapore Life aims to address the inconvenience consumers face having to use multiple providers and platforms to access their financial services, and the inertia felt by many in making financial decisions.
As such, with the latest investment by Sumitomo Life, the homegrown company can now accelerate its mobile-first ambitions. Besides that, it also aims to break down silos of legacy financial services, reduce fragmentation, and create a connected consumer financial journey and interface, from life insurance to money and wealth management.
“Consumers today have access to thousands of financial products and services, yet none are fully integrated and compatible to their mobile-first lifestyles. Singapore Life was founded as a response to this – to encourage people to take action on their insurance needs. Now with the backing of Sumitomo Life in addition to our existing shareholders who recognise this, we will reshape the way that consumers experience financial services for the better and unlock the potential of money for everyone,” said Walter de Oude, found and CEO of Singapore Life.
The company today offers its customers a suite of term insurance, universal life, critical illness and endowment plans with competitive product rates. In line with its plans to introduce more connected financial services to the market, the company will launch digitally-enabled products and services that integrate savings, investment and protection for everyone.
Mr de Oude added, “Consumer needs have changed dramatically in the past decade and there is no single offering that adequately addresses this. While we aim to lead the charge, fulfilling this will require a collective effort from traditional finance companies, technology firms, and regulators to collaborate and foster customer-centric innovation. As we grow our base of allies, we look forward to partnering with other fintech providers across the region to design financial products that earn the money and trust of everyday consumers.”
To date, Singapore Life’s funding has reached USD$153 million (S$208 million), and has now joined the ranks of other regional tech-first companies as one of the top funded homegrown fintech companies in Singapore.