Tuesday, May 22, 2018

Singapore sees first digitised direct insurance broker

Starting September 1, startup app PolicyPal will begin operating as a registered insurance broker and exempt financial adviser under its subsidiary BaoXianBaobao.

PolicyPal is a mobile app which gives users the ability to understand, track their existing insurance and buy new policies.

Based on the information provided by the user, the app will then create a digital folder of the user’s insurance coverage.

As a result, Singaporean insurance consumers will soon have the ability to log into an online platform, upload their insurance coverage requirements, and have a personalised insurance portfolio prepared.

In time, such services can then either be provided online or via the PolicyPal mobile app which has little or no human interaction with customers.

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