Singapore partners with four insurers to promote tech

September 27 2018 by InsuranceAsia News Staff

The Singaporean government has forged a partnership with four insurers to fast-track the development of the digital capabilities of its insurance sector.

The media development authority of the city signed a memorandum of intent with four insurers, namely Great Eastern, LumenLab (MetLife’s Innovation Centre in Asia), NTUC Income, and Prudential Singapore.

The partnership’s goal is to boost the digital capabilities of the country’s insurance landscape.

According to a report by PWC, new technologies have been “disrupting” the insurance industry, but players are not doing much to adapt to such changes.

About 74% of insurers expect significant changes to their businesses, but only 14% actively participate in relevant programs, said the report.

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