Singapore Life, a Singapore-based insurtech startup, has reportedly received a $90 million investment from Sumitomo Life Insurance. Founded in 2014, Singapore Life describes itself as a life insurance company fully licensed by the Monetary Authority of Singapore that is built on the belief that “the wolds needs a better life insurer” that uses technology to provide a “better” insurance experience.
“Singapore Life offers high net worth universal life solutions for those that prefer Singapore and the Singapore regulatory environment as a destination for their wealth and protection needs. It also offers protection solutions made available both digitally and through financial advisers to the retail segment, revolutionising how easy insurance can be. The Company incorporates multiple InsurTech solutions to improve the customer experience. Singapore Life represents the next generation of life insurance where customers are empowered through a simplified insurance purchase process.”
According to Business Times, Masahiro Hashimoto, President and CEO of Sumitomo Life, stated the investment in Singapore Life comes as the group expects rapid growth in the life insurance markets in South-east Asia and Singapore. The media outlet also reported that Sumitomo Life’s latest investment brings the startup’s total funding to date to $153 million. In early 2019, Aberdeen Standard Investments had taken a stake in the company for $13 million and U.S. insurer Aflac notably took a separate equity stake for $20 million.