Two of Singapore’s fintech companies, My-Insurer and Insurance Market, are teaming up in their quest to make buying insurance easy and transparent.
The present brokerage activities of Insurance Market will be complemented with My-Insurer’s business line, to be named Insurance Market Life.
It expects to attract Financial Advisors that are looking for freedom and independence from a particular insurer as well as self-organization thanks to its digitization and admin support.
IM Life will support them with digital tools to facilitate their work such as onboarding and servicing their customer. Meanwhile, customers can expect a high level of sophistication in their insurance acquisition journey at minimum effort.
“The insurance model is maturing”, Matthias de Ferrieres, CEO of My-Insurer, says. “We have found that for simple products such as retail’s, it is efficient to use an online market place. However, to explain health and life insurance, personalized advice through face to face engagement is still what customers are looking for.”
“The future of insurance is to provide an innovative way of distributing products that focuses on quality of service and the desire to bring the focus back onto the customer through a mix of digitisation and the traditional advisory approach” adds Otbert de Jong, CEO of Insurance Market.
Matthias will lead the new business unit. “Complex insurance is relational and not transactional. We believe insurance advisory is and will remain mainly done face to face. Our platform will support such vision. We will make it much easier for advisors to prospect, analyse, understand and transact with their customers. By being part of our team, Advisors will have the opportunity to advise their clients better and easier without the pressure of having to reach corporate production targets. “
“We both want to improve the insurance process and if we want to disrupt the market we need to scale and work in partnership and benefit from each other’s expertise” says Otbert. “There is a need to change the way we distribute insurance and to enhance the perception of the industry. With Insurance Market Life, we believe we can make a difference and use the full power of automation without losing the necessary human advisory touch.”
IM life expects to onboard “tens” of Financial Advisors that will join their ranks in the next few months.
Insurance Market Pte Ltd is a fully licensed insurance broker. My-Insurer Pte Ltd is a SaaS platform for Financial Advisors.