Singlife with Aviva, the outcome of one of Singapore’s largest-ever insurance deals, has launched as an insurance company offering a suite of varied insurance solutions.
The financial services brand went live as of 1 January 2022, and has been offering customers ‘A Better Way to Financial Freedom’ through an era-specific suite of insurance solutions. Its products feature travel and home insurance, life insurance, critical illness and disability insurance, alongside savings and retirement plans.
It also offers investment solutions, including mutual funds and unit trusts, through its dollarDEX and Navigator products. These, alongside the Singlife Account and Singlife Debit Card offering, form the baseline of the brand’s mission to provide financial wellbeing for the citizens of Singapore.
Once two separate entities, Singlife and Aviva Singapore announced their intention to merge together back in September 2020. The combined value of entities involved in the transaction topped S$3.2billion, marking the deal as one of the largest in the history of Southeast Asia’s insurance sector, and the largest to date in Singapore.
Therefore, Singlife with Aviva naturally leverages the insurtech capabilities of Singlife with Aviva Singapore’s 40-year history in the industry; together helping consumers achieve and enjoy financial freedom. The launch also aligns with a wider national agenda to ensure that all Singaporeans are well protected, with solutions to cover individuals’ gaps in health, disability and critical illness insurance needs.
“The pandemic was a much-needed wake-up call for the insurance industry,” comments Singlife with Aviva CEO Pearlyn Phau; who was appointed in August 2020. “The world moved online, and the insurance industry had to quickly change its processes and transform. It was clearly behind the curve and there is still much to be done to digitise and use data and technology to improve customer experience.
“The products are complex, difficult to explain, the industry is fragmented with multiple players. We believe that consumers deserve better. They deserve clear, simple information and an industry that supports their needs all through their lives. After all, we offer policies for 20 years or more, we have to be here for the long term and provide customers a far simpler way to control their financial wellbeing at every stage of their lives.”
Singlife with Aviva also offers group insurance packages for Ministry of Home Affairs (MHA) and Ministry of Defence (MINDEF) personnel.
Environmental, Social and Governance (ESG)
Singlife with Aviva will remain committed to being a business anchored on ethical and transparent practices.
In November 2021, it announced its participation in the Monetary Authority of Singapore’s Project Greenprint, in partnership with CO2X Pte to use real-time data in the transport and logistics sector to monitor emissions and to see if this can improve underwriting and reduce premiums for the sector. It is also working with Fintech company Hashstacs Pte Ltd on its industry-wide blockchain-based ESG Data and Certification Registry, also under Project Greenprint.
On investments, Singlife with Aviva has partnered Copenhagen Infrastructure Partners P/S (CIP) to be a seed investor in a fund focused on renewable energy transition investments with strong and predictable cash flow. CIP is a signatory to the United Nations Principles for Responsible Investment and ESG is central to the Fund’s investment strategy.
This is the first of several seed investments to be made with fund partners with an ESG focus. Singlife with Aviva plans to work with local community partners to support financial literacy; although any exact details on this initiative are yet to be announced.
Enhancing bench strength
In the past year, the company has strengthened its management team by establishing an Executive Committee (Exco) to drive performance and steer the group’s roadmap. This group is formed by a team of insurance domain experts working across areas such as design, customer experience, fintech, engineering and marketing.
Pearlyn added: “With the merger now completed, we’re beyond excited to embark on a new journey as Singlife with Aviva. I look forward to tapping into the expertise of our new Exco, who will not only bring value to the organisation, but also prove to be instrumental in driving our next phase of growth with agility, collaboration and empathy at its core.”