Singapore-based financial services provider, Singlife with Aviva, has launched its accelerator programme aiming to support the growth journey of promising insurtech startups: Singlife Connect.
Singlife Connect’s aim is to develop scalable market solutions that innovate insurance distribution. Singlife explained that it is to use its expertise to provide opportunities for insurtech-specific technical integration to create growth opportunities for the insurtech ecosystem.
Successful applicants to the accelerator programme will gain access to Singlife‘s product range and insurance verticals. These companies will also receive personalised mentorship to enable quicker customer discovery. Singlife Connect also aims to provide regulatory and compliance support to enable companies to execute go-to-market strategies effectively.
The programme will initially support up to eight early-stage insurtech startups. The programme also has ambitions to evolve its operating model in the future to support startups with more complex needs.
Varun Mittal, group head of digital and ecosystems at Singlife with Aviva, explained the programme’s aims. Mittal said: “Customers are evolving and insurtechs have to enhance their offerings. Through strategic partnerships with insurtech startups, we hope that Singlife Connect will provide the right tools and platforms for insurtechs to grow with confidence and serve their customers with optimum impact.”
Singlife with Aviva close to completing digitisation
Singlife merged with Aviva Singapore in 2020 and recently revealed plans to migrate its entire information technology infrastructure to Amazon Web Services (AWS) by 2023. The move aims to improve Singlife’s digital capabilities and meet consumer demands for hyper-personalised digital financial services. The migration also supports Singlife’s environmental, social, and corporate governance (ESG) objectives.
Prior to its merger with Aviva Singapore, Singlife built a digital-first service model on AWS to support its consumers in Singapore and the Philippines. Singlife is now closing its on-premises data centres and migrating its Aviva IT workloads to AWS. AWS cloud services are to power all of Singlife’s user interfaces to better the consumer experience for over 1.5 million customers.
Romil Sharma, group head of technology and operations at Singlife with Aviva, commented on the decision to digitise. He said: “Digitisation is no longer a good-to-have but a must-have. Our cloud-first strategy with AWS allows us to stay true to our digital-first heritage, enabling us to harness the full potential of technology to benefit our consumers.
“With our upgraded data analytic capabilities, we are now uniquely positioned to provide consumers with hyper-personalised experiences, helping them achieve financial freedom confidently on their own terms.”