Singlife is like no other insurance companies; it is built based on technology. Tell us everything we need to know about Singlife, Samantha.
Singlife is the leading digital life insurer that aims to unlock the potential of money for everyone. It’s a big and empowering mission because we believe people want to manage, grow and protect their money in convenient and affordable ways. By focusing on customer needs we are blending the boundaries between insurance, banking and investing.
We are proudly Singapore’s first insurance company to be fully licensed as a direct life insurer since 1970, and as we continue our growth in Singapore and Southeast Asia, we are reshaping finance to give our customers a connected experience. Naturally, this has attracted the interest of global investors and we are now firmly recognised on the global map of growth stage insurtechs.
How different is Singlife compared to other fintech insurers – what sets you apart from the rest?
At the business model level we are uniquely architected to serve both consumers and advisers, thereby derisking our execution profile. This means we have more predictable cashflows than a startup and consume, at comparable growth rates, less capital.
Outside of China, we are the only growth stage, full stack digital life insurer. There’s a lot in that statement, let me explain. Firstly, most insurtechs are digital managing agents (MGAs), in other words they are a front end to somebody else’s balance sheet. Singlife, instead, holds its own license (with MAS) and has its own balance sheet. Secondly, over 80% of insurtechs globally focus on Personal Lines and General Insurance, the life space is a land grab.
No one has really cracked the high stakes problem of how you build a low cost acquisition engine and an engagement model that drives repeat purchases. Singlife is building a connected service offering geared at solving that problem. Finally, the survival curve of a startup tends asymptotically to zero as time goes by, therefore as a growth stage company we provide a more mature risk/reward profile than all the early stage startups.
In the current COVID-19 climate, what can we expect from insurers – Singlife in particular?
In times of uncertainty, people retrench to safety and insurance is typically a more recession-proof stock than other financial stocks. I expect the insurance sector to be doing well in comparative terms. Singlife in particular with its digital-first approach and tech culture is designed for flexibility and resilience. We have and will continue to be committed to our customers throughout this uncertain time as our customers can connect directly with us on Facebook, Instagram, WhatsApp and via email.
Singlife has just released a brand campaign video featuring Henry Golding. I enjoyed it very much; so lovely to see Singapore’s Central Business District and most definitely made better, with Henry walking through it. Give us a little background on that campaign, Samantha.
The video commercial was filmed in Singapore’s Central Business District (CBD) as part of the brand campaign conceptualised and led in-house with the support of 72andSunny for scriptwriting and Applebox for production. As this campaign marks Henry Golding’s first commercial since his Hollywood success, the accents of Singapore—such as the background with Marina Bay Sands and the CBD—were highlighted to draw attention to the locality and our pride as a Singapore brand.
The inspiration for the campaign was based upon Henry’s success with Crazy Rich Asians and we used that as the reference point to play on words that would relate to the Singlife brand. Despite his phenomenal success, Henry’s personal story is in fact, quite the opposite to his portrayal in the movie. Therefore, that formed the foundations for the campaign—that financial freedom does not have to be born from legacy wealth but from the smart decisions that we make everyday.
As we are enabling our customers to unlock the full potential of their money through savvier financial choices, we hope more Singaporeans can draw inspiration from Henry’s story and confidently embark on a successful journey of their own when it comes to their finances.
Why Henry Golding?
Since his rise in fame from his successes of Crazy Rich Asians, Henry Golding has been a recognisable face on a global scale. With his strong roots in the region, having been based in Singapore, his success is the pride of many locals and is a globally recognisable figure that ties the allure of Hollywood back to Singapore. His positive reputation and likeable charm makes him a relatable figure and is another key factor that has attracted us to choose him as the face of Singlife.
However, the main reason that truly drew us to him was not because of his sudden fame but, because of his background and personal story of humble success that personifies the values that Singlife upholds. Henry’s story from humble beginnings as a hairdresser to travel show host then to Hollywood movie star sings to the tune of many hardworking Singaporeans aiming to materialise their aspirations through determination and tenacity. As we believe that financial freedom and wealth are not the destination, but the means to accomplish our dreams, Henry is a great fit for the Singlife brand and a strong ambassador.
What is in the pipeline for Singlife, Samantha?
We are more resolute than ever on our mission to create a connected financial experience. We want to continue to deliver awesome experiences that remove the complexity and the anxiety of managing finances. We will complement our flagship singlife account with an intuitive protection and growth proposition. With more exciting products planned in the pipeline, be sure to keep an eye out for announcements on our social channels!