The term, a compression of insurance technology, applies to entities such as apps that capture and track a person’s insurable possessions, or which enable a person to buy insurance at short notice and “on demand” for a particular activity without having to deal with laborious paperwork, for example

Singapore-based financial services company Singlife with Aviva has rolled out an accelerator programme to spur and support growth of insurance technology start-ups.

Singlife Connect will focus on developing scalable market solutions to innovate and transform insurance distribution. Singlife will use its expertise to provide opportunities for “insurtech”-specific technical integration to create growth opportunities for the insurtech ecosystem, it said in a statement yesterday. 

The term, a compression of insurance technology, applies to entities such as apps that capture and track a person’s insurable possessions, or which enable a person to buy insurance at short notice and “on demand” for a particular activity without having to deal with laborious paperwork, for example. Such tech can also generate quick quotes, premium rates, give indications of risk, flag problems and so forth.

“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,” Varun Mittal, group head, digital and ecosystems, Singlife with Aviva, said.

Successful applicants will be able to use Singlife’s products and be mentored so potential clients can discover them quickly; they can also get the right regulatory and compliance support to start business.

The programme will initially support up to eight early-stage insurtech start-ups, with plans to evolve its operating model in the future to support start-ups with more complex needs.