Insurance provider Singapore Life has acquired Zurich Life Insurance’s business portfolio.
As part of the transaction, Singapore Life will become responsible for Zurich Life Singapore’s customers’ policies, which total around $4.5bn. This agreement comes after Zurich Life Singapore closed to new business at the end of 2015, but does not affect Zurich’s other insurance businesses in Singapore.
All policyholders that transfer to Singapore Life will keep existing terms and conditions, with 24/7 access to policies online. Online capabilities allow the holder to manage their policies with their financial advisor.
Singapore Life is a Monetary Authority of Singapore licensed life insurance company, that offers policies digitally and in retail stores. The company has a range of policies available, and the online service allows users to buy and manage their policies at any time and with a financial adviser.
Zurich Life Singapore CEO Mr David Kneale said, “This decision is in line with Zurich’s strategy to optimise its portfolio and geographical footprint, and follows an extensive process to ensure that existing policyholder terms and conditions are safeguarded.
“We are confident our customers will continue to enjoy a high level of service and security with Singapore Life. We remain fully committed to growing our commercial insurance business in Singapore and maintaining excellent customer service for our international life customers who are not impacted by the transfer.â€
Last year, Singapore FinTech investments hit a record year, with the sector seeing a new high within just the first half of 2017.
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