Singlife and Microsoft’s joint effort to boost ASEAN InsurTech startups with Generative AI

Singapore-based Singlife and multinational technology giant Microsoft have inked a Memorandum of Understanding (MoU) to nurture high-potential InsurTech startups.

Singlife, notable for its digital-first approach to insurance, is the inaugural financial services partner for Microsoft’s Startups Programme in the ASEAN region. Microsoft, a global leader in software, services, devices, and solutions, is renowned for its commitment to innovation and growth in the tech space.

The collaboration is driven by a shared vision to empower budding InsurTech startups with generative artificial intelligence (AI). This partnership seeks to enrich the regional financial services landscape and bolster the growth trajectory of insurance startups through the adoption of advanced technology.

Singlife provides insurance solutions for individuals and families, leveraging technology to simplify and enhance customers’ experience. Microsoft, a behemoth in the tech industry, excels in building, developing, and licensing a vast array of software products, platforms, and services.

In this pioneering partnership, Singlife will cooperate with Microsoft to single out startups for the Singlife Connect Plus (SCP) programme. SCP, an advanced iteration of the Singlife Connect accelerator and venture-building programme, offers specialised mentorship, access to Singlife’s product suite, and aids in the development of scalable insurance distribution solutions. Additionally, the collaboration aims to extend regulatory and compliance support to eight InsurTech startups, aiding their go-to-market strategies.

These selected startups will receive comprehensive technical guidance, execution support, and workshops from Microsoft on integrating Generative AI into their solutions. They will also gain access to Microsoft Founders Hub and prestigious organisations like OpenAI, LinkedIn, and Github. Moreover, they will be nominated for the elite Microsoft Pegasus programme.

“This Digital City Partnership with Mastercard, a renowned global brand, comes at a pivotal time, as we are focused on delivering the goals of the Dubai Economic Agenda 2033, driven under the guidance of our visionary leadership to further reinforce the city’s central position in the global economy. Through this strategic alliance, we are partnering with a global connector of digital payments to further strengthen Dubai’s position as the world’s most connected city. Mastercard has a track record of successful partnerships with companies across a broad range of sectors and segments, and this initiative signifies a new paradigm of economic collaboration at the city level. Through this partnership, Mastercard will mobilise its global resources and extensive experience as a global digital leader to unlock the city’s potential in line with the D33 Agenda,” Singlife head of innovation and ecosystem Varun Mittal said.

“At Mastercard, we recognise the limitless potential of partnerships in driving inclusive and sustainable development, and we are forging meaningful collaborations to accelerate digital transformation across the globe. Mastercard has a proven track record of supporting governments in digitising public services, empowering small businesses, fostering talent and fuelling tourism. We are delighted to enter the region’s first Digital City partnership with the Department of Economy and Tourism as we harness the power of our advanced technology to help translate Dubai’s ambitious vision to reality. We are proud to build on our 35-year legacy in the market as we usher in a new chapter to support the UAE’s exemplary growth story,” added Michael Smith Jr., General Manager for Startups in APAC at Microsoft.

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