SingSaver.com.sg, Singapore’s financial comparison platform, has launched instant digital insurance comparisons and secured a brokerage license from the Monetary Authority of Singapore (MAS).

With the license, the platform is now able to offer its instant digital insurance comparisons for its travel, home, and main categories insurance products ranging in over 100 policies by 12 providers.

The insurance providers include AXA, Allianz, FWD, HL Assurance, Ergo, MSIG, NTUC Income, Tokio Marine, Ergo, Sompo, Allied World, and Etiqa TIQ.

The platform’s new license as an insurance broker in itself is a milestone for the business as it diversifies beyond credit cards and personal loans. With it, SingSaver’s broking team are able to advise consumers applying for a range of insurance products.

Also Read: SingSaver’s parent CompareAsiaGroup raises US$20M funding led by Experian

Rohith Murthy, Founder and Country Manager at SingSaver said: “It used to be the case that banks and insurers sold you a product; now that model has been flipped upside down. As we become more digital savvy and less loyal to brands, a new generation of shoppers spearheaded by the Millennials and Gen Z’s want to instantly compare and apply for financial products like insurance online — and increasingly on mobile.”

SingSaver investors include Goldman Sachs, IFC World Bank, Alibaba, and Experian.

In 2019, SingSaver parent CompareAsiaGroup (CAG) secured US$20 million in Series B1 funding from Experian, a global provider of data and analytical tools, in August. The group is backed by institutional investors including Goldman Sachs, IFC World Bank, Alibaba, and Experian.

Founded in 2015, SingSaver’s mission is to empower people to lead healthier financial lives through increased financial literacy, helping them save money while becoming more financially independent. SingSaver provides financial comparison tools that allow users to quickly and easily compare credit cards, personal loans, and insurance for free.
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Picture Credit: unsplash.com/nitin_mathew

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