Most consumers don’t need big insurance policies, said EFGH’s CEO David Ng.
Singapore’s insurance industry is paying increasing attention to affluent customers, but Embed Financial Group Holdings Pte Ltd. (EFGH) is betting that its next growth opportunity lies in selling simple, low-cost insurance to the broader population through digital platforms.
“Right now, in Singapore, there’s a lot of focus given to the high-net-worth space,” David Ng, executive director and group CEO at EFGH, told Insurance Asia. “You can land at a very nice airport, but don’t forget the people who put the bags on the conveyor belts and the cleaners.”
He said most consumers don’t need big insurance policies but instead want straightforward protection that they could buy quickly when needed.
“Microinsurance allows the man in the street to purchase a very simple product,” he said in a video call. “You don’t need high coverage, you just want a simple one when you’re at work.”
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