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Most consumers don\u2019t need big insurance policies, said EFGH’s CEO David Ng.<\/strong><\/p>\n Singapore’s insurance industry<\/a> is paying increasing attention to affluent customers, but Embed Financial Group Holdings Pte Ltd.<\/a> (EFGH) is betting that its next growth opportunity lies in selling simple, low-cost insurance to the broader population through digital platforms.<\/p>\n \u201cRight now, in Singapore, there’s a lot of focus given to the high-net-worth space,\u201d David Ng, executive director and group CEO at EFGH, told Insurance Asia. \u201cYou can land at a very nice airport, but don’t forget the people who put the bags on the conveyor belts and the cleaners.\u201d<\/p>\n He said most consumers don\u2019t need big insurance policies but instead want straightforward protection that they could buy quickly when needed.<\/p>\n \u201cMicroinsurance allows the man in the street to purchase a very simple product,\u201d he said in a video call. \u201cYou don’t need high coverage, you just want a simple one when you’re at work.\u201d<\/p>\n EFGH sells embedded insurance through digital platforms across Asia and nine African markets, letting customers buy insurance during everyday transactions instead of visiting insurers or agents.<\/p>\n One of its partners is SimpliGo, the digital ticketing platform operated by Singapore’s Land Transport Authority. Through the app, commuters travelling to Changi Airport can buy travel insurance before boarding their flight.<\/p>\n \u201cWhen you travel, you can take a train to Changi Airport and from there, you can purchase your travel insurance and you’re good to go,\u201d Ng said. \u201cThat’s the kind of simple journey we have in mind.\u201d<\/p>\n To boost that strategy, EFGH bought Income Insurance’s HIVE, an insurance-as-a-service platform, in June.<\/p>\n Ng said the platform offered a more mature technology stack than the company’s previous white-label solutions and would allow it to launch insurance partnerships more quickly. \u201cIt’s also an opportunity to take the platform to grow beyond the shores of Singapore,\u201d he added.<\/p>\n The integration is expected to take about 100 days following the June 18 acquisition announcement.<\/p>\n Beyond Singapore, EFGH is in talks with insurance partners in Vietnam, the Philippines, and Indonesia, whilst also pursuing expansion across Africa, Central and Eastern Europe, and Central Asia.<\/p>\n Separately, EFGH is preparing to list on the New York Stock Exchange through a merger with Delaware-based special purpose acquisition company WinVest Acquisition Corp. in a deal valuing the combined company at about $425m.<\/p>\n<\/p><\/div>\n Most consumers don\u2019t need big insurance policies, said EFGH’s CEO David Ng. Singapore’s insurance industry is paying increasing attention to affluent customers, but Embed Financial…<\/p>\n","protected":false},"author":1,"featured_media":69336,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[2611],"tags":[],"class_list":["post-69335","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buzz-headlines","wpcat-2611-id"],"_links":{"self":[{"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/posts\/69335","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=69335"}],"version-history":[{"count":0,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/posts\/69335\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=\/wp\/v2\/media\/69336"}],"wp:attachment":[{"href":"https:\/\/sgbuzz.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=69335"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=69335"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sgbuzz.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=69335"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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