Digital Insurer Awards 2017 Submission for Singapore Life

Why Singapore Life should be considered (1) Innovation through its very existence. Singapore Life is the first independent life insurance company to be given a licence by the MAS since 1970. Given that the licensing process itself is geared at multinational companies looking to establish in Singapore, the entire licence application process needed reinvention in order for the Singapore Life business model to meet the application standards set by the industry. Innovation by design Singapore Life has built a brand new core operating system and new business delivery model, and has not used any of the major platforms currently available. This innovation and redesign has allowed for an architectural configuration which is modularised to meet Singapore Life’s needs rather than historic practices. Incorporation of solid fintech modules Integration of automated underwriting through the front end. Incorporation of automated AML verification processes CONFIDENTIAL

Why Singapore Life should be considered (2) Completely paperless, immediate issuance new business process High non-medical limits, with sophistication on underwriting rule set allows for 85% of all insurance cases to be straight through processed. No paper Highly secure 2FA interfaces Maximised operational efficiency All platforms built on SaaS model Outsourced process maximised – e.g. actuarial function. Ability to operate a fully functional life insurer with less than 40 people. Use of financial reinsurance makes for highly sustainable capital model. CONFIDENTIAL