1. Members Report: Acclaim Insurance Brokers Pte Ltd
AAA Conference | 18 May 2018
Auckland, New Zealand
Members Report: Acclaim Insurance Brokers Pte Ltd

2. AAA Members Report – Singapore
Country: Singapore
Name of Member: Acclaim Insurance Brokers Pte Ltd
Membership details (update)
- Annual Premium Turnover: SGD 42 million
- Number of Staff: approx. 63
- Location: 19 Keppel Road #05-00 Jit Poh Building
Singapore
Countries of Operation: Singapore; Myanmar (Rep Office)

3. AAA Members Report – Singapore
Professional Indemnity Details (update)
- Limit of Indemnity: SGD 10 million
- Legislative Requirements: SGD 1 million
- Insurers: ArgoGlobal Underwriting Asia Pacific Pte Ltd

4. AAA Members Report – Singapore
Who regulates Insurance Brokers in the country:
The Monetary Authority of Singapore
What Insurance Broker and Agent Education Programs exists:
Risk Management and Insurance Programme (RMI) by NTU
IMAP by Singapore College of Insurance
Talent Outreach Project (TOP) by GIA
Global Internship Program (GIP) by GIA
Insurance subjects offered under Diploma study; QPIC/CII/DIP CII/ANZIF
How many Insurers operate in the country:
Direct Insurers: Life (17); General (52); Composite (7)
Reinsurers: Life (3); General (19); Composite (9)
Captive Insurers: Life (1); General (68); Composite (1)
Lloyd’s Asia: 27
Others: 5

5. AAA Members Report – Singapore
Market Conditions
- Number of Insurers decreasing, increasing, stable:
Stable
- Insurance capacity decreasing, increasing, stable:
Increasing
- Premiums decreasing, increasing, stable: Increasing
- Commissions decreasing, increasing, stable: Stable
- Average Broker income percentage earned as fees:
7.5% to 10%

6. AAA Members Report – Singapore
Number of Brokers decreasing, increasing, stable: Stable
Overall level of Insurance Business decreasing, increasing, stable: Increasing with regional placements into Singapore
Percentage of business controlled direct by Brokers: 70%
Percentage of business controlled direct by insurers: 25%
Percentage of business controlled by other outlets: 5%

7. AAA Members Report – Singapore
Information Technology used by Brokers (including Internet):
Broking & Finance – Epro* by Ebix
E-filing System – Ferret
Claims System – Etrek by Ebix & Acclaim Risk Console by Ventiv
Office 365 for
Payroll & E-Leave – Infotech
Internet (Google Chrome & Explorer)

8. AAA Members Report – Singapore
Political issues at time of report:
Political succession : who will be the next prime minister?
Economy at time of report:
2017 GDP 3.6% with original forecast between 1% to 3%
2018 GDP MAS forecast at 3.2%
Positive outlook with trade related sector anchoring the growth for 2018
Growth in technology and digital related services
Improved labour market and expected higher consumer spending

9. AAA Members Report – Singapore
Member’s view of Insurance Broking over the next three years:
Insurers more prudent in underwriting making it tougher for client retention due to increased terms as well as clients inviting competitors to offer terms for comparison
Continue to see more regional large & complex risks being introduced and placed in Singapore
Continued increase in Fintech/Insuretech activities disrupting distribution
Any major issues to be resolved:
Industry lacks new entrants
Tighter control by government on foreign recruitment
Member’s principle activities over last year:
Acclaim Regatta
Annual Training Day
Practice Leader’s Retreat
2-days Cyber Security Simulation Workshops
Rolled out Epro* (Broking & Finance System)
Member’s planned activities over the coming year:
Annual Training Day in Bangkok : 26 to 30 Jan 18
Acclaim Risk Console – Rolled Out 2 Apr 18
35th Anniversary Client Appreciation Cocktail : 25 Apr 18
Acclaim Family Day : 28 Apr 18
Practice Leaders’ Retreat : 19 & 20 Jul 18
35th Anniversary Dinner : 1 Nov 18