1. Members Report: Acclaim Insurance Brokers Pte Ltd
AAA Conference | 24 May 2019
Beijing, China
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 50 million
- Number of Staff: approx. 65 (Singapore) ; 10 (Myanmar)

3. AAA Members Report – Singapore
Countries of Operation: Singapore & Myanmar
Location :
Head Office Keppel Road #05-00 Jit Poh Building Singapore
Rep. Office - Room No. 1401, 14th Floor, Plympic Tower, Corner of Mahabandoola St & Bo Aung Kyaw St., Kyauktada Township, Yangon, Myanmar

4. AAA Members Report – Singapore
% of income by main lines of business

5. AAA Members Report – Singapore
Professional Indemnity Details (update)
- Limit of Indemnity: SGD 40 million
- Legislative Requirements: SGD 1 million
- Primary Insurer : ArgoGlobal Underwriting Asia Pacific Pte Ltd

6. 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 Program (RMI) by NTU
Insurance Management Associate Program (IMAP) by Singapore College of Insurance
Global Internship Program (GIP) by GIA
Insurance subjects offered under Diploma study; QPIB/CII/DIP CII/ANZIF

7. AAA Members Report – Singapore
How many Insurers are active Broker markets:
Direct Insurers : Life (10); General (20)
Lloyd’s Asia : 10

8. AAA Members Report – Singapore
How many Insurers operate in the country:
Direct Insurers : Life (16); General (52); Composite (8)
Reinsurers : Life (3); General (21); Composite (8)
Captive Insurers : Life (1); General (71); Composite (1)
Lloyd’s Asia : 25
Others : 5
How many Insurers are active Broker markets:
Direct Insurers : Life (10); General (20)
Lloyd’s Asia : 10

9. AAA Members Report – Singapore
Market Conditions
Number of Insurers: Decreasing
Insurance capacity: Increasing
Premiums: Flat to Increasing
Commissions: Stable
Amount of fee income as a percentage of total Broker income: 5% to 7.5%
Average Broker income percentage earned as commission: 7.5% to 10%

10. AAA Members Report – Singapore
Number of Brokers decreasing, increasing, stable: Stable
Percentage of business controlled by Brokers: 75%
Percentage of business controlled by insurers (direct): 20%
Percentage of business controlled by other intermediaries e.g. banks: 5%

11. AAA Members Report – Singapore
Information Technology used by Brokers (including online platforms):
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)
Sharepoint (to be launched in Q3)

12. AAA Members Report – Singapore
Political issues at time of report:
Transition of leadership handover in preparation of next General Election (2020/2021)
Major government agencies & statutory boards databases being hacked and leaked of sensitive data
Economy at time of report:
2018 GDP Growth 3.2%
2019 GDP growth forecast between 1.3% to 2.5%
2019 Q1 growth slows to 1.3%
Clouded by uncertainty in the global economy especially with the trade war between China and USA
Growth in technology and digital related services
Labour market continues to improved

13. AAA Members Report – Singapore
Member’s view of Insurance Broking over the next 3 years:
Greater opportunities to grow our book on large corporate risks
Insurance market consolidation limiting our potential growth
Hard market potentially putting pressure on commission
Change of leaderships in insurance companies
Product & service diversification necessary to counter low margin business

14. AAA Members Report – Singapore
Member’s principle activities/successes over last year:
Annual Training Day in Bangkok
Launch of Acclaim Risk Console
35th Anniversary Client Appreciation Cocktail & Anniversary Dinner
Acclaim Study Endowment Fund
Any major issues/challenges:
Industry lacks new entrants
Tighter control by government on foreign talent
Shrinking number of insurers in a hardening market

15. AAA Members Report – Singapore
Member’s planned activities over the next 3 years:
Myanmar full broking license
Explore employees benefits platform
Recruitment of teams

16. AAA Members Report – Singapore
Any potential business/opportunities for AAA members to work together:
Interplex : 11 countries predominantly US and Europe. In Asia, main operations are in Singapore, Hong Kong & China
KIH Project : Hong Kong
Keppel Land – Indonesia, China, Vietnam, Philippines, Myanmar