Singapore’s Infocomm Media Development Authority (IMDA) has signed an agreement with four major insurers to facilitate partnerships with local tech firms, for the benefit of both industries.
Great Eastern, MetLife (through its innovation arm LumenLab), NTUC Income, and Prudential will participate in a government-sponsored programme to link up with Singaporean technology-focused companies. The partnerships will help the tech firms hone their expertise and improve their résumés by working with global insurance companies. Meanwhile, the insurers will benefit from the digital transformation, which will help these incumbents adapt to and compete with the disruption brought about by insurtech start-ups.
“We are hopeful there are opportunities to explore the boundaries in innovation and develop new products in both directions,” said Senior Minister of State for Communications and Information and Transport Janil Puthucheary at the signing of the memorandum.
“This partnership with Great Eastern, LumenLab, Income and Prudential is an exciting effort to identify problem statements in the insurance industry and co-develop innovative insurtech solutions,” said Tan Kiat How, chief executive of IMDA.
The collaboration is part of the Accreditation @ SG Digital programme, which began in 2014. The programme matches technology companies with partner companies in various industries, such as banking, real estate, and now, insurance, for mutual benefit.