Singapore, 25 October 2018 – Prudential Singapore (“Prudential”) and DirectAsia Insurance Singapore (“DirectAsia”) today announced an exclusive strategic partnership to provide their customers with a more comprehensive suite of life and general insurance products. Prudential is one of the longest-established insurers in Singapore while DirectAsia is one of the leading online travel and motor insurers in the country.
Under the partnership, Prudential’s close to one million customers will be able to purchase DirectAsia’s travel and motor insurance through its more than 4,800 Financial Consultants. In turn, DirectAsia’s customers will have access to Prudential’s suite of protection, savings and health insurance plans through the life insurer’s digital platform and benefit from the advisory capabilities of its Financial Consultants.
Prudential Singapore’s CEO Wilfred Blackburn said the company is constantly looking at ways to make life insurance more accessible to Singaporeans.
“We’re looking at an expanding protection gap in Singapore, with 8 in 10 people being under-insured in the country.1The partnership with DirectAsia will allow us to rapidly widen our customer base by tapping into the growing segment of online consumers. Our aim is to bring insurance products and financial advisory to more people in a way that is most convenient for them,” said Mr Blackburn.
DirectAsia Singapore CEO Bob Thaker added: “We are extremely proud to partner with Prudential, which is a world-renowned business and a major, trusted institution here in Singapore. Just like the several thousand new customers insuring with DirectAsia each month, Prudential’s customers can now benefit from our innovative and affordable car and travel insurance, market-leading customer service and digital capabilities. We see this partnership as a win-win for our respective customers and we cannot wait to get started.”
Through the partnership, Prudential’s Financial Consultants will also have the opportunity to reach a new and growing segment of digitally savvy consumers through DirectAsia. Every DirectAsia customer who purchases Prudential’s insurance plans – regardless of the mode of purchase – will be offered the service of a Financial Consultant. “This is because face-to-face advisory is important in helping customers make well-informed long-term financial decisions,” said Mr Blackburn.
“Relationships are at the heart of our business. Our customers come to us for help with the big decisions in their lives, whether it’s to plan for their children’s education or their retirement, and we believe solutions are best developed through personal conversations. Our Financial Consultants remain an important part of our business as they continue to play a vital role in helping our customers plan for and achieve their financial goals,” added Mr Blackburn.
About Prudential Assurance Company Singapore (Pte) Ltd (Prudential Singapore)
Prudential Assurance Company Singapore (Pte) Ltd is one of the top life insurance companies in Singapore, serving the financial and protection needs of the country’s citizens for 87 years. The company has an AA- Financial Strength Rating from leading credit rating agency Standard & Poor’s, with S$36.3 billion funds under management as at 31 December 2017. It delivers a suite of well-rounded product offerings in Protection, Savings and Investment through multiple distribution channels including a network of more than 4,800 financial consultants.
About Direct Asia Insurance (Singapore) Pte Ltd
DirectAsia Insurance was launched in Singapore in 2010 and Thailand in 2013. DirectAsia’s primary business is car insurance, but it also offers motorcycle and travel insurance. DirectAsia has a unique and strong business model, operates in markets where there is growing acceptance of digital as an e-commerce channel and uses market-leading rating mechanisms. It has more than 100,000 customers, and employs over 190 people across the two locations in which it operates. In 2014, DirectAsia Insurance became part of global insurer Hiscox. As one of the world's leading international specialist insurance groups listed on the London Stock Exchange (LSE:HSX), Hiscox brings decades of insurance knowledge and experience to Southeast Asia.