SINGAPORE - 25 September 2018: The Infocomm Media Development Authority (IMDA) today signed a Memorandum of Intent (MOIs) with four leading insurance companies - Great Eastern, LumenLab – MetLife’s Innovation centre in Asia, NTUC Income (“Income”) and Prudential Singapore (“Prudential”) – to accelerate the insurance sector’s digital transformation.
Through the MOI, companies accredited under IMDA’s Accreditation@SG Digital (Accreditation@SGD) programme will be partnered with insurance companies to co-develop innovative insurance technology. This opens up more opportunities for these SG:D Accredited companies by helping them further establish their credentials and enable them to build a track record with global insurance players. Insurance companies can in turn leverage on the innovative technology developed by the SG:D Accredited companies to transform their business processes, improve the customer experience and introduce better products and services.
Accredited companies are already working with insurance companies such as Sense Infosys with Great Eastern on a Proof-of-Concept on transaction monitoring, while DataRobot is working with Income to improve and automate its pricing analysis. The MOI signing was witnessed by Dr Janil Puthucheary, Senior Minister of State for Transport and Communications and Information.
“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. We hope that this will help to accelerate the adoption of digital technology in the insurance sector, and at the same time help our accredited companies grow,” said Mr Tan Kiat How, Chief Executive, IMDA.
“Innovative ideas and technologies can strengthen our digital transformation initiatives to make insurance an enjoyable, everyday experience for our customers. The collaboration with Accreditation@SG Digital enables us to tap on the digital technology solutions from its accredited companies. We look forward to play a role to support the growth of the InsurTech community in Singapore,” said Mr Khor Hock Seng, Group Chief Executive Officer, Great Eastern.
“LumenLab is excited to work with Accreditation@SG Digital to encourage innovators in Singapore to apply fresh thinking to the evolving needs of insurance customers. We believe external collaboration is critical to driving innovation and we work with a number of entrepreneurs and startups through programs like collab – our open innovation platform - to develop new experiences and solutions for our customers,” said Mr Zia Zaman, MetLife’s Chief Innovation Officer, Asia and LumenLab CEO.
“We believe in being future-ready to meet the challenges of tomorrow. As Singapore’s leading digital insurer, we are constantly challenging ourselves to ideate insurance propositions that play to the way customers access, engage and use information digitally these days. Income is determined to lead the charge of innovation and digitisation by co-innovating and collaborating with start-ups in InsurTech. Through the partnership with Accreditation@SGD, Income’s digital InsurTech accelerator, Future Starter, that is focused around open collaborations will see higher quality proof-of-concepts, and in so doing, allow for digital solutions to be brought into the organisation quickly,” said Mr Peter Tay, Chief Operating Officer of Income.
“Forming new partnerships and sharing resources and expertise is an efficient way to co-create and co-develop innovative solutions. Our collaboration with IMDA-accredited companies is an extension of our PRU Fintegrate programme which aims to bring together FinTech, InsurTech, HealthTech and MedTech companies to develop innovative solutions to help people live well. Using cutting-edge technologies, we want to create an even better customer experience, help our people work smarter and complement the efforts of our financial consultants in providing customers with valuable advice and solutions,” said Prudential Singapore’s CEO Wilf Blackburn.
IMDA’s Accreditation@SGD programme was launched in July 2014. For more information on Accreditation@SGD, please visit www.imda.gov.sg/accreditation
ISSUED BY THE INFOCOMM MEDIA DEVELOPMENT AUTHORITY
About Infocomm Media Development Authority (IMDA)
The Infocomm Media Development Authority (IMDA) leads Singapore’s digital transformation with infocomm media. To do this, IMDA will develop a dynamic digital economy and a cohesive digital society, driven by an exceptional infocomm media (ICM) ecosystem – by developing talent, strengthening business capabilities, and enhancing Singapore's ICM infrastructure. IMDA also regulates the telecommunications and media sectors to safeguard consumer interests while fostering a pro-business environment, and enhances Singapore’s data protection regime through the Personal Data Protection Commission.
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