My insurer introduced to FrenchTech Singapore

Matthias de Ferrieres, CEO of my-insurer, introduced the platform to the FrenchTech members at SAGE . The hub is dedicated to provide a focal point for the french entrepreneurial ecosystem in Singapore. it aims at boosting the development of French start-ups in Asia. 
Matthias talked about the opportunities in Insurance and the needs to disrupt the market through digital. ​

Singapore New Insurance business is worth SGD4.2 Billions / Year with a yearly growth of 4%. 

• Singaporean pay SGD7,000 per year for 25 years to cover their life
• 95% of Life insurance are purchased face to face
•  72% through Financial Advisors, Planners, Agents
• We count 4,000 active intermediaries through different structure
• 75% percentile is aged below 30 years old, average experience is 2.5 years
• around 1,300 active agent will leave the market in 2019
• 1,200 new rookies will join the market in 2019

Insurance business grows mainly through Omni Chanel rather than off line or digital 

• Cost of Acquisition for direct online customers is 30% to 50%
• But through life intermediaries, it reaches 15% to 25% ​

Disorganized Intermediaries are struggling with digitalization

• Opportunity to modernize their capabilities
• close the gap to make them OMNI Channel 

My Insurer is the leading platform that aims at closing that gap and helps intermediaries to do their job better, faster and smoother.
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