Navigating a Niche: Dr. Matthias de Ferrieres on Growing My-Insurer in a Densely Packed Market

​In an insightful interview, Dr. Matthias de Ferrieres, CEO and founder of My-Insurer Pte Ltd, opens up about building a profitable, tech-enabled business in Singapore’s compact yet hyper-competitive insurance industry. With over two decades of experience, he shares candid reflections on market dynamics, business strategy, expansion challenges, and innovation at the grassroots level of the financial advisory (FA) ecosystem.

A Veteran in Insurance & a Visionary EntrepreneurDr. de Ferrieres began his insurance journey in 2001 in Singapore and has since become a seasoned expert. After a notable tenure at AXA, he spun off his own venture—eventually launching My-Insurer, a platform designed to support financial advisers through digital tools rather than replace them.
The product: a white-labeled digital CRM solution—complete with a branded app and concierge service. It empowers FAs to retain control over their client relationships, providing differentiation in a field where product offerings are largely commoditized.

Understanding the Singapore Insurance Landscape
Singapore is a unique market: small in size, but extremely dense in financial advisory professionals.

• Population: ~6.5 million
• Addressable Market (after excluding kids, domestic helpers, and foreign workers): ~3.5–4 million
• Certified FAs: ~21,000
• Licensed FAs: ~11,000
• Active FAs: ~4,000

Many advisors are young and enter the profession as a first job. They often sell to friends and family initially, but face steep attrition due to the sales pressures and challenges in client acquisition beyond their personal network.
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My-Insurer’s Differentiated Approach
While many insurtech startups have tried—and failed—to penetrate the Singapore market, My-Insurer succeeded by focusing not on selling insurance, but empowering those who do.
“We’re not pushing insurance; we’re supporting the people who sell it,” said Dr. de Ferrieres.
Most tech entrants targeted compliance-heavy areas like claims, KYC, or financial planning, which are strictly regulated by Singapore’s Monetary Authority (MAS). These efforts were often stifled due to data governance restrictions. In contrast, My-Insurer sidestepped these hurdles by offering tools to help FAs stand out without handling sensitive compliance tasks.

Simple, Effective Sales and Onboarding Model
The company has stayed lean and efficient:

• Direct sales: One co-founder handles business development, knocking on doors and building relationships.
• Fast onboarding: The platform is off-the-shelf, customizable with the client’s branding.
• Affordable pricing: Low enough to minimize financial hesitation.

Due to Singapore’s size, word-of-mouth marketing and rapid user feedback have accelerated adoption. Prospective clients are often familiar with the clinics, hospitals, and services integrated into the platform, further reducing friction.

Growth, Profitability, and Realistic Expansion 
With about 45% market share (servicing 48 of 107 FA firms), My-Insurer is highly profitable and self-funded. But growth within Singapore is reaching its limits:

• Remaining firms either don’t have the budget, are constrained by compliance, or don’t see it as a strategic fit.
• Going from 45% to 50% share would require disproportionate investment in customization, lobbying, or discounting.

Expansion Overseas: Easier Said Than DoneEfforts to expand into Malaysia failed. Key barriers included:

• Lack of willing and capable partners
• Insufficient local networks
• Low willingness to pay

Dr. de Ferrieres notes that Southeast Asian markets (Indonesia, Philippines, Vietnam, etc.) may lack the infrastructure and customer appetite for such services. Expansion to Europe or the U.S. could be more viable—but would require a well-aligned partner with domain expertise and local connections.
“It’s not about energy—it’s about finding the right partner with the network and the same vision,” he remarked.

 
New Verticals: Pets and Domestic Helpers
To diversify, My-Insurer has ventured into two new but related verticals:

1. Pet Insurance: They are partnering with veterinary clinics, offering branding tools and medical checkup facilitation—similar to the human FA model.
2. Domestic Helper Health Screening: In Singapore, employers must send their domestic helpers for compulsory health checks every 6 months. My-Insurer is collaborating with maid agencies to provide screening support and branded apps.

These sectors show potential but are currently less profitable than the FA business.

Innovating to Reach Individual Agents
A new pilot is launching to target individual agents instead of just firms. Since many agents (especially the remaining 6,000+ licensed but less active ones) are disconnected from larger platforms, this model offers:

• A shared app environment
• Access to concierge and support services
• A lead-generation component priced between $24 to $88/month, depending on lead volume

This approach is expected to be more complex and less profitable but could unlock a new growth segment.

Retention, Stickiness, and Long-Term Play

• Client retention rate: ~90% among FA firms
• Contracts are 2 years long, and clients often renew thanks to ongoing product innovation.
• Churn is mainly due to firms shutting down or facing legal restrictions.

Despite some turnover among individual agents, the platform’s business model remains robust and sticky at the organizational level.
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Conclusion: A Sustainable, Niche Tech Model
Dr. de Ferrieres represents a different breed of entrepreneur--eschewing VC funding and hypergrowth in favor of sustainable, profitable, and well-scoped business building. His company, My-Insurer, is an example of how deep industry knowledge, a tight focus, and smart positioning can yield outsized impact—even in a small total addressable market.
“We’re not trying to be sexy. We’re trying to be sustainable and valuable.”