Market Size of Singapore Insurtech Industry
| Study Period | 2018- 2028 |
| Base Year For Estimation | 2022 |
| Market Size (2023) | USD 129.58 Million |
| Market Size (2028) | USD 205.29 Million |
| CAGR (2023 - 2028) | 9.64 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Singapore Insurtech Market Analysis
The Singapore Insurtech Market size in terms of investment value is expected to grow from USD 129.58 million in 2023 to USD 205.29 million by 2028, at a CAGR of 9.64% during the forecast period (2023-2028).
The outbreak of the COVID-19 pandemic had a significant impact on the global economy, including the insurance industry in Singapore. With lockdowns and social distancing measures in place, many consumers turned to digital channels to purchase insurance and file claims this increased demand for insurtech solutions that enable contactless transactions and remote customer service. The pandemic highlighted the importance of health and wellness, leading to a surge in demand for insurance products that cover COVID-19-related risks and provide coverage for telemedicine and other digital health services.
Insurtech startups in Singapore responded to this trend by developing new products and services that address the evolving needs of consumers. Despite these challenges, the Singapore Insurtech Market continued to grow during the pandemic, driven by the increasing adoption of digital technologies and the favorable regulatory environment. Insurtech startups also demonstrated their resilience by pivoting their business models and developing new products and services to address the changing needs of consumers.
Singapore has one of the region's largest concentrations of Insurtech startups, with over 80 companies registered on the Singapore FinTech Association's Insurtech directory. What differentiates Singapore from many other countries in the region is that two-thirds of the population are already insured. This means that while other jurisdictions in the region may be using Insurtech to reach new customers, the industry in Singapore is primarily focused on improving and streamlining existing services and products. Singapore is a lively hub for AI and big data innovation, and these technologies lend themselves to service improvements by creating hyper-personalized services. For example, some insurers are cross-referencing call center recordings with chatbot data to gain new insight into customer sentiment and agent service quality.
