We will offer faster, cheaper and easier-to-use services so says the CEO of Singapore Life, which recently became the first new local life insurer to be licensed in the Lion-City since 1970. 


Walter are there any specific qualities or core competencies that made Singapore the vital location for your business?

With its high regulatory standards, robust and transparent legal framework, triple-A rated economy and political stability, Singapore is Asia’s most trusted financial services centre. It is natural for us to pick it as the entry market of Singapore Life as we are aligned with Singapore’s high standards.

Insurance firms have been tying up 10 to 15 year deals for distribution of their products with banks, will financial technology make that model redundant?

First, protecting your loved one cannot be too complicated. Whatever model that we go with must first and foremost be a solution to our customers.

«These big bank deals are not always in customers’ interests since they end up paying for them.»

These big bank deals are not always in customers’ interests since they end up paying for them.

Our understanding of our customers tells us that they have differing preferences. While some prefer to take direct control of their financial futures, others require advice from experts.

This is why Singapore Life offers both options to our customers – they can buy a policy solely by themselves or through one of our advisors. The key is that the purchase experience is on the preferred terms of our customers, and they can transact at their convenience.

Without the burden of the substantial fixed costs and baggage your competitors have, does this make you nimble and will it help you expand quickly?

Like every industry, the insurance sector is evolving, and we need to do better for our customers. Being new makes Singapore Life nimble and efficient.

We want to continue empowering customers to take control of their financial futures through technology, and make it easy for them to manage their life insurance needs.

«We believe that Asia has the most to gain in the revolution of the insurance industry through technology.»

Solving customers’ pain points is instrumental and most pertinent to us at this time, and we will work closely with our customers to identify areas which we can best help them, and enhance our products, services and proposition.

How do you think Insurtech will evolve differently in Asia compared to say the U.S. and Europe?

We believe that Asia has the most to gain in the revolution of the insurance industry through technology. The region’s population size and rapidly emerging tech-savvy middle class, together with the low effectiveness of traditional insurance distribution here gives it the additional impetus to take on this leading global role for insurtech.

Apart from your own sector, where do you see are the most disruptive developments in the financial industry?

Payments is also an area which is changing rapidly. People are paying more digitally – online or on mobile devices.

«fintech start-ups are challenging incumbent payment providers by offering to meet customer demand for faster, cheaper and easier-to-use services.»

Retailers are also increasingly adopting cashless payments, and fintech start-ups are challenging incumbent payment providers by offering to meet customer demand for faster, cheaper and easier-to-use services.

We are closely monitoring these changes to see how we can work together with these payment start-ups to make the insurance purchase experience better and easier for our customers.

How do you see the Singapore Life brand evolving and where do you want the business to be in five years’ time?

With a versatile technology platform, Singapore Life is well placed to broaden our product range and enhance our customer propositions in the near future. We think that the Singapore Life approach to life insurance will encourage more people to take control of their finances and the whole market will grow as a result.


Walter de Oude is the founder and Chief Executive Officer of Singapore Life. Prior to establishing Singapore Life in 2014, de Oude was CEO at HSBC Insurance. He sat on the board of HSBC Asset Management Singapore and was a member of the Singapore HSBC Bank senior executive management team.