Singlife, Circles Group Partner to Close SME Protection Gap
Singapore’s SMEs get a first-of-its-kind insurance boost, as Singlife and Circles Group unveil comprehensive liability and cyber protection designed to safeguard businesses in an increasingly complex risk landscape.
Singlife, the homegrown financial services player, has joined forces with specialty underwriter Circles Group to launch Singlife – Circle Complete and Singlife – Circle Cyber, a duo of insurance solutions tailored for small and medium-sized enterprises (SMEs).
The initiative expands Singlife’s business-focused offerings, with Circles Group underwriting the products to bring its global risk expertise to Singapore’s business community.
One Policy, Many Protections
Singlife – Circle Complete is being billed as a first-in-market solution that consolidates essential liability coverages under a single, customisable policy.
SMEs can cherry-pick protections ranging from professional indemnity and directors’ and officers’ liability to crime insurance, employment practices liability, legal representation costs, and even public relations support.
The flexibility aims to give SMEs the kind of multi-layered safety net that larger corporates often take for granted.
Cyber Risks Take Center Stage
As cyberattacks become a daily reality, Singlife – Circle Cyber offers SMEs a critical line of defence. Beyond financial indemnity for breaches, IT failures, or fraudulent transactions, the product also provides proactive tools: complimentary vulnerability scans and 24/7 incident response services.
This hands-on support ensures that SMEs without deep in-house expertise can still respond swiftly and effectively when hit by cyber threats.
Giving SMEs Confidence to Grow
Alvino Kor, Senior Vice President of General Insurance at Singlife, framed the launch as part of a mission to «give SMEs the protection they need to tackle the complex challenges of running a business.»
By combining liability and cyber cover, Singlife says SMEs can now protect their people, assets, and reputations with far greater confidence.
Closing the Protection Gap
For Circles Group, the collaboration underscores a push to close the gap in SME coverage. Kenneth Tan, Co-Regional Director Asia Pacific for Financial Lines, highlighted that many SMEs struggle to manage legal and cyber risks on their own.
Partnering with Singlife, he noted, brings a digitally empowered solution to business owners across Singapore and reinforces Circles’ specialty insurance capacity in Asia and beyond.
Peace of Mind, Business as Usual
Together, Singlife – Circle Complete and Singlife – Circle Cyber deliver SMEs a comprehensive suite of safeguards so they can focus on growth and continuity rather than firefighting.
The partnership marks a significant step in democratising sophisticated insurance protection for smaller enterprises, helping level the playing field against larger, better-resourced competitors.
