The Singapore Insurtech Market is segmented by types of Insurance Offered (Life and Non-Life) and by Business Model (Enabler, Carrier, and Distributor)

Singapore Insurtech Industry Overview

Singapore Insurtech Market
Study Period: 2019 - 2028
Fastest Growing Market: Asia-Pacific
Largest Market: North America
CAGR: < 9 %

Major Players


*Disclaimer: Major Players sorted in no particular order


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Singapore Insurtech Market Analysis

Singapore has one of the region’s largest concentrations of Insurtech start-ups 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. The market is expected to grow annually by 9% (CAGR 2021-2026).

The COVID-19 pandemic has also highlighted the importance of managing future risks in Singapore and around Asia, and motivated companies and governments to seek better insurance. Insurance firms pursued technology in more advanced ways. With the use of AI, IoT and blockchain, risk events can be tracked more efficiently and the path to pay-outs for claims smoothed if certain pre-defined conditions occur.

Another factor which is assisting Insurtech innovation to thrive in Singapore is the regulatory environment, which is supportive of Insurtech innovation and adoption. In a 2019 speech by the Monetary Authority of Singapore’s (MAS) Board Member and then-Minister of Education Ong Ye Kung, Minister Ong recognized that Insurtech collaborations have taken off in Singapore and stated that the MAS will continue to encourage and foster such partnerships. The MAS’s FinTech regulatory sandbox launched in 2016. The sandbox enables companies to experiment with innovative financial products and services in a live environment but within a well-defined space and duration, with certain safeguards in place. Certain regulatory requirements which the companies may otherwise be subject to are relaxed for a defined period. Several Insurtech companies have taken advantage of access to the regulatory sandbox including PolicyPal, which leverages blockchain technology to work with insurance partners in the Southeast Asia region. PolicyPal was one of the first companies to participate in the MAS regulatory sandbox. In addition, Inzsure, which offers on-demand corporate insurance solutions spent time in the MAS regulatory sandbox and exited on October 31, 2019. In August 2019, MAS launched Sandbox Express, a faster option for activities where the risks are low and well-understood by the market and can be managed within pre-defined parameters. Market testing in Sandbox Express can commence within 21 days of applying to MAS.

Singapore Insurtech Industry Segments

The insurtech market is one of the most widely demanded products as people are adopting digitalization. A complete background analysis of the Singapore Insurtech Market, which includes an assessment of the economy, market overview, market size estimation for key segments, and emerging trends in the market, market dynamics, and key company profiles are covered in the report. The Singapore Insurtech Market is segmented by types of Insurance Offered (Life and Non-Life) and by Business Model (Enabler, Carrier, and Distributor).

By Business Model
By Insurance Type
Life Insurance
Non-Life Insurance

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Singapore Insurtech Market Trends

This section covers the major market trends shaping the Singapore Insurtech Market according to our research experts:

Equity Funding

In 2020, late-stage VC3 funding accounted for USD4.1 billion, up 27% year-over-year, driven by 15 mega-rounds worth a total of USD3.2 billion: three at Series C, worth about USD1.2 billion; three at Series D, worth USD700 million; eight at Series E+, worth USD1.9 billion; and one at growth equity stage, worth USD230 million.


Insurtech funding transaction

Singapore accounts for a 3 per cent share of total insurtech funding transactions worldwide in the fourth quarter of 2021. The pandemic has accelerated the industry’s digital transformation by at least five years—forcing incumbents to open or enhance digital distribution channels and to make corresponding upgrades to back-office capabilities.


Singapore Insurtech Market Competitor Analysis

Companies across the world have huge investments in this segment of the market. In Singapore Insurtech Market, there are many companies fragmented over minor shares. Bolttech, GoBear, DocDoc, Igloo, Tribe Accelerator, CredoLab, Anapi are amongst the Singapore Insurtech Companies.

Adoption of technological platforms and up-gradation to new Technology leads to increasing in Insurtech companies revenue. Innovation and technological advancement taking a pace as the COVID-19 and urbanization strike general people to the adoption of Insurance from insurtech firms.

Singapore Insurtech Market Top Players

  1. Bolttech

  2. Igloo

  3. Tribe Accelerator

  4. CredoLab

  5. Anapi

*Disclaimer: Major Players sorted in no particular order


Singapore Insurtech Market Recent Developments


Singapore-based Insurtech company Bolttech’s valuation has breached USD 1 billion after getting USD 180 million in series A funding led by Activant Capital Group. Bolttech became the first Insurtech Unicorn company based in Singapore. Bolttech also announced it has acquired i-surance, a next-generation B2B2C digital insurance platform based in Switzerland. The acquisition of i-surance extends bolttech’s global footprint from 14 to 26 markets across North America, Asia, and Europe.

Global-Asia Insurance Partnership

The recently launched Global-Asia Insurance Partnership in Singapore, a new tripartite partnership between the global insurance industry, regulators, and academia, aims to enable insurers and academics to work with public policymakers to create innovative insurance solutions.

Singapore Insurtech Market Report - Table of Contents


    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study




    1. 4.1 Market Overview

    2. 4.2 A Brief on Various Technologies Driving the Insurtech Market in Singapore

    3. 4.3 A Brief on Consumer Needs And Behaviour Analysis Towards Singapore Insurtech Industry

    4. 4.4 Industry Policies And Regulatory Landscape Shaping the Insurtech Space in Singapore

    5. 4.5 Market Drivers

    6. 4.6 Market Restraints

    7. 4.7 Porters 5 Force Analysis

      1. 4.7.1 Threat of New Entrants

      2. 4.7.2 Bargaining Power of Buyers/Consumers

      3. 4.7.3 Bargaining Power of Suppliers

      4. 4.7.4 Threat of Substitute Products

      5. 4.7.5 Intensity of Competitive Rivalry

    8. 4.8 Impact of Covid 19 on the Industry


    1. 5.1 By Business Model

      1. 5.1.1 Carrier

      2. 5.1.2 Enabler

      3. 5.1.3 Distributor

    2. 5.2 By Insurance Type

      1. 5.2.1 Life Insurance

      2. 5.2.2 Non-Life Insurance


    1. 6.1 Market Concentration Overview

    2. 6.2 Company Profiles

      1. 6.2.1 Bolttech

      2. 6.2.2 GoBear

      3. 6.2.3 DocDoc

      4. 6.2.4 Igloo

      5. 6.2.5 Tribe Accelerator

      6. 6.2.6 CredoLab

      7. 6.2.7 Anapi

      8. 6.2.8 Airome

      9. 6.2.9 Singlife*

    3. *List Not Exhaustive

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Singapore Insurtech Market Research FAQs

The Singapore Insurtech Market is studied from 2019 - 2028.

The Singapore Insurtech Market is growing at a CAGR of <9% over the next 5 years.

Asia-Pacific is growing at the highest CAGR over 2019 - 2028.

North America holds highest share in 2021.

Bolttech, Igloo, Tribe Accelerator, CredoLab, Anapi are the major companies operating in Singapore Insurtech Market.

Singapore Insurtech Industry Reports

In-depth industry statistics and market share insights of the Singapore Insurtech sector for 2020, 2021, and 2022. The Singapore Insurtech research report provides a comprehensive outlook of the market size and an industry growth forecast for 2023 to 2028. Available to download is a free sample file of the Singapore Insurtech report PDF.

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