Singapore is an international financial hub in the Asian-Pacific region. The island state offers attractive propositions for firms seeking access to the robust Marketing Insurance in Singapore. The Life Insurance Association of Singapore reported that the total weighted new business premiums were S$2331 million, a growth of 8% as at the third quarter of 2016 compared to the previous year.
The general insurance sector posted gross premiums of S$3.6 billion in 2016, which is a 2.6% rise from 2015. With the insurance industry set to grow bigger in 2017, how can you market your insurance services in Singapore?
Non-Traditional Distribution Channels
There is increased competition and focus on generating more returns, resulting in pilling pressure to deconstruct the traditional chain of distribution channels. Insurance startups are emerging focusing on areas they have vast experience and outsourcing where they have little or no experience primarily in underwriting and processing services. DirectAsia is an example of an insurance startup offering the customers a platform to buy insurance services by cutting out brokers and agents.
Invest in R&D
The insurance consumer landscape is rapidly changing given the increase of the millennial generation in the market for insurance services. Except for the general services like health, motor vehicle et al. insurance covers, you should have a robust R&D department to know what the new age consumers want and develop the right kind of products and services to suit them.
With companies like GoBear who provide insurance service comparisons, it is of paramount importance to have your services perform better than your competition.
Offer Alternative Risk Transfer
Alternative Risk Transfer (ART) allows consumers to acquire cover and transfer risk without the use of traditional insurance. This includes captive insurers, risk retention groups (RRGs), and insurance pools. Insurers offering the ART service include Alps Insurance PLC, Cementhai Captive Insurance PLC, Vermont Captive, et al.
Statistics show that over 89% of the residents in Singapore have access to the internet. With reports that the government set to cut the internet on all public servants’ computers, more people will now start accessing the internet from their mobile devices. This calls for mobile optimized websites with quality content. Invest in our SEO services to improve the ranking of your site on search engines ensuring that you invest in user conversion strategies like CTAs, PPC, et al. Dial (65) 6789 9852 to speak to one of our customer care representatives.