Aberdeen Standard backs insurtech specialist Singapore Life
Aberdeen Standard Investments has committed $13 million to financial technology start-up Singapore Life, taking the company’s total capital raised to date to $97 million.
The investment is one of several Series B transactions, which also saw US insurance giant Aflac contribute $20 million earlier this month. Singapore Life received $50 million in Series A funding in 2017 from UK-based private equity firm IPGL and Impact Capital, a division of Hong Kong-listed Credit China FinTech Holdings. Impact put in $21.3 million for a 33.8% stake.
Founded in 2014, Singapore Life claims to be the first local independent life insurance company fully licensed by the Monetary Authority of Singapore since 1970. Last year, the company acquired Zurich Life Singapore's business portfolio and achieved more than S$6.6 billion ($4.8 billion) in life insurance coverage.
The new funding will be used to support expansion across Southeast Asia and entry into new business technology ventures. From Aberdeen Standard’s perspective, the investment takes its strategic relationship with Singapore Life beyond management of the company’s fiduciary assets.
“As the asset management and insurance industries are in the midst of a digital transformation, technology innovation will become a key differentiator. Singapore Life exemplifies an innovator in providing customers with better financial solutions through advanced technology – this is a truly exciting opportunity for us to expand our strategic relationship with such a fast-growing digital life insurance provider and be part of its growth journey,” Martin Gilbert, co-CEO of Aberdeen Standard, said in a statement.
Insurtech is gaining traction across Asia, notably in China where the success of Zhong An Insurance, which received significant backing from strategic and financial players ahead of a Hong Kong IPO in 2017, has contributed to a string of investments in start-ups. Last month in Hong Kong, Bowtie Life Insurance raised a $30 million Series A round and became the first company in the territory to receive a “virtual” license to provide online-only services.
Formed through the merger of Aberdeen Asset Management and Standard Life Investments in 2017, the company has more than 1,000 investment professionals who manage $735.5 billion in assets globally. Its product portfolio includes equities, fixed income, multi-asset, real estate and alternative solutions in developed and emerging markets.
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