New insurtech firm launched in Singapore
Delta Insurance Singapore, the first cyber, technology and financial lines Lloyd’s Coverholder in Singapore, has opened for business. Delta Insurance Singapore is a locally owned, innovation and technology driven insurtech/fintech company specialising in cyber, technology and professional risk protection. The company is part of the Delta International family, and sister company to Delta Insurance New Zealand, a specialist financial lines, casualty and unmanned aerial vehicle (UAV) insurance specialist. Delta New Zealand has disrupted the New Zealand insurance landscape by providing companies the flexibility and protection needed in a fast-changing world.
Delta Insurance Singapore aims to work with fintechs, start-ups, SMEs, technology firms and corporates, especially given its expertise in specialist insurance classes. With a passion for technology, Delta Insurance Singapore is a founding member of the upcoming InsureTech Asia Association; Delta Insurance New Zealand is a founding member of FinTech NZ.
Eugene Cheong, Managing Director of Delta Insurance Singapore, said: “We help firms to protect themselves from areas of risk – cyber, financial and professional – that the fast-growing innovation and start-up ecosystem in Singapore is facing, especially as Singapore moves towards becoming a Smart Nation and a centre of excellence for innovation and technology. Our innovative business model, including a Cyber Risk Management Package and our proprietary underwriting technology platform, allows us to nimbly and effectively meet the dynamic needs of an increasingly digital Singapore.”
Insurance is traditionally a time and process driven industry. Delta Insurance Singapore wants to change the industry dynamic using technology solutions to streamline processes, reducing the time taken for application submission, quotation and policy issuance from what is now typically a one month timeframe to within 24 hours of going on risk.
The firm will work with brokers and insurance agents initially, with an aim to expand to other distribution networks to provide its risk protection products.
Another innovative approach is the Cyber Risk Management Package – the most comprehensive cyber security insurance product available in Asia, providing a complete solution across the full spectrum of cyber risks – before, during and after any cyber incident. Alongside the insurance policy, the comprehensive Package includes:
- PREVENTION: Identify organisations’ potential exposure to cyber risk and assist in implementing a comprehensive proactive plan with Delta Insurance’s panel of experts – lawyers, cyber security specialists, crisis management experts.
- CLAIMS HANDLING: Delta Insurance’s team of experts assist with IT triage (investigating the breach and determining how to recover), crisis and reputation management, system and data analysis and restoration, as well as third party claims.
- POST LOST SERVICES: Once the claim is resolved Delta Insurance may also assist with the cost of strengthening the organisations cyber security (such as with shielding) and reviewing the emergency response plan to ensure better outcomes in the future.
Elaborating on the company strategy, Eugene Cheong said: “Our business planning anticipates that Singapore and Asia Pacific will be one of the fastest growing regions for Cyber Insurance, increasing from around USD50 million today to USD500 million by 2025. Cybercrime is now the second most prevalent economic crime in Singapore, with 43 per cent of companies impacted and costing Singapore more than SGD1.25 billion annually. Delta Insurance Singapore wants to work with companies to holistically safeguard against cyber risks, allowing them to fully leverage the technology wave sweeping through the region.”
Ian Pollard, Managing Director of Delta International and Delta Insurance New Zealand, said: “We founded Delta Insurance to bring change to the New Zealand insurance industry. For instance, Delta Insurance New Zealand works closely with the National Cyber Policy Office and Connect Smart in New Zealand to shape and improve the New Zealand cyber security framework, particularly for businesses.
We have also contributed to an Organisation for Economic Co-operation and Development (_OECD_) report titled ‘Supporting An Effective Cyber Insurance Market’, presented to the recent G7 Finance Ministers and Central Bank Governors meeting. We look forward to working with stakeholders in Singapore to similarly address this important policy area if called upon.”
Angela Kelly, Country Manager, Singapore, Lloyd’s Of London (Asia) Pte Ltd noted the importance of continued innovation within the insurance sector in Singapore and Asia, “As business models and technology adapt to new economic developments, risk and threats evolve alongside. It is critical that businesses understand and address these dynamic risks.
Delta Insurance Singapore’s market entry as the first Cyber and Technology Lloyd’s Coverholder in Singapore is both extremely exciting and very timely, notably with the rising value and importance of data.
The Lloyd’s Coverholder structure allows innovation-driven providers like Delta Insurance Singapore to bring new ideas and expertise to businesses with the strong financial backing for which Lloyd’s is recognised.”
As a Lloyd’s Coverholder, Delta Insurance Singapore offers its specialised insurance products addressing cyber, technology, professional risks supported by Allied World’s Lloyd Syndicate 2232.
Lloyd’s financial security rating is A+ (Strong) as rated by Standard & Poor’s rating agency and AA- (Very Strong) from Fitch.