Walter de Oude’s two-decade career in insurance and financial services taught him that if the industry wanted to resonate with consumers, it needed to change fast.
His response was Singlife, which he founded in 2017 with the idea of reimagining financial services, with a focus on digital transformation.
Key for De Oude was to place the customer experience at the heart of Singlife’s business. To this end, the company’s flagship product, app-based flexible insurance savings plan Singlife Account, was launched. The app breaks down traditional financial silos and connects savings, investment and insurance into a single, seamless experience.
Singlife’s digital-only approach — all customer communications are made through WhatsApp, rather than phone, email or branches — served it well during Singapore’s COVID-19 lockdown earlier this year. The Singlife Account, which launched in November last year, had 50,000 app downloads during the first month of lockdown.
De Oude’s next objective is to continue to scale the Singlife Account, while looking to expand the company beyond Singapore.
“The lines between financial services are beginning to blur,” De Oude tells Business Insider. “Once slow and plagued with paper, insurance is becoming more instant, offering better experiences and returns fit for mobile-first users. With faster underwriting and more accessible savings and investments, we are reshaping finance to unlock the potential of money for everyone.”