Whittington Group, an insurance investor and services provider, will launch a new direct online insurance company, DirectAsia.com, in Singapore next week.
According to Whittington Group, DirectAsia.com will offers motor, travel, home and personal accident insurance through its website.
Licensed and regulated by the Monetary Authority of Singapore, DirectAsia.com is wholly owned by Whittington. Andrew Byrne will lead the new business.
Reinsurance support for DirectAsia.com is provided by German reinsurer Munich Re.
Anthony Hobrow, group CEO of Whittington Group, said: “The introduction of direct insurance is long overdue in most Asian countries. We have already seen the success of the direct business model in many other markets around the world, including Japan and South Korea.
“DirectAsia.com will offer consumers 24/7 convenience, great value for money and a range of transparently priced cover options that will transform the buying experience for Singapore consumers. Couple that with a claims service that will be far superior to any other local insurer and we have the base to transform the insurance landscape in Singapore and thereafter in other Asian markets.”