Insurtech: Singlife, Microsoft to Tap Power of AI for Insurance Startups in Singapore

Singlife recently signed a Memorandum of Understanding with Microsoft (NASDAQ: MSFT) to support high-growth insurance startups to adopt generative artificial intelligence (AI).

Singlife is the first financial services partner “to collaborate with Microsoft for the Startups Programme in ASEAN for budding insurtech startups to scale the regional financial services landscape.”

Singlife will work with Microsoft “to identify startups for Singlife Connect Plus (SCP) program, an advanced version of the Singlife Connect (SC) accelerator and venture-building program.”

The SCP program focuses “on developing scalable solutions for insurance distribution and offering personalised mentorship as well as access to Singlife’s products and insurance.”

In addition, the program aims “to support eight insurtech startups and provide regulatory and compliance support to execute their go-to-market strategies.”

The startups identified by Microsoft will “receive technical guidance, execution support, and workshops on applying Generative AI in their solutions, access to Microsoft Founders Hub and organizations like OpenAI, LinkedIn, and Github; and be nominated for the Microsoft Pegasus program.”

Varun Mittal, Head of Innovation and Ecosystem, Singlife, said:

“We understand the importance of robust support networks in scaling businesses and bringing cutting-edge concepts into reality as Singlife came a long way from a start-up. Having roots in Singapore and presence in the Philippines, we have a unique opportunity to help the innovative minds in the ASEAN region, enabling them to harness their potential to the fullest. As Southeast Asia emerges as a hub for technology and innovation, we want to be at the forefront of insurtech transformation and help the ecosystem grow.”

Michael Smith Jr., General Manager for Startups in APAC, Microsoft, said:

“Generative AI can be very impactful for startups, particularly companies with an early adopter’s mindset, as it infuses innovation, giving them a competitive edge. We’re seeing a number of best practices among our Microsoft for Startups Founders Hub members, and we look forward to identifying high-growth insurance tech startups in ASEAN with Singlife.” 

Singlife Connect focuses on “developing scalable solutions for insurance distribution, offering personalised mentorship and providing access to full suite of Singlife’s products and services.”

The eight insurtech startups “selected for this programme will be provided with regulatory and compliance support to execute their go-to-market strategies.”

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