Insurance/Insurtech
Firm Delta Insurance Singapore Launches
Firm Delta Insurance Singapore Launches
· First cyber, technology and financial lines ‘Lloyd’s
Coverholder’ in Singapore
Coverholder’ in Singapore
· Innovation and technology driven solutions set to
change dynamic of local insurance sector with insurance products covering
cyber, financial and professional risk
change dynamic of local insurance sector with insurance products covering
cyber, financial and professional risk
· Company built on local and international expertise,
with Lloyd’s underwriting backing
with Lloyd’s underwriting backing
Singapore – 4 July, 2017 – Delta InsuranceSingapore, 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.
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.”
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.
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:
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[1]. 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[2]. 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.”
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[1]. 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[2]. 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.”
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.”
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.”
[1] Economic crime
remains an obstinate threat in Singapore, https://www.pwc.com/sg/en/consulting/assets/economic-crime-survey/economic_crime_survey_2016_singapore.pdf
remains an obstinate threat in Singapore, https://www.pwc.com/sg/en/consulting/assets/economic-crime-survey/economic_crime_survey_2016_singapore.pdf
[2] Report: Cyber
crime costs Singapore an estimated S$1.25bn annually https://www.techgoondu.com/2014/06/11/report-cyber-crime-costs-singapore-an-estimated-s1-25bn-annually/
crime costs Singapore an estimated S$1.25bn annually https://www.techgoondu.com/2014/06/11/report-cyber-crime-costs-singapore-an-estimated-s1-25bn-annually/
For the LATEST tech updates,
FOLLOW us on our Twitter
LIKE us on our FaceBook
SUBSCRIBE to us on our YouTube Channel!
