- Simplified online declaration forms, eliminates manual processes
- Global cyber insurance market projected to reach US$20bil by 2025
DELTA Insurance Singapore, the first cyber, technology and Financial Lines Lloyd’s Coverholder in Singapore, has launched DeltaDigital.sg, Singapore’s first online Financial Lines insurance platform.
Using proprietary technology, DeltaDigital.sg offers brokers/advisors and policy buyers instant quotes for commercial (corporate) insurance products such as cyber, professional liability, technology professional liability and management liability.
With DeltaDigital.sg, insurance brokers/advisors can generate a quote instantly to present to buyers, such as small and medium enterprises (SMEs), who no longer have to go through the slow and complicated process of completing a physical proposal form.
While the process traditionally can take up to several weeks, DeltaDigital.sg is able to generate a quote within a matter of minutes.
Delta Insurance Singapore managing director Eugene Cheong (pic, right) said, “We provide value to our users through ongoing product innovation and using technology to simplify processes. Brokers/advisors and buyers of commercial insurance typically face a lengthy and complicated process to get a quote for complex commercial products.
“We want to streamline the process from end-to-end and cut through the long manual process of getting a quote; this will free up time for our users to focus on other important aspects of their business.”
Howden Insurance Brokers Singapore executive director and head of financial lines Jenny Lim said, “DeltaDigital.sg accelerates the quote procuring process, which conventionally can take weeks. It also removes the cumbersome paperwork required to put in place a policy, enabling us to provide fast and efficient solutions to our clients.”
Two types of quotes can be generated through the platform – a firm quote or a non-binding indication (NBI). With a firm quote, the details provided are final and the policy is ready for purchase, whereas a NBI provides an indicative quote that is subject to change prior to commencement of the policy.
To get a firm quote, users have to select the insurance product, revenue range and policy limit, input company details and answer a few basic questions to assess the company’s risk exposure through an online declaration form.
Once completed, the platform will immediately generate a quote which includes coverage highlights, full policy wording, total premium and a comparison with the standard market policy.
The process for generating an NBI is even simpler as there is no requirement for the policy buyer to complete the declaration form, and the brokers/advisors just have to click a button to get an indicative quote.
To purchase the policy, the brokers/advisors simply need to ask the buyer to confirm that the declaration form is completed correctly and the NBI can then be converted into a firm quote.
Shirley Choo, assistant manager, General Insurance Operations for Advisory Group at IPP Financial Advisers, commented, “The option to retrieve a NBI quote is very useful. When the advisors speak with potential clients, they are able to provide the clients with an indicative quote and overview of the policy within minutes. This provides the information clients need immediately, allowing the advisors to work together to finalise the best policy for them.”
In addition to generating instant quotes, users can also view their portfolio of firm quotes and NBIs on the built-in dashboard.
Direct buyers with existing insurance policies or who have been presented with quotes by their servicing brokers/advisors can also get quotes for themselves to decide if they are getting the best deal.
“Despite the vast differences in the level of exposure to risks, buyers from small and large companies across different industries undergo the exact same underwriting process. Adding to the number of insurance products in the market, buyers are often not presented the best policy for their needs.
“Our preference is for buyers to be serviced by a broker/advisor but we see an increasing number of buyers adopting a more hands-on approach – approaching underwriters for quotes directly to benchmark against quotes that they have been presented with,” added Cheong.
Delta Insurance Singapore will be adding functions such as tax invoice and commission invoice generation, policy issuance and payment, and using artificial intelligence and machine learning in the near future to expedite the process even further and to enhance user experience.
The launch of DeltaDigital.sg comes at a time when demand for certain commercial insurance products among SMEs is rising. With the increasing number of cyber-crimes and attacks, cyber-insurance has seen a growth in the demand for cyber-insurance. It is estimated that the global cyber-insurance market will grow 30% per annum to US$20 billion in annual premiums by 2025.