SINGAPORE - New kid on the block, Singapore Life, commences its operations by providing insurance solutions in the high net worth (HNW) customer segment to individuals who prefer Singapore as a destination for their wealth and protection.

In the coming months, it plans to offer life insurance plans like term insurance and critical illness to all via its online platform.

Customers who are looking for such cover can register their interest at www.singlife.com for an exclusive early-bird offer.

Singapore Life is the latest fully licensed direct life insurer to be approved by the Monetary Authority of Singapore. According to the insurer, it is the first local insurer - that is, with no foreign partners - to be licensed since 1970.

Mr Walter de Oude, chief executive officer, Singapore Life, noted that the life insurance industry has not kept pace with the innovation seen in other industries and needs to be challenged to be better.

He said: "People deserve a better partner for their life insurance needs - one who can reduce the complexities in the purchase journey, and offer efficient, transparent and flexible solutions."

"With our base in Asia's most sophisticated, innovative and trusted financial services centre, Singapore Life aims to bridge this gap in the industry by leveraging fintech solutions to empower people to take control of their financial future."

In April, Singapore Life raised US$50 million (S$69 million) - the largest ever by a Singapore-based insurtech company - in its series A funding round. It had the support of international shareholders Credit China FinTech Holdings and IPGL. It also partnered two leading reinsurers Munich Re Group and Pacific Life Re.