Top 5 innovative insurtech companies in Singapore

The insurance industry is undergoing a digital revolution, driven by cutting-edge technologies such as artificial intelligence (AI), blockchain, big data, and automation. InsurTech, the fusion of insurance and technology, is disrupting traditional insurance models by making policies more accessible, personalized, and efficient. Singapore has emerged as a leading hub for InsurTech innovation, thanks to a favorable regulatory environment, strong financial backing, and a tech-savvy population.

In this blog, we explore five of the most innovative InsurTech companies in Singapore that are transforming the insurance landscape.

1. Singlife with Aviva – Digital-First Insurance Solutions

Singlife with Aviva is a homegrown success story, merging the strengths of a traditional insurer (Aviva Singapore) with a digital-native InsurTech firm (Singlife). The company has pioneered the concept of mobile-first insurance, allowing customers to manage their policies, savings, and investments through an intuitive mobile app.

Key Innovations:

  • Singlife Account: A hybrid between a savings account and an insurance policy, offering attractive interest rates with liquidity.
  • Pay-As-You-Drive Insurance: A usage-based car insurance model that charges customers based on the distance driven.
  • Instant Claim Processing: AI-powered automation speeds up claims and approvals, reducing paperwork and waiting times.

With its strong focus on digital transformation, Singlife with Aviva is setting new benchmarks in Singapore’s InsurTech sector.

2. bolttech – Bridging the Gap Between Insurers and Customers

bolttech is one of the fastest-growing InsurTech companies in Singapore, offering an advanced insurance exchange platform that connects insurers, distributors, and customers. Operating in over 30 markets worldwide, bolttech is redefining insurance distribution by making coverage more accessible and customizable.

Key Innovations:

  • Insurance-as-a-Service Model: Allows businesses to embed insurance products directly into their platforms.
  • Device Protection and Embedded Insurance: Provides insurance for electronic devices at the point of sale.
  • AI-Powered Risk Assessment: Uses machine learning to analyze risk profiles and offer personalized coverage.

By focusing on embedded insurance and digital distribution, bolttech is transforming how consumers purchase and experience insurance.

3. Clarion Analytics – AI-Driven Risk Management and Predictive Analytics

Clarion Analytics is an innovative InsurTech firm that leverages AI, machine learning, and big data analytics to help insurance companies enhance underwriting, risk assessment, and fraud detection. By providing predictive analytics and real-time data insights, Clarion Analytics enables insurers to make data-driven decisions and reduce losses.

Key Innovations:

  • Predictive Risk Modeling: Uses AI to analyze customer data and predict potential claims before they happen.
  • Fraud Detection Algorithms: Identifies suspicious claims through deep learning and pattern recognition.
  • Customer Behavior Insights: Helps insurers personalize policies based on real-time customer data.

Clarion Analytics is revolutionizing risk management in insurance, making policies smarter, more efficient, and cost-effective.

4. Igloo – Microinsurance and Digital Protection

Igloo is a leading InsurTech company in Singapore that focuses on microinsurance and digital protection for underserved markets. By partnering with e-commerce platforms, ride-hailing services, and digital wallets, Igloo provides affordable, bite-sized insurance solutions tailored for digital users.

Key Innovations:

  • On-Demand Insurance: Offers short-term, usage-based coverage for travel, health, and electronics.
  • Partnership-Driven Model: Works with platforms like Shopee, Lazada, and Gojek to embed insurance seamlessly.
  • AI and Blockchain for Claims Processing: Automates claim verification and payments, reducing fraud and delays.

Igloo’s mission to make insurance more accessible is driving the adoption of digital insurance across Southeast Asia.

5. CXA Group – Employee Benefits and HealthTech Integration

CXA Group is transforming corporate insurance and employee benefits through an AI-driven health and wellness platform. Instead of offering traditional group insurance, CXA enables companies to personalize employee benefits using a flexible digital wallet.

Key Innovations:

  • Personalized Health and Wellness Benefits: Employees can allocate their insurance budgets to services like fitness programs, telemedicine, or mental health support.
  • AI-Driven Health Analytics: Provides predictive insights to employers about workforce health risks.
  • Seamless Claims and Reimbursements: Automates the claims process with digital receipts and real-time approvals.

By integrating insurance, wellness, and HR tech, CXA Group is redefining how companies provide healthcare and benefits to employees.

If you’re looking to explore AI-powered risk assessment and predictive analytics, Clarion Analytics is at the forefront of revolutionizing insurance with cutting-edge technology. Contact Us