The demand for travel, home, pet, and investment insurance is on the rise.
SingSaver, which has spent ten years demystifying financial products for individuals in Singapore, plans to shift its emphasis towards enlightening people about insurance, according to CEO Rohith Murthy.
I hope we have managed to do an adequate job with our banking products,” he stated to the Singapore Business Review. “In terms of insurance, we are only beginning and we think that over the next decade, educating the market about insurance will be crucial.
Travel, home, and pet insurance policies have become increasingly popular among residents of Singapore, according to Murthy, who leads the MoneyHero Group, as stated during a Zoom interview.
The home insurance market in Singapore is projected to reach $1.5 billion by 2030, as estimated by Dublin-based Research and Markets.
Technavio, a market research platform, predicts an annual growth of 10.24% for the travel insurance sector between 2023 and 2028. Meanwhile, Market Data Forecast anticipates that personal insurance will grow at an annual rate of 12.92% from 2025 through 2033.
Murthy mentioned that there is an increasing desire among Singapore residents for microinsurance policies that offer partial coverage, along with safeguards for their investments and savings.
Buying insurance isn’t something that brings joy,” he stated. “When you purchase it, you hope you’ll never have to utilize it. Our primary task is ensuring we inform the public so they start considering insurance.
“He added that they are not awaiting an incident or a catalyst to prompt them into saying, ‘Now I require protection.’”
“Once individuals consider getting insurance, our aim is to ensure that the purchase process is as smooth as possible,” Murthy stated. SingSaver strives to simplify insurance acquisition to just three effortless taps.
Although insurance remains at the core of their plans for the coming ten years, the CEO stated that SingSaver aims to enhance its offerings in the banking sector as well.
A key growth sector is credit cards, with more Singaporeans beginning to see them not only as instruments for spending but also as means of saving money. This shift in perception can be seen through the rising popularity of cash-back and frequent flyer card options.
Murthy mentioned these items enable Singapore residents to aim for specific lifestyle requirements without having to spend excessively.
MoneyHero Group has launched two new platforms—Creatory in 2019 and Seedly in 2016—to assist more users in saving with appropriate products. These platforms work alongside SingSaver to help people in Singapore reach their financial objectives.
Creatory unites influencers, thought leaders, and content creators with the aim of making financial education more widely available. Described by Murthy as the “Reddit for personal finance,” Seedly serves as a community platform where individuals can pose and respond to queries regarding financial products.
Managing personal finances is… dull,” he remarked. “Consider it, yeah? You never find yourself waking up in the dead of night exclaiming ‘Time to check out the best credit cards!’
“So, what approach do you take to make personal finance content appealing? How do you encourage people to engage with it? We have tackled this challenge in the market through our initiatives at Creatory and Seedly,” he mentioned.
Murthy stated that SingSaver aims to utilize artificial intelligence (AI) for providing quicker and more pertinent replies.
“When it comes to insurance, saving, or increasing your wealth—whenever people have queries, they expect immediate responses,” he stated.
They are looking for guidance on the subsequent actions to undertake and which product aligns with their requirements.
“We think AI will allow us to dominate this field and establish ourselves as the premier platform for inquiries related to personal finances,” he said additionally.
