Singapore Life changes brand name into Singlife, marking strategy expansion
The digital life insurer Singapore Life today announces that it has shortened its name to Singlife as a part of its rebranding, and adopted a new logo called the ‘burst’. According to its official statement, the change in the logo signifies the expansion of the insurer’s offering into savings, investments, and protection products.
According to Singlife, the single biggest issue customers face is not getting real returns from their idle money and their fear of lock-ins or fees. This financial apathy is evident in the over US$363 billion worth of money sitting largely idle in current and savings accounts.
“Once we understood this key insight from everyday Singaporeans, we realised that Singlife is strategically placed as both a fintech as well as a licensed financial institution to address this issue. This has been the catalyst for our business to broaden its strategy beyond the conventional insurance approach resulting in our new product verticals of ‘Manage, Grow & Protect’,” states founder and chief executive Walter de Oude.
Taking that into account, Singlife announces the Singlife Account. It is an insurance plan that gives up to 2.5 per cent p.a. returns earned on the first US$7,300 account value; and one per cent p.a. for the remaining amount, up to a maximum of US$73,000 account value, all with everyday instant access and no fees or lock-ins, and no additional FX charges on overseas spend.
It also offers everyday access to funds via the Singlife Visa Debit Card. There is no penalty for early withdrawals, allowing customers to withdraw from their Singlife Accounts via FAST transfer in seconds; or choose to spend their savings via the Singlife Visa Debit Card worldwide.
Singlife noted that it will be made available for its first 20,000 customers.
With this product, Singlife claims to be the first insurer to issue debit cards via the launch of the Singlife Account and accompanying Singlife Visa Debit Card.
In the future, customers will be able to move their money from their Singlife Account into investments via ‘Grow’, and access a full suite of protection products under ‘Protect’ – all under one mobile app.
Back in July 2019, Singapore Life announced US$90 million investment from Sumitomo Life Insurance Company, life insurers from Japan.
Starting from today, the waitlist is opened for customer sign-ups. The Singlife App will be available for download from Google Play and Apple iTunes stores.