Shenton Brokers, Singapore’s first commission-free insurance portal has expanded its line of products and formed partnerships with 22 insurance and reinsurance companies, to provide consumers with online access to a wider range of insurance coverage.
Shenton Brokers has partnered with insurance companies, including AXA, MSIG, QBE, Liberty, ERGO, AIG, Tokio Marine, UOI and more. The partnerships with insurance companies will continue to diversify the portal’s product offerings, and together with reinsurance partners the company plans to reinsure the portfolio of risks.
Launched in June 2019, Shenton Brokers has experienced 100% month-on-month growth, with the highest customer satisfaction from users who purchased on the portal.
Products launched so far include travel, home, maid, personal accident and pet insurance, with plans to roll out motor insurance in the first quarter of 2020.
Shenton Brokers leverages new technology and a better understanding of consumer expectations to increase efficiencies in the insurance industry. To boost the customer experience, Shenton Brokers deploy chatbots and virtual assistants to engage with policyholders, and robotic process automation (RPA) to automate manual data extraction, entry and processing tasks.
Employing AI tools and robotic technologies, Shenton Brokers is on track to expand their insurtech services. Currently, the products and services mostly target retail customers, and the company will soon include insurance offerings for the small business sector.
Dr. Vivien Chua, CTO of Shenton Brokers said, “We are excited to partner with insurance and reinsurance providers, and provide convenience and flexibility to our customers to buy insurance products online. The insurance industry is lagging 3-5 years on a digital maturity curve. With these partnerships, we are well-positioned to facilitate a digital transformation in the insurance business”