Singapore market shows promising growth

Insurers are feeling confident about the growth prospects of the Singapore market, which is demonstrating a substantial “vitality and ambition”, according to Gracechurch, an industry research consultancy.

In its latest findings, Gracechurch has completed the first-ever independent research into brokers’ views on insurers operating in Singapore – looking at attitudes to service, standards and reputation.

The research was developed to meet the demand for high quality benchmarking in this fast-developing market. 200 personal interviews were undertaken, with a representative sample of Singapore-based brokers, rating the performance of over 50 insurers across all direct insurance and reinsurance classes.

Ben Bolton CEO of Gracechurch, said: “Building on our track record of similar research across other international insurance markets, it was obvious that the speed of development in Singapore meant that this was the next natural market to be investigated. Our early analysis shows an immense confidence and vitality in the Singapore market. While currently it may be smaller than other global hubs, there is no doubt that it surpasses them in ambition and dynamism.

“Given this strategic imperative to be a leading global insurance market, research that illustrates what insurers have to deliver in order to get there is a vital part of the picture. The report looks at a whole range of service issues including key behaviours in winning new business, the importance of a local claims presence, the value of face to face contact, and gives clear pointers on what type of service regional and local brokers want from their insurers. This level of feedback and intelligence can only provide stimulus for further change and development, and improve the overall service quality in the Singapore insurance market.”