SINGAPORE - Delta Insurance Singapore, an insurance tech firm that specialises in cyber, technology and professional risk protection, has opened for business in Singapore.

Delta said it is the first firm here to use the Lloyd's Coverholder model for these insurance lines. Being a Lloyd's Coverholder means that instead of using capital of its own to underwrite risk, Delta is able to access capital from Lloyd's, which is a marketplace for insurers.

Mr Eugene Cheong, managing director of Delta Insurance Singapore, said: "Our innovative business model, including (our) proprietary underwriting technology platform, allows us to nimbly and effectively meet the dynamic needs of an increasingly digital Singapore."

Using its own proprietary technology, Delta is able to streamline the underwriting process and reduce the time taken for application submission, quotation and policy issuance from what is traditionally a one month time-frame to within 24 hours .

Delta will initially work with brokers and insurance agents, with plans to expand to other distribution networks to provide its risk protection products later.

Delta also offers a Cyber Risk Management Package, which provides a complete solution across the full spectrum of cyber risks - before, during and after any cyber incident.

Mr Cheong said he anticipates that Singapore and Asia Pacific will be one of the fastest growing regions for cyber insurance, increasing from around US$50 million (S$69 million) today to US$500 million by 2025.

"Cybercrime is now the second most prevalent economic crime in Singapore, with 43 per cent of companies impacted and costing Singapore more than S$1.25 billion annually. Delta Insurance Singapore wants to work with companies to holistically safeguard against cyber risks, allowing them to fully leverage the technology wave sweeping through the region," he said.

Delta Insurance Singapore is part of the Delta International family, and sister company to Delta Insurance New Zealand, a specialist financial lines, casualty and unmanned aerial vehicle insurance specialist.