Will the FWD-Income deal pave the way for less direct selling in Singapore’s motor insurance market?

Singapore's motor insurance market is very competitive but there is still a need for insurers that offer plans directly to customers without intermediaries.

On July 3, FWD said in a statement that it will offer for the next 12 months “competitive premium rates during policy renewal”.

ST PHOTO: GIN TAY

Claire Huang

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SINGAPORE - The wheels are in motion for Singapore drivers to have one fewer option if they want to buy cheaper motor coverage directly from insurers.

With digital insurer

FWD out of the motor underwriting game,

consumers now have only three platforms – DirectAsia Insurance, Budget Direct Insurance and Singlife – where products are priced relatively lower as intermediaries are cut out.

Will the FWD-Income deal pave the way for less direct selling in Singapore’s motor insurance market?

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