Posted on Apr 06, 2015 by Alex Nellist
From April 7th 2015, Singaporeans will have access to a new website through which they can purchase life insurance. Called ‘CompareFirst’, the new tool comes as a result of a joint effort from the Consumers Association of Singapore, the Monetary Authority of Singapore, the Singapore Life Insurance Association and MoneySENSE.
Together with the launch of this new platform, locally registered insurers will be able to start selling ‘Direct Purchase Insurance’ (DPI) as a new class of simple life insurance products. Both initiatives are a result of the Financial Advisory Industry Review (FAIR), which was launched in 2013 with the purpose of raising standards of practice in the financial advisory industry, and improve distribution of life insurance and investment products in Singapore.
The design of the website will be revealed on April 7th, but will almost certainly allow consumers to browse, compare, choose and purchase simple life insurance products directly online, without the need to go through an intermediary (which is the common practice today in Singapore).
Pacific Prime, an Insurance Broker in Singapore, welcomes the introduction of this new platform, which will enhance transparency and allow consumers to obtain easier access to quotations and online solutions.
As a General Insurance Agent, Pacific Prime has been running a similar online quotation tool successfully for a number of years in Singapore and other locations across Asia. The powerful system allows prospective clients to obtain online instant quotations for Medical Insurance across a wide range of insurance companies. Pacific Prime is a major player in the International Health Insurance arena in Asia, with 6 offices offering local solutions and expert advice to expatriates and local nationals alike.
Owen Ryan, Director of Technology for the Pacific Prime Group explains that the online quotation system allows comparison of over 200 benefits on each insurance plan available from Pacific Prime across all combinations of deductibles, ages, areas of coverage and more. This makes Pacific Prime’s quotation system the most advanced Medical Insurance comparison website available in Asia.
Whilst online quotations and comparison tools help provide instant access to information, Pacific Prime obviously recommends that prospective clients seek advice on all types of insurance products from qualified advisors able to provide suitable recommendations.
For more information about CompareFirst and the Life Insurance plans it offers, take a look at its website here. To compare International Health Insurance plans, you can find Pacific Prime’s quote tool here.