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Insurance For Companies In Singapore

Insurance For Companies In Singapore

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Not sure if you want to buy insurance or work in an insurance company. Either way I hope the following will be useful.

In general, life insurance in Singapore has much higher total premium (and jobs) compared to general insurance.

The top 4 life insurance companies in Singapore by premium are, in alphabetical order: AIA, Great Eastern, NTUC Income and Prudential. Each has around 20% market share, and have a large number of agents under them. Smaller life insurance companies include Aviva, AXA, Manulife and Tokio Marine. You can find the complete list of insurers on the Monetary Authority of Singapore website ( Page on Mas ).

The largest general insurance companies in Singapore are AIG, AXA and NTUC Income. The total number of registered general insurance companies are much more than in life insurance, you can check out the list at the MAS website ( Page on Mas ).

If you are looking to buy insurance, all I can say is it will depend largely on your personal circumstances and risk tolerance. If you are unable to come to a decision yourself, do approach a (preferably independent) financial planner or insurance agent and they will help you to select suitable plans.

There has been a massive change in the insurance industry in Singapore in the last 3 years. The beginning of the shift away from old-school, agent based selling to direct, online ecommerce is now underway. Aviva and DirectAsia.com both launched around the same time in Singapore. These companies are making rapid inroads into the market, and growing market share. Where in the west the majority of insurance is of course sold online, here in Singapore agents (and their commission fees) are still the norm.

However, this is rapidly changing, so whether you are interested in buying, or interested in working for a company, it’s good to know which way the wind is blowing. All the old established companies are looking at going direct and online, but are hampered by outdated IT systems which are fundamentally set up to cater for a vast team of agents, as are all their other processes, and the need to effectively set up their direct selling in competition to a vast interest group that would see that as undermining their old-school model – the agents. So they have real problems in adapting to technological change, though they have no choice but to change. It’s quite interesting watching the hoops they are jumping through in trying to manage that process. MAS is telling all the old companies they need to get their act together and start offering Singaporeans direct and online, and to do it fast.

All in, it’s a time of massive change and massive potential in the insurance industry here. I wish you well with it.

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Search over 20 plans from 10 insurers in Singapore

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Get your head around car insurance

No tricky insurance lingo here. Just simple articles on complex topics.

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Frequently asked questions

Q: What is Car Insurance?

In a nutshell, car insurance is peace of mind for you. It’s your financial protection in case something unexpected happens to your car.Your car insurance will cover the big costs associated with damage to your car, to someone else’s car or property, or even hospital fees if you or someone else is injured.

Finding the right car insurance is not just about finding the best price. You want to be getting the best deal that matches your needs. Moreover, you want to be sure that you’re covered if the unexpected happens. We are pretty sure you are an awesome driver, but you can’t always predict accidents or objects like hail, flood or rocks chipping your windscreen. With a car insurance policy that’s just right for your car, you can make sure you do not end up out of pocket.

Q: Do I need car insurance?

In Singapore, it is not just risky to drive without car insurance – it is against the law. Even if you don’t want full comprehensive car insurance, at the very least you need to have third- party car insurance to cover damages to someone else’s car or property, or in case they are seriously hurt.

Q: What is a no claim discount?

If you haven’t made a claim in the past year, some insurance companies will offer you a discount on your insurance policy when you renew it. This is good news! The longer you go without making a claim, the better discount you might get.

Q. When should I renew my car insurance policy?
Ideally, one or two months before your car insurance expires. This will give you enough time to renew your road tax and get a car inspection if you need one. Insurance providers often introduce updates to their car insurance plans that might be up your alley, so you should think about comparing car insurance plans on GoBear before you renew.

Q. How much premium should I pay for my car insurance?
Most car insurance providers will look at a bunch of different things to figure out how much you are likely to end up paying. Based on those answers, they weigh up how “risky” you are as a driver and how likely you are to make a claim. Some of the things that influence what you pay each month are:

1. What kind of car you have and how old it is
3. The driver/s – Age, gender and whether you work inside or outside
4. Driving experience
5. Claim history
6. Type of cover
7. Excess level
8. Whether you drive your car in peak or off peak traffic
9. No Claim Discount

You can use a car insurance calculator to determine your premiums or ask an insurance agent to give you quotes. Or the easiest option, you can compare online car insurance quotes using GoBear!

Q. How do I know which is the best car insurance policy for me?

You can call around and get car insurance quotes or use a comparison tool like GoBear to find and compare the best car insurance policies for your car. Always read the fine print to see whether the car insurance they are offering is the right fit for you.

Q: What type of car insurance do I need?

There are heaps of different car insurance companies in Singapore – and they offer three major types of car insurance. These are:

Third-Party Car Insurance

This covers you if you have an accident and you damage someone else’s car or property. It does not cover your own car if you get into an accident, or if any other unexpected things happen to your car. It is the cheapest insurance coverage but, bear in mind, coverage is limited.

Third-Party, Fire, and Theft Car Insurance

This is similar to the third-party coverage but with some added benefits! Hence, you’re covered if you have an accident and you damage someone else’s car or property. And, like the name says, it also covers your car if it is stolen or damaged by fire.

Comprehensive Car Insurance

This offers the most cover to repair or replace your car if it gets stolen. The cover applies as well should your car be damaged as a result of an accident, vandalism, theft or weather. It also covers accidental loss or damage to your car, and most of the time, it covers all of your car’s accessories and spare parts. It covers you as well when a third party makes a claim against you. This may happen when you accidentally hit their car or their property. If you finance your car, you don’t get a choice – you have to take out comprehensive cover.

Insurance companies also offer other benefits you can add on if you wish. For example, you can choose if you want to be covered in case your windscreen gets a chip or crack. If you’re a superb driver and you’re not using your car to earn extra dough, you might be entitled to a No Claim Bonus provided you don’t have an accident. This varies between insurers so you can check for online car insurance quotes to figure out how much it might cost you.

Q: So why choose GoBear?

With GoBear’s three easy steps (find, compare, choose), you can easily compare car insurance in Singapore. Put your details in the form above, and away you go! By using your smarts and our comparison tool, you can see which deal is cheapest but, more importantly, which deal is really the best value for money.

Free. Unlike other insurance comparison tools, GoBear is totally free for you to use so you can find and compare as many car insurance plans as you wish before making your decision.

Easy. You don’t need to be a genius to use GoBear. We make it easy to compare insurance, loans and credit cards at home or on the go. Find what you need in barely a few clicks.

Savings. We can save you money by showing you the best deals, and help make sure you are getting value for money.

Unbiased. We aren’t in cahoots with any banks or insurance providers, which means the results we show you are unbiased.

Transparent. We show the best plans and credit cards from all the key players so there is no need to shop around. Unless you like wasting your own time.

Why spend endless hours and headaches shopping around? Fill out the form above to compare car insurance with GoBear Singapore and find the best plan for you in a matter of seconds.

Which is a good singapore insurance firm?

Answer Wiki

Not sure if you want to buy insurance or work in an insurance company. Either way I hope the following will be useful.

In general, life insurance in Singapore has much higher total premium (and jobs) compared to general insurance.

The top 4 life insurance companies in Singapore by premium are, in alphabetical order: AIA, Great Eastern, NTUC Income and Prudential. Each has around 20% market share, and have a large number of agents under them. Smaller life insurance companies include Aviva, AXA, Manulife and Tokio Marine. You can find the complete list of insurers on the Monetary Authority of Singapore website ( Page on Mas ).

The largest general insurance companies in Singapore are AIG, AXA and NTUC Income. The total number of registered general insurance companies are much more than in life insurance, you can check out the list at the MAS website ( Page on Mas ).

If you are looking to buy insurance, all I can say is it will depend largely on your personal circumstances and risk tolerance. If you are unable to come to a decision yourself, do approach a (preferably independent) financial planner or insurance agent and they will help you to select suitable plans.

Related QuestionsMore Answers Below

Honestly, it is quite easy to find an insurance company in Singapore. To find a good insurance company in Singapore , the first step is to check if it is legal or not. You can check the offcial website and check the reviews and comments online. These information would reveal something you want to know and the reputation and service of this insurance company.

If you have friends who has bought insurance before, you can also get some information from them. If this is your first time to find an insurance company in Singapore, you can make a company list and quote online or go to the office.

The most important thing is that you have to figure out the coverages and limits ( what does it cover and not cover?) How many types of insurance packages are available so that to make a comparison…

There has been a massive change in the insurance industry in Singapore in the last 3 years. The beginning of the shift away from old-school, agent based selling to direct, online ecommerce is now underway. Aviva and DirectAsia.com both launched around the same time in Singapore. These companies are making rapid inroads into the market, and growing market share. Where in the west the majority of insurance is of course sold online, here in Singapore agents (and their commission fees) are still the norm.

However, this is rapidly changing, so whether you are interested in buying, or interested in working for a company, it’s good to know which way the wind is blowing. All the old established companies are looking at going direct and online, but are hampered by outdated IT systems which are fundamentally set up to cater for a vast team of agents, as are all their other processes, and the need to effectively set up their direct selling in competition to a vast interest group that would see that as undermining their old-school model – the agents. So they have real problems in adapting to technological change, though they have no choice but to change. It’s quite interesting watching the hoops they are jumping through in trying to manage that process. MAS is telling all the old companies they need to get their act together and start offering Singaporeans direct and online, and to do it fast.

All in, it’s a time of massive change and massive potential in the insurance industry here. I wish you well with it.

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Search 25 travel plans from 11 insurers in Singapore

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Get your head around travel insurance

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Frequently asked questions

Q: What is Travel Insurance?

Traveling always involves uncertainty. You don’t know when your immigration documents might be misplaced leaving you stranded overseas or if your airline will mishandle your baggage. According to Investopedia, travel insurance is any product designed to cover the costs and losses, and reduce the risk associated with unexpected events you might incur while travelling.

Flight cover can help ensure that you never have to spend more on your trip for mishaps which can help wash away anxieties and worries. Getting protection against baggage loss, accident, delayed flights, terror attacks and even loss of travel documents by comparing plans with GoBear’s unbiased comparison tool will do the trick.

Q: What are the different types of travel insurance?

The most common types of travel insurance provided by trusted insurers are:

Single trip – A short-term plan that covers a specific trip usually commencing from, and returning to, Singapore. It refers to a policy that covers a traveller for single return trip. This is ideal for those who are not planning to travel frequently in a year.

Annual cover – This plan covers you or whomever you have insured on the plan for a year. It covers trips starting and ending in Singapore. This means you can travel within a region for up to 90 days per trip. However, you might want to check offers with your insurer because price depends on destination. In some cases, insurance coverage for trips in two or more Asian countries is cheaper with single trips compared to annual cover packages.

Individual plan – It covers just you or just one other person. This applies if you are buying the plan for someone else!

Family plan – Travel is more fun with family! This plan covers you, your husband or wife, and your kids. Some providers limit the amount of family members who can be on this plan.

Group Plan – If you are traveling in a group of five people or more, you can consider buying group travel insurance plan. This provides almost the same benefits as offered in individual plans yet at lower cost.

For most travellers, choosing the type of insurance plan might be a difficult one but knowing your destination and activities that go with the trip can help a lot in deciding.

Q: When should I purchase travel insurance?

Are you wondering when is the best time to buy a travel insurance plan? Are you confused whether to buy it before your trip or right after departing? Ideally, you can buy 30-60 days before your trip. You can also shop around by comparing travel insurance plans with GoBear to find better offers than the ones bundled with air tickets. Below are Papa Bear’s recommendations to maximise your insurance benefits.

Buy it before you need it – Most insurers suggest that comprehensive plans that include medical cover should be bought early on. It is not advisable for you to buy a cover right after you identify the need for medical attention. Buy ahead of time and provide full protection for your trip.

Same time as first payment is made – Right when you pay the flight fees, you should also purchase the cover which makes it easier for you to compute the total charges.

Close to the first payment – Your budget may have been set to pay for the flight alone but once your booking is done, try your best to buy your travel insurance plan right away

Q: What type of traveller am I?

Knowing what type of traveller you are can help in choosing the right kind of travel insurance plan that works best for your needs. Moreover, a traveller’s habits and activities can have a huge impact on insurance plan choice.

Some common types of travellers include:

Solo Travellers – People who travel alone for the entire trip are called solo travellers. They embark on a journey without the company of friends and family. Usually, they make acquaintances in every destination but leave and arrive home solitarily.

Family Travellers – These are the type of travellers who explore different destinations with their family with the most reliable travel insurance in Singapore. Whether they are with their parents or siblings, family travellers head to their next destination as one.

Long-Term Travellers – They are not staying out for less than a month. Long-term tourists actually plan out up to 90 days of travel usually hopping from one destination to another. Most of these tourists intend to get immersed on the culture and tradition of the place as they live the same way as locals do.

Business Travellers – These are people who travel with expenses paid by their company. Modern business travellers are composed of millennials sent by their company for business meetings and other corporate functions like trainings and seminars.

Thrill Seekers – These refer to people who travel for fun, adventure sports, leisure and entertainment. They either go for independent international trips whether to enjoy the best offers in the world or just to experience a unique kind of exploration.

Q: Why is travel cover important?

Travel insurance is deemed important because not everything always goes as planned. Here are a few of the many reasons why you need to get protected when travelling overseas:

Becoming easy prey

When you go to a foreign land, you become a potential target for pickpockets and people with not-so-pleasant intentions. Travel increases the chances for you to lose your wallet or any of your gadgets. You might even misplace your passport and other travel documents.

Unexpected health risks or Accidental Risks

Getting out of your comfort zone is more challenging to your health than staying within the coziness of your home. You could get injured by falling luggage while on your way to Canada or by a train getting derailed in India. Travelling gets you exposed to elements that might trigger some serious concerns. Great destinations may not have the same quality medication and care compared to what are offered in your home country. Travel insurance can save you from unexpected medical expense and even repatriation charges should you get involved in emergency medical or accidental situations needing assistance.

Problems back home

A family member may have fallen seriously ill that compels you to go back or cancel your trip. This is where flight cancellation or trip curtailment cover works best. You might have wanted to take that trip but situations at home can hinder you so it pays to get an insurance plan that takes care of refund or rebooking fees.

Terrorist threats

Political and social instability has led to terror threats and travel alerts. Paris, for instance, claims rebounding tourism considering terrorist attacks a few days before their presidential elections. Another concern is the prevalence of crime and violence. Most known destinations are experiencing growth in violent crimes which has been a worldwide concern for tourists. In April 2017, Australian travellers were kidnapped and robbed in Guatemala while a Toronto woman and her American beau went missing after enjoying some good burgers and drinksat Belize’s Crocodile Cove. Problematic locations are being identified by the government to release travel advisories for travellers.

The Singaporean passport is hailed as one of the world’s most powerful in terms of visa-free scores, equally powerful as the German passport. This opens your freedom to explore 122 destinations without a visa this year. However, greater freedom comes with larger risks. An insurance plan will alleviate your possibility of awful experiences entailed with the trip.

Isn’t it great to travel with power and protection at the same time? Hop on to that great Bali getaway or that breathtaking Australian Blue Mountain tour with peace of mind by getting a quote for a travel insurance plan.

Q: How do I make a travel Insurance claim?

Making a claim is not as complex as it sounds. Insurers have set clear guidelines for claiming refunds on charges and fees incurred during your travel that are covered by the policy. Remember, a claim is supposed to lighten the burden from baggage loss or cancelled holiday trip. Getting it acknowledged and approved is as helpful as reading the easy steps in claiming travel insurance refund below:

Beat the time limit

Insurers have set a time limit to notify them about your claim. Contacting them within thirty days after the incident is advised since there are other procedures to undergo and authorities to be involved.

Fill out the claims forms right

Provide accurate details when filling out the claims form from your insurer. Know what you are claiming for, there are different procedures that for the covers involved. Claiming for medical expense may need a process unique from claiming for trip cancellation.

Prepare your photos and documents

These are all considered as evidence for the claim. A picture of tampered passport due to accidents or receipts from a hospital where you have undergone treatment will support the validity of your claim. It may also help to get a letter from your airline stating the circumstance that may have led to the interruption of your travel.

Submit your claim within the allotted period

Submit your claim and get an acknowledgment receipt for it. Provide enough time for your insurer to review your submission. If you think it’s been a while and response is not on the way, contact your insurer and find out what causes the delay. They may need other supporting documents to pursue the process.

Prepare for an appeal

The insurer may have judged the circumstance differently and you need to make an appeal for consideration of your claim. Try hard to search for other information and proof to make your claims better.

Travel insurance policies vary from one insurer to another. It helps to compare insurers with GoBear to land in the hands of reliable insurance companies that sort out the complexities of the claims process.

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