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Shenton Brokers Forms Partnerships With 22 Insurance Companies

SINGAPORE, Nov. 14, 2019 /PRNewswire/ -- Shenton Brokers, Singapore's first commission-free insurance portal has expanded its line of products and formed partnerships with 22 insurance and reinsurance companies, to provide consumers with online access to a wider range of insurance coverage.

Shenton Brokers has partnered with insurance companies, including AXA, MSIG, QBE, Liberty, ERGO, AIG, Tokio Marine, UOI and more. The partnerships with insurance companies will continue to diversify the portal's product offerings, and together with reinsurance partners the company plans to reinsure the portfolio of risks.

Launched in June 2019, Shenton Brokers has experienced 100% month-on-month growth, with the highest customer satisfaction from users who purchased on the portal.

Products launched so far include travel, home, maid, personal accident and pet insurance, with plans to roll out motor insurance in the first quarter of 2020.

Shenton Brokers leverages new technology and a better understanding of consumer expectations to increase efficiencies in the insurance industry. To boost the customer experience, Shenton Brokers deploy chatbots and virtual assistants to engage with policyholders, and robotic process automation (RPA) to automate manual data extraction, entry and processing tasks.

Employing AI tools and robotic technologies, Shenton Brokers is on track to expand their insurtech services. Currently, the products and services mostly target retail customers, and the company will soon include insurance offerings for the small business sector.

Dr. Vivien Chua, CTO of Shenton Brokers said, "We are excited to partner with insurance and reinsurance providers, and provide convenience and flexibility to our customers to buy insurance products online. The insurance industry is lagging 3-5 years on a digital maturity curve. With these partnerships, we are well-positioned to facilitate a digital transformation in the insurance business"

Learn about products and services through Shenton Brokers at https://shentonbrokers.com.sg/

Photo - https://photos.prnasia.com/prnh/20191107/2635588-1

Shenton Brokers ties up with 22 insurers

Shenton Brokers has revealed an expanded product line after partnering with 22 insurance and reinsurance companies.

According to a statement by Shenton, partners include AXA, MSIG, QBE, Liberty, ERGO, AIGTokio Marine, and UOI. It said that the partnerships will diversify its product offerings, and, together with reinsurance partners, the company plans to reinsure a portfolio of risks.

Claiming to be Singapore’s first commission-free insurance portal, the company was launched in June 2019 and opened its online portal in August. Since then, it has experienced 100% month-on-month growth.

Products launched so far include travel, home, maid, personal accident and pet insurance, with plans to roll out motor insurance in the first quarter of 2020, it said.

“We are excited to partner with insurance and reinsurance providers, and provide convenience and flexibility to our customers to buy insurance products online,” said Dr Vivien Chua, chief technology officer of Shenton Brokers. “The insurance industry is lagging three to five years on a digital maturity curve. With these partnerships, we are well-positioned to facilitate a digital transformation in the insurance business.”

Shenton Brokers launches online portal

Shenton Brokers, a Singapore-based provider of direct insurance and reinsurance broking services, has launched its online portal to serve its online and SME clients.

In a statement by the company, it said that the online portal is targeted at younger and more tech-savvy customers, who are looking for 24/7 self-serve tools and do not want to pay for the added service of insurance agents.

The platform applies robotics process automation (RPA), together with optical character recognition (OCR) and natural language process (NLP) technology to facilitate manual data extraction, entry, and processing tasks.

 A typical search will display 15 to 30 policies from various insurers. Once a customer comes on board, they can access their policy, request changes, and file claims using their Shenton Brokers account, the statement added.

According to Shenton Brokers, a mobile app is under development to complement this browser-based service.

“We created a business model that simplifies the entire process of buying insurance – from comparing quotes to buying a policy,” said Vivien Chua, chief technology officer of Shenton Brokers. “Using technology, we are able to pass the cost-savings readily to the customer so that they do not need to pay the commissions that the insurance industry is known for.”

Shenton Brokers Launches Commission-Free Insurance Portal 

SINGAPORE, Aug. 23, 2019 /PRNewswire/ -- Shenton Brokers, licensed by the Monetary Authority of Singapore (MAS) to sell general insurance products, announced the launch of its online portal to provide a fast and convenient way for individuals and SMEs to get customized service, compare and buy commission-free insurance products online. The online portal could democratize the insurance industry, where commissions are paid to intermediaries.

Shenton Brokers learns about the customer's needs and matches coverage with insurer's appetite for the best price; all with just a few taps at no extra cost. This attracts millennials who are looking for 24/7 self-serve tools and do not want to pay for the added service of insurance agents. A typical search will display 15 to 30 policies from various insurers. Once a customer comes on board, they can access their policy, request changes and file claims on their own secure Shenton Broker's account. A mobile app for smartphones and tablets is under development, so that customers can view their policy and file claims conveniently anytime.

Using automation and artificial intelligence, Shenton Brokers is playing a leading role in transforming the insurance industry, with proprietary technology that passes cost-savings to the consumer. Robotics process automation (RPA) is applied, together with optical character recognition (OCR) and natural language process (NLP) solutions for manual data extraction, entry and processing tasks. RPA is also used to facilitate connectivity with insurance companies, which was previously hampered by the legacy systems of established insurers and the investment cost that replacing such systems would involve. By automating manual work, digital brokers can reduce the effort and time spent on non-value added tasks, and pass the savings to the customer.

"Digital transformation in the insurance industry has been long overdue. Customers are hungry for an online platform that can help them save time and money. We created a business model that simplifies the entire process of buying insurance - from comparing quotes to buying a policy. Using technology, we are able to pass the cost-savings readily to the customer so that they do not need to pay the commissions that the insurance industry is known for," said Dr. Vivien Chua, Chief Technology Officer of Shenton Brokers.

 

Technology has already democratized publishing, investing, and more industries. Now Shenton Brokers wants to bring the change to the insurance industry.

About Shenton Brokers

Shenton Brokers makes it easy for customers to compare and buy the insurance policies that best fit their needs and circumstances; all at the most competitive price. Licensed by the Monetary Authority of Singapore (MAS), we are the first online insurance broker to introduce technology that brings transparency and savings for the consumer to the insurance industry.

We specially curated a digital platform that generates customized, direct and transparent insurance solutions. Our team of highly experienced industry professionals employ powerful automated algorithms to deliver a quote in under 60 seconds.