Japanese insurer Sumitomo Life Insurance Company has acquired a 25% stake in insurtech firm Singapore Life in deal worth JPY10bn ($90m).
Licensed by the Monetary Authority of Singapore, Singapore Life provides term insurance, universal life, critical illness and endowment plans through direct and third-party channels.
The Singaporean insurer intends to invest the fund to launch new business lines and product verticals to further boost its leadership position in the region.
Sumitomo Life Insurance Company president and CEO Masahiro Hashimoto said: “We are currently conducting studies in the possible provision of new digital services – mainly at the “Sumitomo Life Digital Innovation Labs” launched in Tokyo and Silicon Valley in early 2018.
“By investing in Singapore Life, which has in-depth expertise and know-how in utilizing technology, we aim to strengthen our ability in gathering information on the latest trends in Singapore where insurtech is flourishing; as well as the application of technology to actual business operations in order to improve customer ease and achieve greater management efficiency.”
Singapore Life has till now raised a total $153m in funding.
In January, Aberdeen acquired certain minority stake in Singapore Life worth $13m. Ion Pacific, a Hong Kong-based asset manager invested $7.3m in Singaporean insurtech in May.