Singapore-based financial services company Singlife has launched the second edition of its in-house accelerator program, Singlife Connect.

The accelerator program supports and spurs the growth of promising insurtech and budding ecosystem enterprises, Singlife said in a statement on Wednesday.

According to the statement, Singlife Connect 2.0 is slated to support up to ten startups.

The program will focus on co-creating and co-launching novel embedded insurance solutions.

“Singlife believes in the power of ecosystem collaboration and the value it brings. We are certain that the benefits reaped extend beyond the parties involved,

“Singlife 2.0 will build upon the success of the first edition, with a commitment to scale it further, and launch co-curated and innovative solutions with participating startups,” said Varun Mittal, Head of Innovation and Ecosystem at Singlife.

The invitation is extended to all interested insurtech and ecosystem startups, who have a presence in or intend to enter Singapore, to participate in Singlife Connect 2.0.

Interested parties looking to join the program should be business to consumer (B2C)-focused, with direct distribution in Singapore.

They should also have propositions focused on gig workers, employee wellness, physical and mental wellness, and/or financial literacy.

It is noted that Singlife first edition, which was launched late last year, concluded in August 2023.

Five startups – GetPaid, Outside, Octomate, Mito and CHOYS – successfully graduated with live commercial propositions in the market.

“Outside envisions ourselves to be a one-stop app catering to the needs of on-demand gig workers, including provision of insurance coverage. Singlife Connect gave us the platform to bring this vision to life,

“Today, through our app, shift workers are covered by Singlife. We are proud to have launched an embedded insurance proposition together with Singlife,” said Nicholas Lim, Co-Founder and Chief Executive Officer at Outside.

Mitchell Goh, Chief Executive Officer and Co-Founder at GetPaid, said that at GetPaid, they believe in equipping their users with the tools and resources they need to take control of their financial wellbeing.

“We understand that users often experience financial stress due to unforeseen circumstances. With Singlife Connect, we are able to co-curate this proposition for our users, showcasing our joint commitment in promoting financial well- being and freedom for one and all in Singapore,” he added.

Singlife is a financial services company offering innovative, technology-enabled solutions and a wide range of products and services.

In addition to a comprehensive suite of insurance plans, employee benefits, partnerships with financial adviser channels and bancassurance, Singlife offers investment and advisory solutions through its Navigator platform.

It also offers the Singlife Account, a mobile-first insurance savings plan.

Singlife is the exclusive insurance provider for the Ministry of Defence, Ministry of Home Affairs and Public Officers Group Insurance Scheme.

It is also an official signatory of the United Nations Principles for Sustainable Insurance and the United Nations-supported Principles for Responsible Investment, affirming its commitment to finding a better way to sustainability.

First announced in September 2020 and valued at SGD 3.2 billion ($2.38 billion), the merger of Aviva Singapore and Singlife was the largest insurance deal in Singapore then and created one of the largest homegrown financial services companies in Singapore.

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