New Zealand's Delta Insurance has opened for business in Singapore as its first ever technology and financial lines coverholder for specialist insurance market Lloyd's.
Delta Insurance is the only New Zealand-owned underwriting agency to operate on the ground in Singapore.
The agency is fast approaching 7,000 clients in New Zealand with 250% growth in revenue this year.
Delta specialises in cybersecurity, technology risk, professional and management liability, as well as drone insurance, and has disrupted the New Zealand insurance landscape by providing companies with the flexibility and protection needed in a fast-changing world.
Ian Pollard, Delta director says Delta Insurance Singapore aims to work with fintechs, startups, SMEs, technology firms and corporates, especially given its expertise in specialist insurance classes.
“We founded Delta Insurance to bring change to the New Zealand insurance industry," says Pollard.
"We work closely with the National Cyber Policy Office and Connect Smart in New Zealand to shape and improve the New Zealand cyber security framework, particularly for businesses."
Pollard says Delta helps firms to protect themselves from areas of risk – cyber, financial and professional – that the fast-growing innovation and startup ecosystem in New Zealand and Singapore is facing.
“Insurance is traditionally a time and process-driven industry.
"Delta Insurance Singapore wants to change the industry dynamic using technology solutions to streamline processes, reducing the time taken for application submission, quotation and policy issuance from what is now typically a one-month timeframe to within 24 hours of going on risk.
“The firm will work with brokers and insurance agents initially, with an aim to expand to other distribution networks to provide its risk protection products," Pollard says.
“Our business planning anticipates that Singapore and Asia Pacific will be one of the fastest growing regions for cyber insurance, increasing from around $US50 million today to $US500 million by 2025,” Pollard says.
Cybercrime is now the second most prevalent economic crime in Singapore, with 43% of companies impacted and costing Singapore more than $SG1.25 billion annually.
“We have also contributed to an Organisation for Economic Co-operation and Development (OECD) report Supporting An Effective Cyber Insurance Market, presented to the recent G7 Finance Ministers and Central Bank Governors meeting,” Pollard says.