SingSaver sees insurance as next frontier for consumer awareness

There’s a growing demand for travel, home, pet, and investment insurance.

Personal finance platform SingSaver will turn its focus on educating Singaporeans about insurance, after a decade of simplifying banking products for consumers, CEO Rohith Murthy said.

“I would like to believe we've done a reasonable job when it comes to banking [products],” he told Singapore Business Review. “Insurance is where we’ve just gotten started and we feel that in the next 10 years, insurance is where we have to educate the market.”

Insurance products for travel, home, and pets have grown in popularity among Singaporeans, Murthy, who is also head of MoneyHero Group, said in a Zoom interview.

Singapore’s home insurance market is expected to hit $1.5b by 2030, according to Dublin-based Research and Markets.
Market research platform Technavio forecasts a 10.24% annual increase for travel insurance from 2023 to 2028, while Market Data Forecast sees personal insurance rising 12.92% yearly from 2025 to 2033.

There’s also rising demand among Singaporeans for microinsurance products that allow partial coverage, as well as for protection of their investments and savings, Murthy said.

“Insurance is not a happy purchase,” he said. “You buy insurance and hope that you will never get to use it. Our first job is to make sure we educate the market so people are thinking about insurance.”

“They are not waiting for an event to happen, or a trigger to happen, for them to say, ‘Oh, now I need protection,’” he added.

“As soon as people think of insurance, we want to make the process of purchasing insurance as seamless as possible,” Murthy said. SingSaver wants to make buying insurance as easy as three simple clicks.

While insurance will be its key focus in the decade ahead, SingSaver would also work on improving its banking product space, the CEO said.

One area seeing strong momentum is credit cards, which Singaporeans are increasingly viewing not just as spending tools but also as a way to save — reflected in the growing interest in cashback and air mile cards. 

These products also let Singaporeans aspire for certain lifestyle needs without necessarily breaking the bank, Murthy said.

To help more users save using the right products, MoneyHero Group has introduced two platforms — Creatory in 2019 and Seedly in 2016 — to complement SingSaver and enable Singaporeans to achieve their financial goals.

Creatory brings together influencers, thought leaders, and content creators to make financial education more accessible. Seedly, which Murthy describes as the “Reddit of personal finance,” is a community platform where people can ask and answer questions about financial products.

“Personal finance is… boring,” he said. “Think about it, right? You don’t wake up in the middle of the night saying ‘Let’s look at the top credit cards,’”

“So how do you make personal finance content engaging? How do you get people to think about it? That’s something we’ve innovated on in the market through Creatory and Seedly,” he added.

Murthy said SingSaver wants to use artificial intelligence (AI) to deliver faster, more relevant responses.

“Whether it’s insurance, savings, or growing your money — when people have questions, they want answers right away,” he said.

“They want to know what steps to take next, and which product fits their needs.”

“With AI, we believe we can take the lead in this space and become the go-to platform for personal finance questions,” he added.