About Delta Insurance
Delta Insurance Singapore is the only locally managed insurance tech underwriting firm with local ownership in Singapore. We are an innovative disruptor in the insurance market who creates value for our customers, i.e. best coverage at a low cost, ease of transaction using technology, innovative products and services, and much more (https://deltainsurance.sg/news/).
We are the first Financial Lines Lloyd’s Coverholder in Singapore and the first to offer a proprietary online quoting platform (https://www.deltadigital.sg/) for users to have instant access to the complex Cyber, Professional Liability, and Management Liability insurance products. Our Technology Platform also provides a one-stop solution for users to instantly obtain the policy wording, coverage highlights, user dashboard to view all their clients’ quote, general coverage comparison, and many more.
Here is an interview with Eugene Cheong, Managing Director of DELTA Singapore, as we asked him five burning questions.
Delta is the first MGA on the Lloyds platform in Asia, can you please share with us some insights about your model?
Eugene Cheong: We are a Lloyd’s Coverholder which means a company authorised by a managing agent, for our case Allied World Lloyd’s Syndicate 2232, to enter into a contract or contracts of insurance to be underwritten by the syndicate managed by it in accordance with the terms of a binding authority.
Lloyds is known to be as traditional as it gets in insurance, how is it like to be a startup that uses Lloyds platform?
Eugene Cheong: Being a Lloyd’s Coverholder allows us to gain access to Lloyd’s strong brand, security and ratings, as well as access to experienced Underwriters which then allows us to offer a wider range of specialist classes of insurance underwritten at Lloyd’s.
Delta’s founding team all came from AIG, how was it like to go from a big organization to becoming a startup in a flash?
Eugene Cheong: We have a vision and as a startup, we have greater flexibility to create this vision and strategy from ground up. A startup is more nimble and is able to implement innovative ideas much quicker without having to face the corporate bureaucracy that often exists in MNCs. We are able to create a unique culture that permits open-ended approach towards challenges and also empowering our team that is cross-functional. In the traditional MNC setting, most frequently, employees are often focused on adhering to proven processes in an established system and they play a smaller part in the MNC’s overall ecosystem.
What are some of the most exciting things to date that Delta Insurance Singapore has done when it comes to innovation?
Eugene Cheong: Despite having market leading Cyber, Technology and Professional Indemnity insurance products, we are already developing version 2 to be ahead of the market. We have established strong cyber crisis management approaches that has been tested to help our clients. We have developed a proprietary online platform, www.deltadigital.sg, for our users to get instant quotes for the complex insurance products like Cyber, Professional Indemnity and Management Liability insurances.
Any parting thoughts about InsurTech and predictions of how you think general insurance industry will change in 2018?
Eugene Cheong: There will be greater adoption of technology by insurance companies as customers seek more digital touch points for convenience and enhanced user experience.