"Too many safe drivers paying too much": DirectAsia.com CEO Interviewed by AsiaOne
An AsiaOne documentary looks at DirectAsia.com’s success in the Singaporean insurance market, and examines how it has become a significant player in the industry with its unique online model – just one and half years after it launched.
CEO Simon Birch explained what sets DirectAsia.com apart from other insurers.
“Selling online allows us to cut out the agent, and by cutting out the middleman, it means we don’t have to pay commission – and commission can still be very high in Singapore.
“For example, in travel insurance it can be up to 40 per cent. So, by not paying commission we are able to pass on much of those savings to our customers.”
Simon also explained that by selling insurance online, customers can get a quote, buy a policy and print a certificate, from the comfort of their own home – whenever they wish.
Security “Number One Priority”
On the crucial issue of how customers’ details are protected, Simon said,
“We’ve spent a huge amount of time and money to ensure our website meets world class standards both in terms of the security system and the practices that we have in place.
“We are licenced by the Monetary Authority of Singapore, we’re well capitalised, and we have re-insurance support from some of the best re-insurance companies in the world.”
Cheapest Car Insurance in Singapore?
Simon also talked about one of DirectAsia.com’s flagship promotions, its Best Price Guarantee. Designed for motorists and motorcyclists, the ‘BPG’ offer is, says the CEO, for safe drivers,
We believe in Singapore there are too many safe drivers paying too much for their car insurance.
We’re so confident that we offer the best price for safe drivers in Singapore, that if you’re able to find a better price from another insurance company in Singapore, we’ll not just refund the difference between that company’s price and our company’s price – we’ll reimburse double the difference.”
Does DirectAsia.com Cover Modified Cars?
Simon explained that so long as a car is LTA approved, vehicles with modifications are covered by DirectAsia.com’s policies.
“We’re asked this question quite a lot,” explained Simon,“and we always recommend that customers who have modified their cars take a look at our FAQs on the website for full information.”
4 Types of Insurance
The CEO also talked about the insurer’s current range of products.
“At present we offer…car insurance, motorcycle insurance, travel insurance and term life insurance.”
5% of The Private Car Market in Singapore?
With 3 per cent of the private car market already achieved by DirectAsia.com, Simon talked about the company's ambitions to expand further.
Expansion into Hong Kong and Thailand
In this interview the CEO also highlighted the firm’s Hong Kong website, which at the time of recording was not yet launched. At the present time the DirectAsia.com Hong Kong website has been up and running for some months.
DirectAsia.com also launched its Thailand website on the 1st of August, 2013.