Direct Asia is an MAS licensed Direct General Insurer based in Singapore. We are part of the Hiscox Group which is an international specialist insurance group headquartered in Bermuda and listed on the London Stock Exchange.
Business and Philosophy
At DirectAsia, our aim is to change the face of insurance in South East Asia by providing quality insurance products at affordable prices to customers. We want to offer our clients best-value insurance policies in new ways combined with excellent customer service. Our design was to depart from the traditional way of offering insurance by launching the online direct-to-customer business in 2010.
Today we are firmly established as one of Singapore's leading online insurers. Each year we continue to grow and find new ways to offer customers better choices on their insurance.
Our Key Products
Our current offering covers general insurance products for customer’s car, motorcycle and travel needs.
Key features of our Governance Framework
The Company’s corporate governance framework is established to meet regulatory requirements and ensure there is proper governance and oversight by the Directors over the operations, business affairs, internal controls, and risk management of the Company. The Board provides strategic direction to the Company. It is responsible for the long-term success of the Company and works with management to achieve this objective.
The following Board Committees assist the Board in executing its duties:
- Audit Committee
- Risk Management Committee
- Information Security Committee
The Board and Board Committees also monitor the operations, business affairs, internal controls and risk management of the companies within the Direct Asia Group.
Audit Committee ("AC")
The AC assists the Board in discharging its responsibilities to ensure the integrity of the Company’s financial statements. It reviews the adequacy and effectiveness of the Company’s external and internal audit functions. The AC also reviews the adequacy of the internal financial controls, operational and compliance controls, risk management policies and systems established by the management of Direct Asia
Risk Management Committee ("RMC")
The RMC assists the Board in carrying out its enterprise risk management oversight responsibilities including overseeing the establishment and operation of the risk management system and the adequacy of the risk management function of Direct Asia
Key Features of Management Controls
The CEO of Direct Asia, together with other Group functions form the Singapore Leadership Team ("SGLT").
The SGLT is responsible for the operations, strategies and business affairs of the Company as well as for establishing and maintaining adequate controls over its operations.
Direct Asia has established group-wide policies to ensure a consistent control framework is adopted across the Direct Asia group of companies. The Company leverages on these policies and adapts them for local implementation to ensure consistency and compliance with local regulatory requirements. Compliance with these established policies and procedures are measured and monitored through reporting from the business to the management committees to the Board and Board committees.
Independent oversight and assurance is provided through the Hiscox Internal Audit Department
Regulators are primarily interested in protecting the rights of policyholders and monitoring them closely to ensure that Direct Asia is satisfactorily managing its affairs for their benefit. At the same time, regulators are also interested in ensuring we maintain an appropriate solvency position to meet unforeseen liabilities arising from economic shocks or natural disasters.
The Company is subject to regulatory supervision by the Monetary Authority of Singapore
Last updated: 18 June 2020