New Zealand’s Delta Insurance has become the first cyber and technology Lloyd’s of London coverholder in Asia, following the launch of Delta Insurance Singapore.
The launch is the company’s first overseas office in Singapore, and is part of the company’s broader, strategic expansion plans.
Ian Pollard, Managing Director of Delta International, said; “Singapore provides an operating environment where Delta’s business methodologies, that have proven to be so disruptive in New Zealand, are easily transferrable.”
In New Zealand, Delta is approaching 7,000 clients, and experiencing growth revenue of 250% this year alone. The company’s Singapore unit will look to work with fintech companies, SMEs, start-ups, technology companies and corporates in the region, in order to capitalise on Asia’s growing cyber space.
“In Singapore, we will introduce technology solutions that provide a level of service not experienced in the market to date. Our technology will streamline processes, reducing the time taken for application submission, quotation and policy issuance from the current industry timeframe of typically one month to within 24 hours for Delta clients.
“As our work in New Zealand with the National Cyber Policy Office and Connect Smart has helped shape and improve New Zealand’s cyber security framework, particularly for business, we see Delta undertaking a similar role in Singapore,” said Pollard.
According to reports, the Asia-Pacific is set to be one of the fastest growing areas for cyber insurance, expected to grow from roughly $50 million today, to $500 million by 2025. Furthermore, cybercrime is reportedly the “second most prevalent economic crime in Singapore,” according to industry reports.
Pollard, continued; “With a passion for technology, Delta Insurance Singapore is a founding member of the upcoming InsureTech Asia Association and Delta Insurance New Zealand is a founding member of Fintech NZ. We help firms to protect themselves from areas of risk – cyber, financial and professional – that the fast-growing innovation and start-up ecosystem in New Zealand and Singapore is facing.
“Our Singapore office will work with brokers and insurance agents initially, with an aim to expand to other distribution networks to provide its risk protection products. Another innovative approach is our cyber risk management package – the most comprehensive cyber security insurance product available in Asia, providing a complete solution across the full spectrum of cyber risks – before, during and after any cyber incident.”
As well as global expansion, Delta Insurance also plans to expand in New Zealand with the opening of a new Christchurch office during the third-quarter of 2017.
“Crucial in the successful launch of both the Singapore and Christchurch offices is having the right people at the helm, who are committed to Delta’s ethos to disrupt and innovate the insurance sector, such as Eugene Cheong, who has been appointed Managing Director of Delta Insurance Singapore. With these people as part of our team we look forward to taking our disruptive model further afield,” concluded Pollard.