Singapore Life (SingLife) has proved that it is easier for established insurance companies to embrace InsurTech to survive and thrive than it is for a start-up InsurTech to survive on its own. Founded in 2017 and following a couple of rounds of funding, Sumitomo Life Insurance gave SingLife a lifeline in the form of US$90 million in 2019, in exchange for a 25% stake. Other investors included Aberdeen Standard Investments, Aflac Incorporated and IPGL Holdings but that still was not enough.

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