Delta Insurance, an Auckland-based ‘insur-tech’, has opened its first overseas office in Singapore, delivering Asia’s “first cyber and technology Lloyd’s coverholder,” the company announced.
Managing Director of Delta, Ian Pollard, said the expansion to Singapore, one of the largest fintech markets in the world, offers a natural second home for the NZ insurance industry disruptor.
“Singapore provides an operating environment where Delta’s business methodologies, that have proven to be so disruptive in New Zealand, are easily transferrable”, Pollard said.
Delta has established itself as a disruptive presence in New Zealand’s burgeoning fintech industry, specialising in once obscure niches such as technology risk, environment and pollution liability, cyber security, drone insurance, as well as more the standard fare products of professional and management liability insurance.
“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.”
According to Pollard, Delta has upwards of 7,000 clients in New Zealand, with expected revenue growth of 250 percent this year.
“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,” Pollard said.
The Singapore office provides ample opportunities to leverage Delta’s product offerings to one of the world’s most highly developed technology markets, the company said.
Cybercrime is now the second most prevalent economic crime in Singapore, according to a report by Washington-based think tank the Center for Strategic and International Studies (CSIS). Nearly half of all Singapore companies have been impacted by cybercrime, costing in excess of SG$1.25 billion (NZ$1.24 billion) annually.
Delta maintains a partnership with UK insurance underwriting syndicate, Lloyds, to service the New Zealand and Singapore markets.
