Singapore and other markets in emerging Asia are set to lead global insurance growth in the next decade, with premiums projected to grow at least 9% – three times as fast than the world average of 3% – over the next two years, according to a recent report by reinsurance provider Swiss Re Institute.

“The landscape we know is changing fast – but it’s actually changing faster (than what we think),” was what Walter de Oude, CEO of five-year-old fintech startup Singapore Life, observed at the recent Oracle OpenWorld Asia event held at Singapore’s Marina Bay Sands.

As Singapore’s first local life insurance company to be licensed by the Monetary Authority of Singapore in 47 years, the insurtech firm – which marked its 2017 launch with a bold campaign showing women giving birth live on camera – is currently the market leader for direct-to-customer life insurance in Singapore.

Plus, it is already in the green: “For a life insurance company to actually be profitable in the first year is a phenomenal achievement for us,” claimed the former CEO of HSBC’s insurance business in Singapore.