Yesterday we were excited to launch our first overseas office in Singapore. The move is part of our broader business strategy to grow globally.
Singapore was a natural next step for us due to its position as a global centre of finance, commerce and technology. There are similarities with the New Zealand Fintech and Technology industries and we believe there will also be other regional opportunities for us, using Singapore as a base. We are the first Cyber and Technology Lloyd’s Coverholder in Asia, which we think is a timely move as Singapore’s drive towards a digital economy increases the value and importance of data.
“Singapore provides an operating environment where Delta’s business methodologies, that have proven to be so disruptive in New Zealand, are easily transferrable”, says Ian Pollard, Managing Director of Delta International. Delta is fast approaching 7,000 clients in New Zealand and is experiencing 250 percent growth in revenue this year alone.
“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.
Asia Pacific will be one of the fastest growing regions for Cyber Insurance, increasing from around USD50 million today to USD500 million by 2025 .
Cybercrime is now the second most prevalent economic crime in Singapore, with 43 per cent of companies impacted and costing Singapore more than SGD1.25 billion annually .
Ian says Delta Insurance Singapore aims to work with fintechs, start-ups, SMEs, technology firms and corporates, especially given its expertise in specialist insurance classes. “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.
Delta Insurance has also committed to further expansion in New Zealand with plans to open in Christchurch in Q3 2017 to strengthen the South Island arm of the business.
“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.”
 Economic crime remains an obstinate threat in Singapore, https://www.pwc.com/sg/en/consulting/assets/economic-crime-survey/economic_crime_survey_2016_singapore.pdf
 Report: Cyber crime costs Singapore an estimated S$1.25bn annually https://www.techgoondu.com/2014/06/11/report-cyber-crime-costs-singapore-an-estimated-s1-25bn-annually/