Are you an insurance executive looking to stay ahead of the curve in Singapore’s fintech sector? The KPMG Pulse of Fintech H2'23 report reveals that AI fintech funding in Singapore skyrocketed to an impressive US$333.13 million in H2'23, marking a significant 77 percent increase from the US$148.08 million recorded in H1'23. This culminates in a total AI sector investment of US$481.21 million across 24 deals in 2023 in Singapore. Amidst this AI funding boom, companies have been rapidly innovating and launching AI-driven products to secure a competitive advantage.

Here are five steps to leverage AI funding in Singapore’s fintech sector:

1. Identify AI-driven products that can enhance your insurance offerings. With AI funding on the rise, there are plenty of innovative products to choose from. For example, AI-powered chatbots can improve customer service, while AI-driven risk models can enhance underwriting accuracy.

2. Partner with fintech firms that specialize in AI. Many financial institutions and fintech firms worldwide have chosen to harness the power of AI through strategic alliances and product expenditure, rather than direct investment, throughout 2023. By partnering with these firms, you can access cutting-edge AI technology without having to invest in it directly.

3. Embrace proptech and ESG fintech. These sectors saw significant growth in 2023, and investors embraced AI-focused fintechs—which helped particularly in the last six months. By incorporating proptech and ESG fintech into your insurance offerings, you can tap into this growth and attract socially conscious customers.

4. Focus on profitability. While there were still good deals to be had, investors were definitely sharpening their pencils—enhancing their focus on profitability. By prioritizing profitability in your insurance offerings, you can attract investors and secure funding.

5. Leverage Riskwolf’s parametric insurance solutions. With Riskwolf, you can turn real-time data into insurance. Using unique real-time data and dynamic risk modelling, we enable insurers to build and operate parametric insurance at scale. Simple. Reliable. Fast. By leveraging Riskwolf’s solutions, you can stay ahead of the curve in Singapore’s fintech sector and attract investors.

In conclusion, Singapore’s fintech sector has witnessed an extraordinary surge in funding for artificial intelligence (AI) technologies, despite a global downturn in fintech investments. By following these five steps, insurance executives can leverage AI funding in Singapore’s fintech sector and stay ahead of the curve. Don’t miss out on this opportunity to innovate and attract investors.

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