DirectAsia

Last updated

DirectAsia
IndustryInsurance
Founded2010
FounderSimon Birch
Headquarters
Singapore
Website https://www.directasia.com/

DirectAsia is a Singapore-based motor and travel insurance provider. [1] [2]

Contents

History

DirectAsia was founded in Singapore in 2010 and launched in Hong Kong in 2012 and in Thailand in 2013. [3] [4] During 2013, DirectAsia had gross written premiums of $25.3 million. [5]

In 2014, DirectAsia was acquired by Hiscox Insurance to commit further to serving customers in Asia. Hiscox has reached a $55 million agreement with Whittington Group. DirectAsia was Hiscox's first business in Asia and built on its other direct-to-consumer operations in Europe and the US. [6] [7]

Simon Birch, the former managing director of Direct Asia, left that business in July 2015 following its acquisition by Hiscox. [8] [9] [ better source needed ] In March 2016, Hiscox group agreed to sell the Hong Kong division of DirectAsia business to WellLink. [10] In October 2016, DirectAsia Group was announced as an Official Partner of Leicester City Football Club for the 2016/17 season. [11] [12] [13] In October 2018, DirectAsia partnered with Prudential Singapore. [14] [15]

Investigation

In 2021, DirectAsia and 11 other insurance companies became victims of fraud by a Singaporean woman Wendy Tan Phaik Sim. She's defrauding 12 insurers of SG$30,900 through numerous false travel insurance claims for delayed baggage, despite not going on holidays. [16]

Related Research Articles

Pacific Century Group (PCG), chaired by Richard Li, is an Asia-based private investment group founded in 1993 with interests in technology, media and telecommunications, financial services, infrastructure, property and other investments. It operates mainly in the Asia-Pacific region, including Singapore, Hong Kong and Japan.

<span class="mw-page-title-main">Prudential plc</span> British multinational life insurance and financial services company

Prudential plc is a British-domiciled multinational insurance and asset management company headquartered in London and Hong Kong. It was founded in London in May 1848 to provide loans to professional and working people.

<span class="mw-page-title-main">Sun Life Financial</span> Canadian insurance company

Sun Life Financial Inc. is a Canadian financial services company. It is primarily known as a life insurance company.

<span class="mw-page-title-main">Axa</span> French multinational insurance firm

Axa S.A. is a French multinational insurance corporation headquartered in the 8th arrondissement of Paris. It also provides investment management and other financial services via its subsidiaries. As of 2023, it is the largest financial services company by revenue in France, and the 4th largest French company.

<span class="mw-page-title-main">RSA Insurance Group</span> British multinational general insurance company

RSA Insurance Group Limited is a British multinational general insurance company headquartered in London, England. RSA has major operations in the United Kingdom, Ireland, Scandinavia and Canada. It provides insurance products and services in more than 100 countries through a network of local partners. It has 9 million customers. RSA was formed by the merger of Sun Alliance and Royal Insurance in 1996.

HSBC Bank Bermuda Limited, previously the Bank of Bermuda Limited, is a financial services company in Bermuda providing retail and corporate banking, investment, custody and fund administration services to international and local clients. In 2004 the HSBC Group acquired the Bank of Bermuda, which has since become a focus for certain fund management and private banking activities. The bank sold much of its Cayman operations in 2014, and disposed its private banking operations at the end of April 2016. The three remaining divisions are retail banking wealth management, commercial banking and global banking and markets. These three businesses represent over 90% of total revenues.

BGL Group is a financial services company based in Orton Southgate, Peterborough, England. Its main lines of business are vehicle and home insurance, with a range of supplementary products such as breakdown cover, legal protection and personal accident cover.

<span class="mw-page-title-main">AIA Group</span> Hong Kong-based multinational insurance and finance company

AIA Group Limited, often known as AIA, is an American-Hong Kong–based multinational insurance and finance corporation. It is the largest publicly traded life insurance group in the Asia-Pacific region. It offers insurance and financial services, writing life insurance for individuals and businesses, as well as accident and health insurance, and offers retirement planning, and wealth management services, variable contracts, investments and securities.

Mishcon de Reya LLP is a British international law firm with offices in London, Cambridge, Oxford, Singapore, as well as an association with Karas So LLP in Hong Kong. Founded in 1937, it employs more than 1450 people with over 650 lawyers. It is regarded by some as forming part of the "Silver Circle" of leading UK law firms.

<span class="mw-page-title-main">Hiscox</span> Anglo-Bermudan insurance provider

Hiscox Ltd. is an Anglo-Bermudan insurance provider, listed on the London Stock Exchange. An underwriter at Lloyd's of London, the company largely specialises in niche areas of the market, offering property and casualty insurance aimed at companies and high-net-worth individuals, as well as cover against such risks as hacking, kidnapping and satellite damage. The company is listed on the London Stock Exchange and is a constituent of the FTSE 100 Index.

<span class="mw-page-title-main">Bupa</span> Company that offers health insurance and healthcare services.

British United Provident Association Limited, trading as Bupa, is a British multinational health insurance and healthcare company with over 43 million customers worldwide.

Helvetia is an international insurance group that exists since 1858. The group of companies has been organised in a holding structure since 1996. The head office of Helvetia Group is located in St. Gallen, Switzerland.

<span class="mw-page-title-main">Tower Insurance</span> New Zealand insurance company

Tower is a New Zealand-based insurance company that provides car, home, contents, business, boat, pet, travel and other general insurance.

<span class="mw-page-title-main">Cover-More</span> Travel insurance company

Cover-More Group is a global travel insurance, medical and security assistance provider headquartered in Sydney, Australia. The group was acquired by Zurich Insurance Group in April 2017. The group also has leading market positions in Ireland, Latin America, New Zealand and the USA where Cover-More owns Travelex Insurance Services. The global group has more than 17 million customers and employs more than 1500 people. Cover-More has operations in 16 countries including Australia, New Zealand, the United Kingdom, Ireland, the USA, Canada, Brazil and Argentina.

Barry Stowe is an American business executive. He held senior positions at leading insurance companies, including Prudential plc and American International Group (AIG).

LeapFrog Investments is a South African-Australian private equity firm that invests in high-growth financial services, healthcare and climate solutions companies in emerging markets in Africa and Asia.

Robert Ralph Scrymgeour Hiscox is a British businessman, art collector, and philanthropist. He was chairman of Hiscox Ltd, a firm of Lloyd's of London underwriters, for 43 years until his retirement in 2013.

<span class="mw-page-title-main">ZhongAn</span>

ZhongAn Online P&C Insurance Co. Ltd. is a Chinese online-only insurance company. Founded in 2013, the company's headquarters are based in Shanghai, China. ZhongAn's chairman and executive director is Yaping Ou who is also an executive director. The company's CEO is Jin “Jeffrey” Chen but was initially co-founded by China's most notable business magnates- the chairmen of Chinese multinational conglomerates. This includes Alibaba’s Jack Ma, Tencent's Pony Ma and Ping An Insurance's Mingzhe Ma. Together, the three businessmen created the country’s first and largest insurance company to offer and sell products through the internet. There are five important areas of service that the company offers and sells; lifestyle consumption, consumer finance, health, auto and travel. In addition to insurance services, ZhongAn has established numerous subsidiaries such as ZhongAn International and ZhongAn Information and Technology Services and Co. As of January 2019, ZhongAn has a total market capitalization of HK$38.5 billion.

<span class="mw-page-title-main">FWD Group</span> Insurance company based in Hong Kong

FWD Group is an insurance company based in Hong Kong. Founded in 2013 as the insurance arm of Pacific Century Group, the company provides life and medical insurance, general insurance and employee benefits in Asia. As of 2021, the FWD managed approximately US$63 billion in assets. The company filed for its IPO in 2022 and refiled its Main Board listing application with the Hong Kong Stock Exchange on March 13, 2023.

Bowtie Life Insurance is an online insurance company based in Hong Kong.

References

  1. ↑ Ben-Hutta, Avi (14 October 2018). "DirectAsia Partners with Singtel". Coverager - Insurance news and insights. Retrieved 20 March 2023.
  2. ↑ Parpart, Erich (10 December 2018). "Virtually covered". Bangkok Post. Retrieved 20 March 2023.
  3. ↑ Stobbart, George (20 August 2013). "Pioneering Online Insurance Business DirectAsia.com Launches in Thailand". News Insurances. Retrieved 20 March 2023.
  4. ↑ "DirectAsia Insurance uses 'invisibility' metaphor to spotlight priceless memories formed in cars". Marketing-Interactive. 17 November 2021. Retrieved 20 March 2023.
  5. ↑ Durham, Captive Insurance Times reporter Stephen. "Hiscox acquires DirectAsia". captiveinsurancetimes.com. Retrieved 20 March 2023.
  6. ↑ Durham, Captive Insurance Times reporter Stephen. "Hiscox acquires DirectAsia". captiveinsurancetimes.com. Retrieved 20 March 2023.
  7. ↑ Gangcuangco, Terry. "Hiscox bounces back in latest financials". www.insurancebusinessmag.com. Retrieved 20 March 2023.
  8. ↑ Crearts. "Former Direct Asia managers launch Singapore insurtech firm with BGL parent". insurtechnews.com. Retrieved 20 March 2023.
  9. ↑ "Former Direct Asia management establish Singapore insurtech firm with BGL parent | | Eames Consulting". www.eamesconsulting.com. Retrieved 20 March 2023.
  10. ↑ "BRIEF-Hiscox to sell Hong kong division of DirectAsia to Well Link". Reuters. 10 March 2016. Retrieved 20 March 2023.
  11. ↑ "Project11 Renews Winning Partnership Between Leicester City and DirectAsia". Project11. 18 October 2017. Retrieved 20 March 2023.
  12. ↑ Ltd, Sportsglobal (UK) (7 August 2017). "Leicester City announce partnership renewal". Football Trade Directory. Retrieved 20 March 2023.
  13. ↑ "Leicester City's Asian growth ensures a second season with DirectAsia". Inside World Football. 4 August 2017. Retrieved 20 March 2023.
  14. ↑ Network, Asia Advisers. "Singapore: Prudential and DirectAsia announce exclusive strategic partnership". Asia Advisers Network. Retrieved 20 March 2023.
  15. ↑ Ben-Hutta, Shefi (9 November 2018). "DirectAsia & Prudential Assurance Are Exclusive". Coverager - Insurance news and insights. Retrieved 20 March 2023.
  16. ↑ Olano, Gabriel. "Singapore woman scams SG$30,900 from 12 insurers". www.insurancebusinessmag.com. Retrieved 20 March 2023.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.