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]

On September 2023, it was announced that Hiscox agreed on the sale of DirectAsia to Ignite (Roojai) pending regulatory approvals. DirectAsia Thailand will be merged into Roojai Thailand, while DirectAsia Singapore will continue to use the current branding. Roojai has plans to expand to other Asia countries.[ citation needed ]

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]

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References

  1. ↑ Ben-Hutta, Avi (14 October 2018). "DirectAsia Partners with Singtel". Coverager - Insurance news and insights. Retrieved 20 March 2023.
  2. ↑ "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. 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.
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