Singaporean fintech companies Insurance Market and My-Insurer have reached an agreement to merge their operations.

Under the terms of deal, Insurance Market- an online broker and comparison web portal – will combine operations with the life insurance business of My-Insurer.

The surviving entity will trade under the brand name Insurance Market Life. It will offer services through completely independent financial advisers.

These independent advisers, according to the companies, will have all the digital tools to generate leads, add new customers, and serve existing ones.

Insurance Market CEO Otbert de Jong said: “The future of insurance is to provide an optimal way of distributing products. One that focuses on quality of service and the desire to bring the focus back onto the customer through a mix of digitisation and the traditional advisory approach.”

“Complex insurance is relational and not transactional. We believe insurance advisory is and will remain mainly done face to face. Our platform will support that vision. We will make easy for advisors to prospect, analyse, understand and transact with their customers.

“By being part of our team, Advisors will have the opportunity to advise their clients better and easier without the pressure of having to reach production targets.”

My-Insurer CEO Matthias de Ferrieres will manage the new business.

De Ferrieres said: “We have found that for simple products it is efficient to use an online market place. However, to explain health and life insurance, education and personalized advice through face to face engagement is still what many customers are looking for. So, we provide both.”