Buying Direct! 2015 could be one of the most significant year in Singapore’s financial service industry.

It is like when digital books and digital musics started, many traditional publishers and production companies never believed it would take off, and yet, here we are, the new era of digital media.

With the launch of Direct Purchase Insurance (DPI) and Singapore Savings Bond, are Singaporeans ready to embrace the new era of buying financial products direct?

AXA, one of the world’s largest insurers, and Singpost (our largest post office in Singapore ^_^) definitely thought so.

They have just announced that AXA is introducing its general insurance solutions in Singpost.

In fact, since July 2013, AXA has already entered an exclusive 10-year “postassurance” partnership with SingPost to sell life insurance in 34 post offices across Singapore, and now they are ambitious enough to put business insurance at Singpost as well
I had the privileged to be invited to the official launch of AXA@post yesterday. As much I enjoyed the sand art performance and the talk show by one of my favourite TV actress Janice Koh, I am convinced that direct insurance distribution channel is going to bring a face lift to the financial service industry.

With the rise of financial literacy in Singapore, people knows the important of insurance. In fact, insurance has becomes a “community service”, which is part and parcel of our lives.

What has changed is that people nowadays prefer instant services. AXA is clearly leveraging not only Singpost’s physical presence, but it’s established digital platform. How about using iPad to buy travel insurance when you are at Singpost and have your AXA RetireHappy policy documents delivered to your door step by Singpost courier.

What I like the most is AXA has found a niche, as AXA’s CEO Mrs Doina put it,

Simple product to serve consumers in a simple way

Does everybody need a comprehensive financial planning? Maybe sometimes people just want to buy what they want and move on. What do you think?