Budget Direct Insurance is celebrating its seventh anniversary in Singapore, marking a significant period of growth and innovation in the digital insurance landscape of the country.
Simon Birch, the driving force behind Budget Direct and previously DirectAsia Insurance, has been instrumental in driving the digital transformation of insurance services in Singapore.
The journey began in 2005 when Birch launched DirectAsia, aiming to disrupt the traditional insurance industry by introducing a model that connected consumers directly with insurance products online. This move challenged the conventional norms of insurance distribution, which relied heavily on agent-based sales and complex processes.
Securing investment and partnering with the Whittington Group in 2006 allowed Birch to conduct extensive research into the potential of online insurance, laying the groundwork for DirectAsia.
Despite facing industry scepticism and practical obstacles, Birch’s vision materialized with the launch of DirectAsia in 2010, marking a significant milestone in the adoption of digital solutions in the insurance sector.
Birch’s entrepreneurial journey continued with the establishment of Budget Direct in Singapore in late 2016, following the acquisition of DirectAsia by the Hiscox Group in 2014. This new venture aimed to further disrupt the market by offering affordable insurance solutions directly to consumers.
The efforts of Budget Direct reflect a broader trend of digital transformation within the insurance industry, driven by a focus on efficiency, transparency, and customer-centricity.
Budget Direct’s commitment to customer satisfaction was recently recognized with an award from independent review platform Feefo, based on feedback from nearly 9,000 customers.
