Digital Acceleration Grant - General Insurance and Life Insurance Agencies of Licensed Financial Advisers or Licensed Life Insurers

For MAS-licensed FIs and SFA-certified FinTechs, please click here.

As announced on 30 April 2021, Singapore-based Life Insurance and General Insurance agencies with less than 200 appointed representatives and employees will be eligible to apply for the Digital Acceleration Grant from 1 October 2021 to 31 December 2021.

 

Scheme Parameters

1. Institution Project

To support Life Insurance and General Insurance agencies to adopt digital solutions.

 Grant criteria Details 
Applicant Eligibility
  • Life Insurance and General Insurance agencies with not more than 200 appointed representatives/ agents and employees
  • Life Insurance agencies must submit their DAG applications through the main insurer (“sponsoring FI”)
  • General Insurance agencies must be registered with ACRA for at least 6 months prior to application date, and be registered with the Agents' Registration Board (ARB)
  • MAS-licensed FIs and SFA-certified FinTechs, please click here
Project Eligibility

 Qualifying solutions must:

  • be in use between 1 April 2021 and 31 December 2021 for at least 6 consecutive months in Singapore before time of application; 
  • contribute to improvements in productivity, efficiency, risk management, operational resilience, or customer service;
  • belong to any of the categories listed below;
  • not be built from scratch; and
  • not a hardware.

The categories of solutions supported are:

  • Cloud services;
  • Communication and collaboration tools;
  • Compliance & KYC tools (including transaction monitoring tools);
  • Customer relationship and engagement tools (including digital customer onboarding, excluding fees for web domains);
  • Data-related services (including data warehousing, data automation, data analytics);
  • Enterprise services (including HR and accounting systems, excluding email services and internet connectivity fees);
  • Marketing productivity tools (including customer sensing tools, insights generation, excluding advertising and SEO expenses);
  • Office productivity tools (excluding basic software for individual uses e.g., Microsoft Office, Windows Operating System);
  • Project management, development and testing tools;
  • Security-related solutions (excluding anti-virus software for individual laptop / desktop use, firewalls and switch ports, and VPN tokens); and
  • Digital solutions / software to support alternative working arrangements, operational resilience and BCP. 
Funding Support

80% co-funding of qualifying expenses listed below, capped at $120,000 per entity, for the duration of the scheme:

  • Digital solution / software, including licenses and subscription costs; and
  • Professional services tied to the adoption of the digital solution (e.g., training, installation)

Life Insurance (LI) and General Insurance (GI) agencies can claim for qualifying expenses incurred from 1 April 2021. Applications must be submitted by 31 December 2021.

 

The funding period is minimum of 6 months.

How to Apply

LI agencies
If the solution intended for claim can be found in the General Solutions List, (425.4 KB) your solution is qualified for DAG co-funding. Please fill and submit this General Solutions application form (LI) (267.4 KB) to DAG_LI@mas.gov.sg at the end of your funding period.

 

If the solution intended for claim can not be found in the above list, please submit a proposal and description of the intended solution to DAG_LI@mas.gov.sg   for an in-principle approval (IPA). Once you have received an IPA, please fill and submit this Non-General Solutions application form (LI) (265.7 KB) to DAG_LI@mas.gov.sg at the end of your funding period.


GI agencies

If the solution intended for claim can be found in the General Solutions List (425.4 KB), your solution is qualified for DAG co-funding. Please fill and submit this General Solutions application form (GI) (254.5 KB) to DAG_GI@mas.gov.sg  at the end of your funding period.

 

If the solution intended for claim can not be found in the above list, please submit a proposal and description of the intended solution to DAG_GI@mas.gov.sg for an in-principle approval (IPA). Once you have received an IPA, please fill and submit this Non-General Solutions application form (GI) (252.9 KB) to DAG_GI@mas.gov.sg   at the end of your funding period.

 

Note for LI and GI agencies:

1. All solutions must be used for at least 6 months before the submission of your application form. Funding will be done on a reimbursement basis. 

2. For Non-General Solutions, insurance agencies must submit their proposal for an in-principle approval by 4 June 2021.

3. Please refer to FAQ and flowcharts below for more information.