SINGAPORE (Sept 17): A veteran of the life insurance industry, Walter de Oude has developed some pet peeves about the business. For one, he thinks that kitsch advertising has affected consumer trust. “Most life insurance companies in the past showed you advertising with happy people throwing babies in the air, or old people holding hands and walking down the beach,” he says. “Insurance companies have traditionally portrayed themselves as being able to offer happiness or longevity, which, in fact, everyone knows is bullshit.”

Trained as an actuary, de Oude spent seven years in HSBC Insurance (Singapore), climbing the ranks to become its CEO in 2010. But after four years in the top job, he left to set up digital life insurer Singapore Life, which started operations in October last year. De Oude serves as its CEO.

It is a bold move, especially in an industry with high barriers to entry. Singapore Life is the first local direct life insurer to be fully licensed since 1970. De Oude adds that he passed on more comfortable career prospects.

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