Introducing Pinfare, Travel-Inspired Lifestyle Insurance
Singapore-based Income has announced the launch of Pinfare , a travel-inspired lifestyle insurance by Digital Income, the company’s in-house Digital Transformation Office (DTO). The Idea: Coverage against airfare fluctuations; currently available for economy flights to six countries including Malaysia, Indonesia, Thailand, Vietnam, Philippines and Hong Kong.
Here’s How It Works: A user searches the Pinfare platform (powered by Skyscanner) to pin up to three sets of preferred flight itineraries at their respective prices. Once pinned, the flight itineraries are insured by Pinfare for seven days and the user is protected should the price of any of the pinned itineraries increase at the point of purchase within the insured period. When this happens, an insurance claim can be made. During these 7 days, the policyholder will receive daily updates on the price of each pinned flight itinerary via email and will be able to navigate to the airline site directly from Pinfare to purchase the desired pinned flight itinerary. Last, purchasing a flight itinerary that is identical to the pinned one, albeit at a different price, is essential for claim validity and is subject to a $10 co-payment.
To claim, a user has 21 days to submit the confirmed flight itinerary, original receipt which states the breakdown of costs and proof of identity.
“Singaporeans are one of the most travelled citizens in the world. This prompts us to assess the customer journey, starting from when travellers begin to plan their journey, to determine opportunities where we can improve their experience with insurance offerings and services. As one of the leading travel insurers in Singapore, we are excited to have reimagined traditional travel insurance with Pinfare to offer our customers peace of mind even before they embark on their travels.” – Income’s Chief Operating Officer, Peter Tay.
Pinfare follows the launch of Droplet, Singapore’s first “rainsurance” to protect consumers against unpredictable surge pricing on ride-hailing platforms (Grab, RYDE and GOJEK) when it rains.
Bottom Line: Rethink how to reimagine insurance.