Singtel Enters Insurance Market in Singapore
Singtel has announced its first foray into the insurance market, introducing Singapore’s first prepaid data plan and Dash mobile remittance service that comes with personal insurance coverage, provided by NTUC Income (Income) and premiums paid for by Singtel.
Singtel provides mobile connectivity to more than 60% of foreign workers in Singapore, including S Pass workers (mid-level skilled staff), foreign domestic workers and migrant workers which number about 1.17 million in Singapore. This insurance coverage will complement the mandatory medical insurance that employers need to purchase for foreign workers.
“As many of our prepaid and Dash mobile remittance customers are the sole breadwinners in their families, income stability and protection from financial loss are among their topmost concerns. By working with Income to remove price barriers and simplify the sign-up process, we want to make insurance accessible for all, enabling our customers to protect their loved ones, by simply topping up their data or remitting money back home. We are always seeking new ways to complement our customers’ lifestyles and will be introducing other insurance products in the coming months.” – Mr Yuen Kuan Moon, CEO of Consumer Singapore at Singtel.
Prepaid customers who purchase a 30-day 50MB Protect data plan worth S$2 or do a S$20 prepaid top-up will be entitled to an insurance policy that provides coverage for 30 days. The coverage provides a range of benefits including lump sum payouts in the event of loss of employment due to hospitalization, as well as permanent disability and accidental death. The plan also offers daily cash benefits for each day of hospitalization and a one-off get-well benefit, together with mobile data to ensure that the beneficiary can stay connected with his or her loved ones.
Dash customers who remit at least S$100 will qualify for Free 30-Day Dash Protect, an insurance policy that offers lump sum payouts in the event of permanent disability and accidental death – a first in the remittance market. Dash is Singapore’s first all-in-one mobile payments solution that is available to everyone regardless of telco or banking relationship, and can be downloaded on any mobile platform. Dash mobile remittance volumes have been growing steadily, doubling in the quarter ended June 2019 from a year ago.
The insurance enrollment process is made easy via the hi!App or Singtel Dash app, requiring no paperwork or medical underwriting. Customers will be notified of their enrollment via SMS.
“Income is committed to extend insurance accessibility to people in Singapore. As such, the collaboration with Singtel is a meaningful one as it promotes greater financial inclusivity through their large subscriber base. It also gives us the opportunity to recognize the contributions of migrant workers to Singapore with an innovative insurance offering that plays to their routine tasks and lifestyles as they top up credit in their mobile plans or make a remittance. Thus, making insurance access simple and affordable.” – Mr Andrew Yeo, CEO of Income.
Bottom Line: Singtel’s partnership with AIA comes to mind.