Singaporean insurance cooperative NTUC Income is partnering with Chinese online insurer ZhongAn to “bring speed to digital innovation and product launches,” the duo announced today.
Income will work with ZA Tech – ZhongAn’s business-to-business tech services provider – and its partners on tech development and the creation of digital insurance products “tailored for modern lifestyle needs.” These products will be offered on a modular basis, making them more customizable for Income’s clients.
Bill Song, CEO, ZA Tech (L) and Peter Tay, COO, NTUC Income (R) / Photo credit: NTUC Income
The collaboration’s first product is targeted at the tourism sector. Available to both Singaporean residents and visitors from overseas, it will provide protection against “contingent events” that could occur at specific tourist attractions in the city-state. The product is set to be launched in Q2 2019.
“We can now test-bed digital innovation via ZhongAn’s technology platform without causing potential operational burden to the business and this allows us to pivot away from products that get less traction with customers and scale those that resonate better with speed,” said Peter Tay, Income’s chief operating officer and head of its Digital Transformation Office.
The partnership will also help Income reach a segment of customers “who are typically less receptive to traditional insurance offerings and distribution channels,” Tay added.
Income was set up in affiliation with Singapore’s National Trades Union Congress (NTUC) in 1970 to provide general, health, and life insurance plans for the country’s workers. It serves close to 2 million policy holders and had S$36.3 billion (US$26.8 billion) in assets under management as of 2017.
It’s not the first Singaporean partnership for Shanghai-based ZhongAn. In January, it made a strategic investment in Grab, with the pair forming a joint venture to build a digital insurance marketplace for the ride-hailing app’s users. The joint venture recently began offering prolonged medical leave and personal accident coverage for Grab’s drivers.
Currency converted from Singapore dollars. Rate: US$1 = S$1.35
Editing by Eileen C. Ang
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