HIVE by Income bags Asian Technology Excellence Awards for Innovative Pay-as-you-earn micro-insurance offering

JupViec Care offers flexible personal accident micro-insurance based on gig workers’ income, giving them unprecedented flexibility and control over their insurance coverage.

HIVE by Income, the Insurance-as-a-Service platform by Singapore-based composite insurer Income Insurance, has clinched the Vietnam Technology Excellence Award for Fintech - Financial Technology category at the Asian Technology Excellence Awards 2023. The Asian Technology Excellence Awards 2023 recognises exceptional companies that have pioneered innovative technological solutions but also made a tangible impact in the region.

At the heart of this accolade is HIVE by Income's pioneering initiative, JupViec Care, a transformative personal accident micro-insurance product created in partnership with the Vietnamese housekeeping agency, JupViec. JupViec Care challenges conventional insurance norms by offering flexible personal accident coverage based on the variable income of domestic helpers, giving them control over when and how much they would like to contribute to building their insurance portfolio, which they can initiate or pause at any time.

This product offers different premium options starting from as low as S$0.12 to S$0.28. What sets JupViec Care apart is its seamless integration into the daily lives of domestic helpers. Premiums are automatically deducted from their e-wallets after each job, progressively accumulating to form a basic financial safety net, which they may otherwise not be able to afford. 

Edlyn Khoo, Head of Regional Business, Income Insurance remarked, “JupViec Care is driving financial inclusion and social mobility by creating easy accessibility to insurance. Through a concerted effort, HIVE by Income has effectively broken down financial barriers, addressing issues of low insurance penetration, financial illiteracy, and affordability. Through JupViec Care, we have reimagined how people interact with and engage with insurance. 

The collaboration has achieved remarkable success, with the issuance of over 40,000 policies,
And more than 40% of domestic helpers have taken up the product and become new policyholders. As a seamless and affordable offering, JupViec Care has been able to provide a basic financial safety net for all helpers on the platform, including those who are older and less technology savvy. 

The launch of JupViec Care was also supported by efforts to educate domestic helpers who are new to the concepts of financial products through extensive offline and online engagements including workshops, HR talks, and bite-sized videos to drive awareness and education. Collectively, the domestic helpers onboard JupViec Care have obtained the maximum coverage of approximately VND 20 billion in just six months.

Crucial to the rapid success of this micro-insurance offering has been HIVE by Income's cross-border and product-agnostic API integrations and JupViec's innovative stackable and embedded insurance model. Moving forward, plans are afoot to expand JupViec Care's coverage to encompass critical illness protection as well as extend coverage to the family members to these domestic helpers. The success thus far stands as a testament to HIVE by Income's unwavering commitment to financial inclusion and empowerment for the underinsured.

The Asian Technology Excellence Awards is presented by Asian Business Review. To view the full list of winners, click here. If you want to join the 2024 awards programme and be acclaimed for your company's outstanding retail initiatives, please contact Jane Patiag at [email protected].