NTUC Income bags major wins at Asian Experience Awards
Two of its life insurance products – SNACK and TRIBE were awarded separate recognitions.
Homegrown insurer NTUC Income continues to make its mark in Singapore. It is constantly exploring ways to extend the accessibility of insurance to people, such as gig economy workers and first jobbers who are just starting to build insurance coverage for themselves.
Through insights gathered from its research, NTUC Income discovered that young adults see the value of insurance protection but are often hindered by the lack of affordable options that offer flexibility in premium payment and coverage while others may be discouraged by the seemingly complicated and tedious application processes in conventional insurance plans.
In the past year, NTUC Income has widened its reach to different customer segments via its SNACK and TRIBE offerings, from first jobbers, to gig economy workers and parents. These two products were designed to answer current protection gaps in the market. For the changes it has introduced in the industry, Asian Business Review’s Asian Experience Awards recognised the company’s efforts and awarded them for both products.
The “Singapore Digital Experience of the Year - Life Insurance” award was awarded to SNACK. On the other hand, TRIBE won the “Singapore Product Experience of the Year - Life Insurance” award.
The awards recognise the ingenious initiatives of creative companies delivering meaningful brand experiences to their stakeholders in all industries in Asia.
SNACK is a novel micro insurance and investment platform that reimagines the conventional channels of obtaining insurance by making insurance ‘invisible’ and seamlessly integrated with customers’ lifestyles, lowering the barrier of entry whilst providing unprecedented and flexible access to insurance protection to people from diverse financial backgrounds.
SNACK users can select their premium amounts from as low as $0.30. Each time they engage in a lifestyle activity such as paying for groceries or taking public transport, a micro-insurance and/or micro-investment linked policy is issued to them. These policies stack up over time to allow users to accumulate their sum assured coverage and build up their investment portfolio.
Among SNACK’s key achievements include having customer engagement that has grown by 50% between the January to March quarter of 2021. Within six months from launch, 60,000 customers have downloaded the app and 21,500 customers have signed up for a SNACK user account.
Today, more than $50m sums assured have been accumulated by SNACK customers.
TRIBE is also celebrated for its achievements. In November 2020, NTUC Income launched the affinity version of TRIBE, an innovative, industry-first insurance proposition that revolutionised the way consumers engage with, purchase, and obtain insurance in Singapore, in partnership with SAFRA.
It is the first flexible subscription-based insurance in Singapore that offers customisable insurance packs with no minimum lock-in periods. With premiums starting at $5.00 per month, customers can conveniently subscribe, upsize or downsize or even switch between different insurance packs.
TRIBE streamlines the end-to-end process lifecycle for customers by 99%, through automated digital flows for onboarding, claim submissions, and claim payouts via PayNow.
Within three months after launch, more than 10 ecosystem partners have signed up to work with TRIBE to help their customers build their insurance coverage. TRIBE’s growth has tripled from Q1 to Q2 this year and more than $82m sum assured has been accumulated by users since launch.
Watch the interview below to know more about their winning project: