SINGAPORE\u00a0–\u00a0Media OutReach<\/a>\u00a0– 28 October
\u00a0<\/p>\n Income’s CEO Andrew Yeo and
\u00a0<\/p>\n \u00a0<\/p>\n These strategic
Partners will also be able to leverage Income’s strong
Since the start
The market size
\u00a0<\/p>\n Andrew Yeo, Chief Executive
Yeo added,<\/i><\/b> “As a born and bred insurer in Singapore, we
\u00a0<\/i><\/p>\n Bringing innovative new insurance business models
\u00a0<\/i><\/p>\n Since the inception of
These propositions bring
Peter
\u00a0<\/i><\/b><\/p>\n Tay
\u00a0<\/i><\/p>\n Partnering homegrown businesses to cater to the needs
\u00a0<\/p>\n As part of Income’s
\u00a0<\/p>\n Droplet<\/i> is a first-of-its-kind micro-insurance
\u00a0<\/p>\n In 2020, the total market value of ride hailing in SEA was estimated to
\u00a0<\/p>\n “Technology-enabled lifestyle has opened up real
\u00a0<\/i><\/p>\n For more
\u00a0<\/p>\n Appendix A \u2013 Quotes by Partners<\/b><\/p>\n
\n2021 – <\/b>NTUC Income (Income), a leading composite insurer in
\nSingapore, today made its first overseas foray into three Southeast Asian
\nmarkets through strategic partnerships with PT Central Asia Financial (JAGADIRI)
\nin Indonesia, Post and Telecommunication Joint Stock Insurance Corporation
\n(PTI) in Vietnam and VSure Tech Sdn. Bhd (VSure) in Malaysia. <\/p>\n![](\"https:\/\/images.media-outreach.com\/Thumb\/500x0\/190619\/IMAGE1.jpg#image-190619\")
<\/p>\n
\nCDO Peter Tay at a Virtual Strategic Partnership Agreement Signing Ceremony
\nwith partner representatives \u2013 Reginald Hamdani, CEO, JAGADIRI; B\u00f9i Xu\u00e2n Thu,
\nCEO, PTI and Eddy Wong, CEO and Co-founder, VSure<\/i><\/p>\n
\nalliances are built on Income’s Insurance-as-a-Service (IaaS) model that enables
\nthe company to bring digital-first insurance business models to partners overseas,
\nenhance their speed-to-market, and equip them with the right capabilities and
\ntools to capture new customer segments and revenue streams.<\/p>\n
\nbrand reputation and track record in digital product innovation to support market
\nroll-out, as well as its technology know-how and connectivity with digital
\necosystems for greater agility to innovate at scale to meet consumers’ changing
\nneeds.<\/p>\n
\nof the COVID-19 pandemic[1]<\/a>, 70
\nmillion people in Southeast Asia (SEA) have become digital consumers and are making
\nonline purchases more than before. Almost 80% of the population in SEA is
\nprojected to become digital consumers by end 2021, signalling strong demand for
\ndigital consumption in the region.<\/p>\n
\nfor digital insurance is also projected to reach US$7.6 billion by 2025[2]<\/a>, with digital financial
\nservices taking off in SEA in a way that is exciting for both consumers and
\nbusinesses. More significantly, the acceleration of digital consumption is showing
\nno signs of abating, with nine in 10 new digital consumers intending to continue
\nusing digital services in the future[3]<\/a>.<\/p>\n
\nOfficer, Income<\/i><\/b>
\nsaid, “Our foray overseas opens a new chapter of growth for Income and is a
\nnatural next step in our strategic growth plan. The market potential of
\ncountries like Indonesia, Malaysia and Vietnam is huge given their relatively
\nyoung populations and high mobile penetration rates. Considering their large
\ngeographical distribution areas, I believe that these markets are especially primed
\nfor new digital insurance propositions that are enabled by technology. The
\ndiversity of our regional partners is a testament to the value of our IaaS
\nmodel and more significantly, signals that Income is well placed to work with
\nany partner in Asia.”<\/i><\/p>\n
\nunderstand that homegrown businesses know their local consumers best, hence the
\npartnerships are a win-win for us. By forming strategic alliances with
\nlike-minded local partners, it allows us to understand the demands of Asia’s
\ndigital-first population first-hand, scale our offerings quicker through our
\npartner ecosystems, and most importantly, better relate insurance to customers and
\nmake insurance accessible to more. Income’s purpose is to empower better
\nfinancial well-being for all, and to offer insurance access even to the
\nunderserved among us. We aim to stay committed to our cause even as we plant
\nour flag abroad.”<\/i><\/p>\n
\nto overseas markets<\/b><\/p>\n
\nthe Digital Transformation Office (DTO) more than four years ago, Income has
\nbeen innovating and rolling out new insurance business models such as
\nmicro-insurance (SNACK<\/i>), subscription insurance (TRIBE<\/i>) and
\nusage-based insurance (Milesurance<\/i>, Gigsurance<\/i> and Freightsurance<\/i>).
\n<\/p>\n
\nto market a new way of engaging with, and consuming insurance that is embedded
\nin customers’ lifestyles. This calls for a shift in conventional insurance mindset
\nand appetite for unprecedented risks, alongside a new appreciation for data,
\ninsurtech and an iterative approach to product design and roll-out.<\/p>\n
\nTay, Chief Digital Officer, Income<\/i><\/b> said,<\/i> “As we bring new insurance innovations to the market,
\nwe are able to fold our experience and learn from reimagining insurance across
\nthe value chain into an Insurance-as-a-Service model. Our regional partners recognise
\nthe immense competitive advantage that comes with the model as Income grows our
\ndigital ecosystem and continues to evolve our way of working with ecosystem
\npartners, be it in Singapore or regionally. The IaaS model, thus, plays to our strength as a digital
\ninsurer, connecting partners with the right capabilities, technology know-how
\nand innovative insurance models to transform and scale their business models
\nefficiently.”<\/i><\/p>\n
\nadded<\/i><\/b>, “JAGADIRI, PTI and VSure are well-respected
\nbrand names in their respective markets. We are honoured to have them onboard
\nour IaaS model and look forward to bringing more ground-breaking insurance
\npropositions to delight customers and plug the protection gaps in these
\nmarkets. Whether it is through our borderless and modular plug-and-play application
\nprogram interface (API) microservices, product innovations, seamless customer
\njourney design or dynamic pricing capabilities, we are confident that the IaaS
\nmodel will not just complement, but value add to partners’ existing solutions and
\nstrengthen their value propositions in the insurance, broker or insurtech
\narenas.”<\/i><\/p>\n
\nof the local market<\/b><\/p>\n
\nstrategic partnerships with JAGADIRI, PTI and VSure, these companies will be
\nthe first in Indonesia, Vietnam and Malaysia to launch Droplet<\/i><\/a> <\/i>respectively
\nacross four cities including Greater Jakarta, Hanoi and Ho Chi Minh
\nCity, as well as Kuala Lumpur. <\/p>\n
\nproduct that is designed to address a major pain point of consumers in
\nSoutheast Asia \u2013 price surges on ride-hailing platforms during rainy days. <\/p>\n
\nbe at US$11billion[4]<\/a>, with Indonesia leading (US$5 billion) the pack, followed by Singapore
\n(US$2 billion), Vietnam (US$1.6 billion) and Malaysia (US$1.1 billion). With the total value of
\nthe ride hailing market in SEA projected to increase by almost four times to
\nUS$42 billion by 2025, this tremendous demand for ride-hailing services among
\nSoutheast Asians has given rise to the need for “rainsurance” like Droplet<\/i> to protect consumers
\nfinancially against price surges on these platforms, particularly during the
\nmonsoon season.\u00a0 <\/p>\n
\nopportunities for insurance solutions. The ride-hailing phenomenon and the
\nlaunch of Droplet are cases in point. We are bullish about lifestyle-embedded
\ninsurance propositions such as Droplet and will continue to take inspirations
\nfrom lifestyle pain points of consumers in Singapore, Indonesia, Malaysia,
\nVietnam, and beyond to drive innovation, co-create digital-first insurance
\nproducts and customer journeys for more people regionally,” enthused Peter
\nTay<\/b>.<\/i>
\ninformation, visit droplet.sg<\/a>.<\/p>\n