Singapore Online Insurer announces 200% YoY Revenue Growth from Online Sales

Etiqa, an Online Insurer from Singapore, is helping accelerate Singapore’s smart nation transformation by launching new services and integrations.

Etiqa is the first insurer to integrate with ‘MyInfo’, a digital data vault launched by Government Technology Agency of Singapore (GovTech) and the Ministry of Finance. With this, over 3.3 million consumers on SingPass can purchase insurance in record time.

In addition, Etiqa has also collaborated with DBS Bank on instant claims payment capabilities to launch Etiqa’s eWallet service, enabling consumers across multiple banks to instantly credit and encash insurance claims online, in real time. This streamlines the standard two-week claims payment process from cheque preparation to receipt.

The launch caps off a record year for Etiqa, which has seen more than 200 percent annual growth in online revenues from its financial products as of Nov 2017, given the increasing number of consumers in Southeast Asia purchasing insurance online. In 2017, Etiqa has helped more than 70,000 customers purchase products online, and successfully approved more than 90% of submitted claims within one day.

“The shift from offline to online plays to Etiqa’s strength as among the most innovative digital insurers in Asia and the market leader in Singapore. Our status as the first online insurer to integrate with MyInfo and our efforts to leverage market-first digital capabilities leveraging on Application Programming Interface (API) from DBS further cement our commitment towards improving the customer experience as we capitalize on growth opportunities in the online insurance industry,”

said Sue Chi Kong, Chief Executive Officer of Etiqa Insurance Pte. Ltd.

Integration with MyInfo

With Etiqa’s online life insurance sales platform now integrated with MyInfo, new customers no longer need to encode government-verified personal particulars into forms and submit supporting documents such as the long-term pass or proof of address when purchasing online life products.

Launched by GovTech and the Ministry of Finance in 2016, MyInfo consolidates personal data from seven public agencies including the Immigration and Checkpoints Authority, the Inland Revenue Authority of Singapore and the Urban Redevelopment Authority.

By compiling personal information into a single repository, MyInfo spares users from the hassle of having to manually key-in data when filling up forms for different services. By the end of 2017, all 3.3 million users of SingPass will automatically be enrolled in MyInfo, as part of the government’s Smart Nation initiative.

eWallet on TiqConnect

Existing customers can now enjoy instant payouts via eWallet for claims or policy cancellation refunds as the electronic service leverages on DBS’s new application programming interface (API), DBS IDEAL RAPID. Through DBS IDEAL RAPID, existing customers can enjoy a significant reduction in insurance claims processing time: they no longer have to wait for the industry standard of two weeks, as the manual, cheque-based process is moved online.

Benjamin Yeo

“We are pleased to support Etiqa in delivering a seamless digital insurance claim experience for policyholders and reducing the industry’s reliance on cheques. This will help enhance operational efficiencies for the insurance sector, as well as support the nation’s goal of becoming a Smart Nation,”

said Benjamin Yeo, Managing Director and Head of Insurance Coverage at DBS Bank.

Currently, eWallet via DBS IDEAL RAPID is available to 19 major banks in Singapore, including DBS Bank, Deutsche Bank, OCBC Bank, Standard Chartered Bank and United Overseas Bank.
eWallet’s initial roll-out will focus on travel-related claims. It is available on TiqConnect, Etiqa’s new online self-service portal that enables existing customers to submit policy cancellation and endorsement and renew policies online.

“By allowing consumers to purchase new policies and solutions and encash claims online, Etiqa is eliminating pain points, including long processing periods, to better respond to our consumers’ needs. Our goal is to drive rapid digital transformation within the insurance sector, and in doing so, we hope to significantly enhance the lifestyles of all our consumers,”

added Sue.