Singtel Makes First Foray into Insurance Market in Singaporeby Fintech News Singapore July 25, 2019
Singtel today announced its first foray into the insurance market, introducing Singapore’s first prepaid data plan and Dash mobile remittance service that comes with personal insurance cover, provided by NTUC Income (Income) and premiums paid for by Singtel.
Singtel provides mobile connectivity to more than 60% of foreign workers in Singapore, including S Pass workers (mid-level skilled staff), foreign domestic workers and migrant workers which number about 1.171 million in Singapore.
This insurance coverage will complement the mandatory medical insurance that employers need to purchase for foreign workers.
“As many of our prepaid and Dash mobile remittance customers are the sole breadwinners in their families, income stability and protection from financial loss are among their topmost concerns. By working with Income to remove price barriers and simplify the sign-up process, we want to make insurance accessible for all, enabling our customers to protect their loved ones, by simply topping up their data or remitting money back home. We are always seeking new ways to complement our customers’ lifestyles and will be introducing other insurance products in the coming months,”
said Mr Yuen Kuan Moon, CEO of Consumer Singapore at Singtel.
Prepaid customers who purchase a 30-day 50MB Protect data plan worth S$2 or do a S$20 prepaid top-up will be entitled to an insurance policy that provides coverage for 30 days. The coverage provides a range of benefits including lump sum payouts in the event of loss of employment due to hospitalisation, as well as permanent disability and accidental death.
The plan also offers daily cash benefits for each day of hospitalisation and a one-off get-well benefit, together with mobile data to ensure that the beneficiary can stay connected with his or her loved ones.
Dash customers who remit at least S$100 will qualify for Free 30-Day Dash Protect, an insurance policy that offers lump sum payouts in the event of permanent disability and accidental death – a first in the remittance market.
The insurance enrolment process is made easy via the hi!App or Singtel Dash app, requiring no paperwork or medical underwriting. Customers will be notified of their enrolment via SMS.
“Income is committed to extend insurance accessibility to people in Singapore. As such, the collaboration with Singtel is a meaningful one as it promotes greater financial inclusivity through their large subscriber base. It also gives us the opportunity to recognise the contributions of migrant workers to Singapore with an innovative insurance offering that plays to their routine tasks and lifestyles as they top up credit in their mobile plans or make a remittance. Thus, making insurance access simple and affordable,”
said Mr Andrew Yeo, CEO of Income.
As part of Singtel’s initiatives to engage foreign workers, Singtel has partnered the Centre for Domestic Employees (CDE) and the Migrant Worker Centre (MWC) to offer connectivity and remittance benefits to newly-arrived workers. These members of CDE and MWC receive a welcome SIM offering free data and International Direct Dialling talk time. On the remittance front, they can enjoy S$5 cashback on their first remittance on Dash.
“Collaborating with a like-minded partner such as Singtel is a great boost to our efforts to improve the lives of foreign domestic workers and migrant workers. We will continue to strengthen this partnership and build on our offerings to provide these underserved communities with benefits that serves their lifestyle needs”,
said Mr Yeo Guat Kwang, Assistant Director-General of National Trades Union Congress, and Chairman of CDE and MWC.
Featured image credit: Singtel