SnackUp Partnership with Visa Allows You To Build Insurance Coverage as You Spendby Fintech News Singapore December 3, 2020
SNACKUP is an expansion of SNACK, a lifestyle-based micro-policy insurance model that allows consumers to build insurance coverage linked to their daily activities such as taking public transport, dining out or going for a run.
SNACKUP builds on consumers’ shopping habits and rewards them with stackable insurance coverage in the form of rebates when they pay for their purchases with their Visa cards.
For every transaction consumers make at participating shops, the merchant contributes $100 worth of insurance coverage to the consumer’s insurance portfolio on SNACK as rebates, akin to how merchants would typically reward customers via points or cash rebates.
For UOB YOLO cardholders and Revolut cardholders, they will receive $100 insurance coverage with spend on their Visa cards at any merchant island wide, and an additional $100 worth of insurance coverage if they make purchases at participating SNACKUP merchant brands.
The customer can choose to accumulate their insurance coverage, from merchants either in Term Life (TL), Critical Illness (CI) or Personal Accident (PA) insurance, or all three insurance products. To do this, consumers will have to link their Visa card to the selected insurance products on the SNACK mobile app, which will reflect in real-time, the accumulative sum assured of the insurance coverage as consumers continue to make transactions on their Visa cards at SNACKUP merchants.
Peter Tay, Chief Digital Officer, Income said,
“Pivoting on the same premise as SNACK where insurance is embedded in an insured’s lifestyle and making it accessible to all, SNACKUP adds a new dimension to how customers engage with, and obtain insurance protection. We are very excited to be collaborating with a strong technology partner, Visa and offer greater value to our customers as they can enjoy instant rebates in the form of insurance coverage contributed by participating merchants every time they transact with their Visa card.”
Kunal Chatterjee, Visa Country Manager for Singapore & Brunei said,
“This is the first initiative of its kind globally, where we work with our merchants to offer cardholders insurance coverage tied to their spend and use Visa’s platform capabilities to introduce SNACKUP as a value added benefit for Visa cardholders. We believe our cardholders will embrace this innovative way of building insurance coverage as they spend and earn their rewards.”
SNACKUP’s participating brands currently range from card issuers such as Revolut and UOB, to food and lifestyle brands such as Omakase Burger, foodpanda, Sarnies, and even fresh juice vending machine brand, iJooz.
The launch of SNACKUP comes after SNACK’s debut in June 2020. SNACK is said to have issued more than 80,000 policies to date, covering a total of more than $26 million sum assured across Term Life, Critical Illness and Personal Accident in Singapore.
SNACK has also made insurance more accessible by extending its enterprise model, SNACK+, to corporate partners who aim to offer employees and members upsized insurance coverage on SNACK. These corporate partners include KFC, foodpanda, EZ-Link, National Trades Union Congress (NTUC), Lalamove and SAFRA.