Saturday, November 4, 2017

Income tailors employee benefit insurance plans for start-ups in Singapore

Income tailors employee benefit plans for start-ups, offering them on industry’s first self-service platform to support the start-up ecosystem supports purchase of insurance plans directly without underwriting or paperwork; provides employees peace of mind with comprehensive protection as start-ups scale

Singapore - NTUC Income (“Income”) launched today Start.Sure (, the industry’s first self-service digital platform, designed for new start-ups that have been incorporated between one and five years and are employing between two and 15 full-time staff, to not just purchase but also manage employee benefit insurance with ease.

Additionally, Start.Sure offers three employee benefit insurance plans – Energiser, Turbo Booster and Super Charger – that cater specifically to meet the employee protection needs of start-ups at different life stages and scale as they offer employees peace of mind. 

The insurance plans, which cover pre and post-hospitalisation and surgical expenses, including kidney dialysis, cancer treatments and out-patient consultation by a general practitioner, require no paperwork and underwriting. Most significantly, the plans offer three-month free coverage for employees should the start-ups cease operation.

As more young Singaporeans take to entrepreneurship, the start-up scene in Singapore is thriving. As such, Start.Sure complements the development of a dynamic start-up ecosystem in Singapore by supporting start-ups’ quest to attract and retain talents, as they look to protect their companies’ most valuable asset – employees.

Income’s Chief Operating Officer, Peter Tay, describes the launch of Start.Sure as a show of commitment by Income to support Singapore’s young entrepreneurs.

He said: “As the name suggests, we aim to be the reliable companion to these
budding entrepreneurs so that they are free to focus on accelerating the growth of their companies. Start.Sure aims to offer a sure footing for start-ups to launch their ambitions, while at the same time, give protection to their employees who are one of the company’s key assets. The intuitive digital platform is aligned to start-ups’ way of working and reflects our philosophy of making insurance simple and accessible for all in Singapore.”

The launch of Start.Sure also reaffirms the company’s commitment to be a leading digital insurer as it allows customers to easily find, apply, claim, renew and engage with Income online.

Mr Tay added, “Insurance products on Start.Sure are designed to be start-up centric. Not only do we stay relevant to our customers’ needs by way of our tailored insurance offerings, we also ensure that Start.Sure provides an integrated customer experience as the selection and application of a plan, as well as, claims can be administered via laptops or mobile devices. As such, Start.Sure is a full self-service digital platform that complements our existing customer-service touch-points.”, Asia's largest specialty coffee e-tailer, is one start-up that has come on board Start.Sure. Its CEO and Co-Founder, Keyis Ng, said providing essential healthcare insurance coverage is especially important for employees. 

“Benefits affect employees’ satisfaction in a big way and I’m glad that we have affordable and comprehensive coverage from Start.Sure. The fact that everything can be done digitally on one simple platform is another plus for us since we are always on the move. This will allow us to focus fully on what we want to achieve without getting distracted unnecessarily,” he added. 

Income will partner NTUC U Startup, which was set up in 2016 to support the start-up community in Singapore, to reach out to and raise awareness of Start.Sure among its ecosystem of entrepreneurs.

“Start.Sure is an example of how the Labour Movement can provide innovative solutions for start-ups, thereby improving their business productivity and helping them to attract and retain talents. Our U Startup community has often highlighted this as an area where our support could help them become more successful,” said Mr Vivek Kumar, Director of U Startup.

The launch of Start.Sure is also in line with Income’s and U Startup’s objectives of helping to grow the start-up ecosystem in Singapore. 

“We wish to build stronger support for startups by leveraging the Labour Movement’s network of social enterprises, Unions and unionised companies, U Associate professional guilds, U SMEs, and e2i, assisting them with our advocacy, training, mentorships and business networking platforms. Eventually, we hope to open new careers choices for our working people in promising start-ups,” added Mr Vivek, who is also Assistant Director-General at NTUC.

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