AIG Singapore is the first in the general insurance industry to launch claims payment via PayNow

AIG Asia Pacific Insurance Pte. Ltd. (AIG Singapore)’s customers can now submit travel insurance claims online and request to receive the insurance claims payment via PayNow.

PayNow is an electronic fund transfer service available to customers of any of the seven participating banks: Citibank Singapore Limited, DBS Bank/POSB, HSBC, Maybank, OCBC Bank, Standard Chartered Bank, and United Overseas Bank. 

AIG Singapore’s travel insurance policyholders can now receive travel claims payout by simply providing their PayNow registered mobile number or NRIC/FIN number for the funds to be transferred to their account with these participating banks.

AIG Singapore is the first insurer to enable claims payment through PayNow on an enterprise to individual platform via DBS Bank (DBS) through IDEAL RAPID, a market-shaping application programming interface (API)-based instant settlement solution. Customers can now receive travel claims almost instantaneously upon the claims being approved.

Ms Cady Ho, AIG Singapore’s Vice President, Chief Claims and Customer Officer, said, “PayNow is a very convenient payment platform that will benefit almost 30,000 of AIG Singapore’s travel policyholders. We have plans to progressively roll out this claims payment service to our other products so that more customers can benefit from the convenience of faster claims payment and seamless claims experience.”

Mr Benjamin Yeo, DBS Managing Director and Head of Insurance Coverage, said that PayNow brings the promise of digitalisation to customers. “Policyholders can now benefit from a simpler, faster and more convenient claims process. In today’s “instant” economy, customers also don’t have to deal with the extra step of providing their bank account details, or banking in their cheques and then waiting for them to be cleared. Instead, they can now receive their claims immediately upon approval. We are pleased to support the industry’s forward-looking efforts in enhancing customer experience.”

Ms Claudia Salem, CEO of AIG Singapore and Head of Country Operations Southeast Asia said, “Sending money electronically instead of issuing paper cheques is a tablestakes capability in this day and age. This enhancement is one of many, as part of AIG Singapore’s prioritised roadmap in modernising our insurance services. The launch of the PayNow service for claims payments not only improves customer convenience but also aligns with our sustainability agenda to reduce AIG’s carbon footprint.”

Today, most of AIG Singapore’s personal insurance products and claims services are available online, and by 2020, they estimate that half a million personal insurance policies will be transacted electronically1. Paying claims electronically allows customers to enjoy seamless digital insurance experience which is expected to be the future of the industry for most consumer general insurance products.

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Opportunities and challenges for the health insurance industry

Commenting on the opportunities and challenges for the health insurance industry in 2018, Jason Sadler, President, Cigna International Markets, says:

The global health market is larger and more complex than ever. We see two macro trends which are impacting the global growth and delivery of health insurance and wellness products – the aging population and rapid developments in digital technology.

Aging Population: 

We see a huge opportunity for health insurers when it comes to older customers.  We’ve been conditioned to believe that economic and societal growth is driven by the aspirations of the young, however, there’s a ‘’silver lining”. 

The global spending power of over 60s is expected to reach $15 trillion globally within two years, representing a powerful wave of opportunity. Aging is one of the key topics in the 2017 Cigna 360o Well-being Survey which revealed that 20-25% want to work and volunteer after official retirement.

Keeping up with Rapid Development in Digital Technology:  

3rd Asia Trusted Life Agents & Advisers Awards launches with support of Philippines Insurance Commissioner

The search for the best in life insurance agency and advisory across the region kicks off today with the launch of the 3rd Asia Trusted Life Agents & Advisers Awards with the support of Mr Dennis B Funa, Insurance Commissioner of the Philippines, as Guest of Honour for the Awards.

Organised by Asia Insurance Review and Asia Advisers Network with LIMRA as co-organiser, the Awards is a truly regional platform. Over the past two editions we have seen winners from eight markets: China, Hong Kong, India, Malaysia, Singapore, Taiwan, Thailand and Vietnam.

Mr Mark Tucker, Group Chairman, HSBC Holdings, is Patron of the Awards, which offers a neutral platform to shine the spotlight on the unsung heroes and heroines of the insurance industry beyond production figures and highlight the role of agents and advisers even in the digital era.

The Awards categories are:

• Insurance Agent of the Year
• Financial Adviser of the Year
• Rookie Insurance Agent of the Year
• Insurance Agency Leader of the Year
• Rookie Insurance Agency Leader of the Year
• Inspirational Agent/Leader of the Year
• Digital Agent/Agency Leader of the Year
• Lifetime Achievement
• Affinity/Bank Partner of the Year
• Technology Provider of the Year for Agents
• Insurance Company of the Year for Agents
• Executive Champion of the Year

The transparent and independently-audited judging process counts some 20 judges drawn from industry leaders and experts on the judging panel.

AIA is Strategic Partner of the Awards and supporting organisations include: Association of International Life Offices (AILO), The Hong Kong Federation of Insurers (HKFI), Philippine Life Insurance Association (PLIA), Financial Services Managers’ Association (FSMA) Singapore, Insurance Association of Sri Lanka (IASL), Life Underwriters Association of Hong Kong (LUAHK), International Insurance Society (IIS) and Singapore Insurance Institute (SII).

Nominations close on 28 February 2018. For more information on the Awards and how to apply, visit: http://www.asiaadvisersnetwork.com/Awards

Winners will be announced at a Gala Dinner in Manila on 7 May 2018 to be held in conjunction with the 29th East Asian Insurance Congress.

For more information on the awards, visit http://www.asiaadvisersnetwork.com/Awards or

Contact:
Mr Mohamad Hyqel
Awards Administrator, Asia Insurance Review
lifeawards@asiainsurancereview.com.

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AIG SINGAPORE LAUNCHES NEW ONLINE TRAVEL INSURANCE

AIG SINGAPORE LAUNCHES NEW ONLINE TRAVEL INSURANCE BACKED BY DATA AND CUSTOMER INSIGHTS

Direct platform provides real-time claims data and recommends insurance policy that most suits customer needs

AIG Asia Pacific Insurance Pte. Ltd. (AIG Singapore) has launched a new online travel insurance product – Travel Guard® Direct – that leverages data to provide customers with valuable insights on their destination countries.

The product is the first in Singapore to allow customers access to real-time claims information for top destination countries across Asia Pacific, the United States and United Kingdom, so that customers can better understand travel risks, and make informed choices about the level of coverage they need.

An innovation of the standard Travel Guard plans, the new product is priced according to destination, duration and age, so customers can benefit from more accurate, effective pricing based on the risks involved. This also simplifies the travel insurance purchase experience as customers can now select a plan by travel destination, instead of figuring out which zone their destination belongs to.

This product is the latest in AIG Singapore’s initiatives to digitise the customer journey from purchase to claims, bringing greater efficiency and convenience. This follows a tie-up with DBS to offer instant travel insurance claims e-payment.

Mr Ignatius Chng, Vice-President and Head of Group Personal Insurance, AIG Singapore, said Travel Guard Direct was developed with a more customer-centric experience in mind and is part of the company’s ongoing digital transformation efforts to use technology to meet changing customer needs.

Aviva-COFCO launches big data laboratory in collaboration with Tencent Financial Cloud Cooperation set to capture digital insurance opportunities

Aviva-COFCO Life Insurance (“Aviva-COFCO”) and Tencent Financial Cloud today announced a strategic partnership to jointly set up the “Tencent Financial Cloud - Aviva-COFCO Big Data Laboratory” ("Laboratory”) in China. The newly established Laboratory will focus on combating financial fraud through financial cloud computing, providing artificial intelligence (AI) in customer service and improving risk management. 

The partnership aligns with Aviva’s “Digital First” strategy, and Aviva-COFCO decided to collaborate with Tencent Financial Cloud to capture increasing opportunities presented by big data and digital itonsurance. AI, cloud computing, big data and blockchain are already gaining traction in China’s financial sector where implementation of its national big data strategy will further accelerate the pace of digitalisation across the country.

Richard Yu, Aviva-COFCO’s President said:

“Our strategic partnership combines the power of Aviva-COFCO’s financial data with big data analytics expertise of Tencent Financial Cloud. This synergy will disrupt the financial services industry and provide convenient, fast, comprehensive and attractive financial products and services to corporate and individual customers.”

As part of its “Digital First” strategy, Aviva invests approximately £100 million in digital transformation every year. It has set up Digital Garages worldwide to innovate, explore, and test new digital insurance ideas, as well as provide capability support and drive digital initiatives across its businesses, including Aviva-COFCO, in which Aviva owns a 50% stake. In January this year, Aviva has also announced an agreement with Hillhouse Capital and Tencent to launch a digital insurance company in Hong Kong.

Aviva-COFCO has been an early adopter of innovation and big data applications in insurance. Since 2014, the company has set up a dedicated big data team and an independent online sales department which have conducted pilot projects on various areas including data analysis, AI in customer service and innovative product design. To serve a wider business community, it is planning to launch an independent intermediary that is based on big data and driven by internet technology in 2018.

Tencent Financial Cloud has rich experience in cloud computing, big data and AI. As part of its work on integrated solutions for the insurance sector, it has also carried out innovative trials in areas such as insurance risk control, claims, customer service and sales. 

The Laboratory plans to work in the following areas:

Etiqa launches new year-end campaign for online insurance savings plans EASY save series in Singapore

Etiqa launches new year-end campaign for online insurance savings plans EASY save series with highest interest rates in the market of up to 3.14% p.a.

Singapore - Customers can now enjoy the best interest rates in the market of up to 3.14% p.a. with Etiqa's new series of online insurance savings solutions -- EASY save, through the progressive insurer's new "No Pain. Just Gains." campaign. 

From now till 31 December 2017, the campaign offers attractive interest rates with two savings solutions - 

eEASY save for the financially savvy, where customers can enjoy high guaranteed returns of 2.23% per annum over a policy term of 6 years, and 

eEASY savepro for the financially adventurous, where customers can yield higher potential returns of up to 3.14% per annum, with a policy term of 7 years. 

Etiqa Insurance Logo

Customers can now enjoy higher upfront premium discount and are empowered to choose between making a lump sum or a 2-year premium payment. In addition, for this festive season, Etiqa is giving away up to $1,500 worth of gift vouchers upon purchase. 

AVIVA SINGAPORE ANNOUNCES SIXTEEN WEEKS PARENTAL LEAVE AT FULL PAY FOR ALL EMPLOYEES, REGARDLESS OF GENDER

Aviva Singapore announces today a new parental leave policy which offers equal paternity and maternity leave for every parent employed by Aviva when a new child arrives.

Effective as of 19 November 2017, the new policy offers sixteen weeks parental leave at full pay within the first twelve months of a child’s arrival. It applies to all Singapore-based permanent Aviva employees regardless of gender, nationality, sexual orientation, marital status, and covers both birth and / or adoption. Employees welcoming a new child twice within a year are entitled to sixteen weeks of parental leave each time, which can be utilised within a year of the arrival of each child.

This is in addition to other existing parental leave arrangements at Aviva, such as Shared Parental Leave (up to 4 weeks), Childcare Leave (6 days), Extended Childcare Leave (2 days) and New Infant Care Leave (6 days unpaid).

Employees are required to have a minimum of three months of continuous service to be eligible for this policy.

Key entitlements include:
 Sixteen weeks paternity / maternity leave at full pay
 Includes employees across all levels of the company
 If both parents are employees of Aviva, they will each have their own entitlement to leave
and pay, which they can take at the same time
 No limit on the number of new children

The new parental leave policy is part of a Group-wide initiative and will be rolled out in Singapore, UK, Ireland, France, and Canada, with plans to extend this to other Aviva markets within the next year. This is part of Aviva’s strategy to create a diverse and inclusive working culture in which barriers to career progression are removed.

Mark Wilson, Group Chief Executive Officer, Aviva plc said: “I want to live

Insurance claims assessment in seconds soon a reality for Prudential Singapore PRUshield policyholders

Insurer trialing an intelligent machine learning-based solution that simplifies claims assessment 

Prudential Singapore (Prudential) is leading a step change in the way insurance claims are made with its trial of an industry-first, machine learning-based solution that assesses claims in seconds.

It sits at the core of a new customer e-claims platform which Prudential is making available to selected insurance policyholders on a trial-basis.

The first phase of the trial, set to commence in late November 2017, will focus on automating the processing of PRUshield pre- and post- hospitalisation claims from eight major hospitals. These form the bulk of the 14,000 paper bills and receipts that Prudential’s claims assessors review each month.

Australia - StartSMART: a new way of using technology to support the recovery of injured workers

An innovative new trial is being rolled out in New South Wales that aims to support the recovery of people injured at work.

An estimated 2,000 injured workers will qualify to take part in the pilot, known as StartSMART, which uses web-based technology and personal wellness consultants during the critical early stages of recovery.

Developed by Allianz Australia in partnership with icare and the NSW Department of Education, the program aims to support workers in their return to work and health as quickly as possible and be used in conjunction with existing treatment and workers compensation insurance plans. 

If successful, the program will be rolled out to more injured workers next year. 

The free and confidential program includes video-conferencing sessions with a qualified rehabilitation wellness consultant, meaning injured workers can access the sessions no matter where they are located. 

Workers are able to choose the times of their sessions so they can be completed at home or anywhere the worker chooses using a smart phone, tablet or computer.

Allianz General Manager Government Services Mark Pittman said: “Allianz is constantly looking for new and innovative ways to support the recovery of people injured at work.

“Our goal is to provide workers with independent advice and support that will

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

www.startsure.com.sg 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 (www.startsure.com.sg), 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

Chubb Announces Distribution Agreement with Singapore's DBS Bank

Chubb to distribute consumer and commercial P&C insurance products through bancassurance channels in five markets in Asia

Chubb Limited announced today that it has entered into a 15-year distribution agreement with DBS Bank, the largest banking group in Southeast Asia. 

Under the terms of the agreement, Chubb will distribute general insurance products on an exclusive or preferred basis through multiple DBS banking channels, including in-branch and various direct marketing channels.  

The partnership covers five markets in Asia – Singapore, Hong Kong, Taiwan, Indonesia and China. Property and casualty (P&C) insurance products for small to mid-sized enterprises, as well as coverages for home, contents and selected personal accident and supplemental health (A&H) insurance products, will be distributed on an exclusive basis. 

Based in Singapore, DBS is a leading financial services group in Asia that offers consumer banking, wealth management, and commercial banking for small and medium-sized enterprises (SMEs).  The bank has nearly 7 million customers in six countries, including over 3 million internet and 2 million mobile banking customers. 

"For Chubb, our agreement with DBS represents a meaningful long-term

Perbadanan Insurans Deposit Malaysia Alerts Public on Protection Payment Scam

Perbadanan Insurans Deposit Malaysia (PIDM) reminds members of the public not to act on any request for payment or to transfer any money for the purpose of paying for protection provided by PIDM. 

“We wish to stress that the protection provided to bank depositors, takaful certificate and insurance policy owners is automatic. PIDM does not require payment of any kind from members of the public,” said Rafiz Azuan Abdullah, Chief Executive Officer.

PIDM has been alerted to recent incidents involving members of the public who were contacted by parties purportedly representing various organisations requesting payment for protection provided by PIDM. 

“Please contact our call centre at 1800-88-1266 for clarification or e-mail us at info@pidm.gov.my. We also remind members of the public not to disclose their financial information, in particular their bank account or credit card details to third parties,” Rafiz added.

PIDM is a Government agency established under the PIDM Act to administer the Deposit Insurance System (DIS) and the Takaful and Insurance Benefits Protection System (TIPS). 

PIDM protects depositors, whether individuals or businesses, against the loss of

Chubb Announces Management Appointments for its Life Insurance and General Insurance Operations

Chubb Limited announced several management appointments for its general insurance and life insurance operations globally.

Cunqiang Li has been named Chief Operating Officer of Chubb Life, the company's international life insurance division.  Currently Chairman and CEO of Huatai Life, a joint venture between Chubb and the Huatai Insurance Group in China, Mr. Li will be based in Hong Kong and will focus on leading the day-to-day operations of Chubb Life's Asian life insurance entities, in addition to continuing to provide governance oversight to the operations of Huatai Life.  Mr. Li will report to Russell Bundschuh, Senior Vice President, Chubb Group and President, Chubb Life.

Kevin Goulding has been named President of Combined Insurance, the company's agency and worksite-based personal accident and supplemental health insurance company.  Currently Regional President, Asia Pacific, of Chubb Life, Mr. Goulding will be responsible for all management aspects of this business, which has operations in the United States and Canada. He will be based in Chicago and will report to Ed Clancy, Executive Vice President of Chubb Group, Global Accident & Health and Life.  

Brad Bennett has been named Regional President of the company's Far East operations in Japan.  Currently Senior Vice President, Chubb Group and President, Combined Insurance, Mr. Bennett will be responsible for the management and business results for all general insurance operations including property and casualty, accident and health, and personal lines.  He will be based in Tokyo and will report to Juan C. Andrade, Executive Vice President, Chubb Group and President, Overseas General Insurance. 

Jeff Hager has been named Regional Chief Operating Officer of the Pacific Region in the United States.  Currently Regional President, Far East, Mr. Hager will provide management oversight for the regional underwriting and sales strategies in the seven branches of the region which include Los Angeles, San Francisco, Newport Beach, San Ramon, Seattle, Portland and Phoenix.  Mr. Hager will be based in San Ramon, where he will also lead that branch, and report to Jim Darling, Regional Executive Officer for the Pacific Region.  

Chris Martin has been named Chief Operating Officer of Combined Insurance.  Mr. Martin is currently President of Chubb Workplace Benefits, the worksite division of Combined Insurance, and he will continue with these responsibilities.  He is based in Chicago and will report to Mr. Goulding.

All of the appointments are effective December 1.

"One of Chubb's greatest strengths is the experience and depth of our management team globally, which is fully evident in the leadership appointments we announced today," said Evan G. Greenberg, Chairman and Chief Executive Officer of Chubb. 

"The executives who will be moving into new roles – Cunqiang Li, Kevin Goulding, Brad Bennett and Jeff Hager – each has strong technical and

Life Insurance Made Easier by Singapore Life

Protecting your loved ones should not be complicated. With this in mind, independent life insurer Singapore Life Pte. Ltd. (Singapore Life) launches its suite of life insurance products, coupled with a fuss-free, customer-centric insurance experience.

Singapore Life’s Term Life and Critical Illness insurance plans aim to fill the gap in catering to customers who are looking for adequate protection with minimal complexity. This introduction of plain vanilla term insurance is a deliberate departure from the many new products in the market compounded with various interesting, but equally complicated features. Customers can now be assured of their coverage and own these policies on their preferred terms – getting online directly themselves, or through one of Singapore Life’s partner advisory firms – and get covered almost immediately.

Mr Walter de Oude, Chief Executive Officer, Singapore Life, said: “People deserve a better solution for their life insurance needs – accessible, un-convoluted and fast. As a preferred Singaporean alternative, Singapore Life simplifies both the product and life insurance process to remove any deterrent for people to get the protection they need. We take the efficiencies from technology to offer better value to the insurance journey – making it more efficient, transparent and flexible to their needs.”

Singapore Life features robust digital robo-underwriting and identity

Manulife Ready CompleteCare: Arm yourself with a critical illness plan that covers you again and again

Manulife Singapore has launched Ready CompleteCare, a critical illness insurance plan that offers the most comprehensive coverage across early, intermediate and advanced stages for 106 conditions.

 

Insurance Plan to Cover all Early, Intermediate and Advanced Stages of Critical Illness

Early detection of critical illnesses may enhance the chance of a full recovery, and the plan is designed to provide financial support through all three stages of critical illness – early, intermediate and advanced – so customers can focus on treatment and recovery.
 
To further lighten the financial burden, Ready CompleteCare also offers extra insurance coverage of 20% of your coverage amount (capped at S$25,000) for up to six claims on diagnosis across 18 special conditions, which can be particularly expensive to treat.
 

“Cover Me Again” insurance benefit

Most customers’ policies and savings can weather the cost of a single critical illness. However, the reality is that many critical illnesses have a high chance of occurring and recurring during a person’s lifetime. For continued protection against recurring illnesses, Manulife introduces Cover Me Again, a ‘restart’ feature that restores your coverage in 12 months following a claim, allowing you to claim up to 500% of your coverage

AIA SINGAPORE LAUNCHES AIA FINANCIAL ADVISERS

31 Aug 2017 - AIA Singapore launches AIA Financial Advisers (AIA FA) as part of the insurer's move to strengthen its distribution network. This initiative also underscores AIA Singapore’s commitment to provide customers with more choices and greater accessibility for quality and professional face-to-face financial advice.

A wholly-owned subsidiary of AIA Singapore, AIA FA is a financial advisory firm that complements AIA Singapore’s market-leading tied Agency distribution channel.

“Our customers are at the heart of everything we do at AIA. In today’s digital age, customers are more financially savvy and expect more access to professional financial advice. The new AIA FA is well-positioned to empower individuals with personalised and quality financial advice. By strengthening our distribution network, with AIA Singapore’s market-leading tied Agency Force and

Prudential Singapore’s chatbot provides information specific to customers’ life insurance plans

Prudential Singapore’s industry-first intelligent chatbot provides information specific to customers’ life insurance plans

askPRU part of Prudential’s digital roadmap to transform customer experience


SINGAPORE, 31 August 2017 – As part of Prudential’s customer-centric approach, the life insurer has launched an industry-first chatbot that can provide its Financial Consultants with real-time information specific to their customers’ life insurance plans.

Named askPRU, the cognitive-powered chatbot is built on IBM Watson technology and integrated into Prudential’s backend systems. It is able to retrieve instantly data such as a customer’s policy cash value, policy premium due date and status of submitted claims, among others. As askPRU operates round the clock, Prudential’s Financial Consultants can communicate with the chatbot via a mobile application at any time of the day to obtain information pertaining to their customers’ insurance plans, enabling them to be more productive and more responsive.

Using IBM Watson’s Conversation Service, askPRU has been trained by NCS’ data scientists1 to understand non-scripted questions, probe users to get to the intent of their queries and deliver responses in a way that simulates human conversations.

Since the pilot launch of askPRU in July, more than half of Prudential’s 4,000 Financial Consultants have started to use the chatbot. Ms. Theresa Nai, Chief

Difficult to buy car insurance for older cars in Singapore - CEO of Budget Direct Insurance

Buying insurance for older cars can still be difficult despite record numbers of COE renewals, according to Simon Birch, CEO of Budget Direct Insurance.

This is his view as an industry expert that the majority of insurance companies do not sell policies for older vehicles online. Instead many customers of cars older than 10 years are assessed on a case by case basis and have to endure lengthier quote processing times. 

Simon Birch, CEO of Budget Direct Insurance

Birch said: "Owners of older vehicles have sometimes struggled to buy insurance online. It has been particularly difficult to get Comprehensive cover. Insurers need to stay up to date with Singapore motoring trends and that includes catering more to those with older vehicles and making it easier for them to buy." 

Online car insurance quote in 30 seconds

Birch believes that Budget Direct Insurance is one of the few that is making it easier for this sector of the motoring community. He said: "At Budget Direct Insurance, motorists, including those who own older vehicles, can get a quick quote online within 30 seconds. We are one of the few insurers who is able to give an online quote, especially for older cars." 

Frustrated customers have been turning to Budget Direct Insurance for help.

One such motorist is Yap Boon Fong Yvonne. Her current insurer was unable to

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Insurance to protect online purchases of defective electronic goods

Income partners Qoo10 Singapore to launch Purchase Guard insurance, the first in the industry to protect online purchases of defective electronic goods

NTUC Income (“Income”) announced its partnership with Giosis Pte Ltd (Qoo10 Singapore), Singapore’s leading e-commerce platform to launch Purchase Guard, an insurance policy specially designed to give customers an extra layer of protection and a greater peace of mind when purchasing electronic products online.

 

With Purchase Guard insurance, Income is the first insurer in Singapore to provide Qoo10 customers with a three or six-month insurance cover against defective or malfunctioned electronic goods that are worth a minimum of S$100, under two Qoo10 product categories – Home Electronics and TV/Camera/Audio.

 

It is common that online retailers do not provide a manufacturer’s warranty, or at most, a local one (as opposed to an international warranty). Under such circumstances, Purchase Guard provides recourse to eligible customers in the event that the purchased electronic product becomes faulty or malfunctioned during the effective period of the insurance if it was purchased concurrently with the electronic products.

 

Ms Annie Chua, Income’s Head of Personal Lines, said, “As more consumers shop and purchase online, the introduction of Purchase Guard is timely. Such a policy not only gives protection to consumers who make purchases online but also provides a leg up for online retailers who may not be able to offer an international manufacturer’s warranty. Purchase Guard, thus, levels the playing field for online retailers as the insurance cover gives consumers a greater sense of confidence about their purchases. The launch of Purchase Guard underscores Income’s commitment to continuously innovate and offer customer-centric solutions as consumers’ purchase patterns become increasingly digital. It is important that our insurance offerings continue to meet real consumers’ needs.”

 

Singapore’s e-commerce market was valued at US$1 billion in 2015, with online shopping making up 2.1 per cent of retail sales, the highest proportion of all Southeast Asian countries surveyed. In 2025, the figure is expected to make up 6.7 per cent of all retail sales.

 

“Qoo10’s partnership with Income is significant in shaping the online retail landscape in Singapore. Customers often find it difficult to recover monetary