The two firms aim to roll out a lifestyle insurance product in Singapore for the tourism sector by Q2.
Singapore insurer NTUC Income and Chinese firm ZA Tech Global have partnered to launch digital insurance products in Singapore, NTUC Income said in a press statement on Thursday.
ZA Tech Global is the business entity established by ZhongAn Technologies International, the international arm of Chinese online insurer ZhongAn Online P&C Insurance.
As part of the partnership, NTUC Income will leverage ZhongAn’s technological capabilities and ecosystem of partners to deliver digital insurance products tailored for modern lifestyle needs. ZhongAn will also use this as an opportunity to test-bed and scale digital innovation in Singapore and regionally, and use technology to «expedite the digitalisation of insurance industry in Southeast Asia,» the firm said.
Insurtech Capabilities
«Given that our impetus for innovation and digitalisation has always been customer-centricity, we are excited to tap ZhongAn’s insurtech to unlock new possibilities in which insurance can be designed and offered to address customer pain points. We believe that this partnership will enable Income to reach a segment of customers, who are typically less receptive to traditional insurance offerings and distribution channels,» Peter Tay, NTUC Income’s Chief Operating Officer, who also heads the company’s Digital Transformation Office (DTO) said.
The two firms will first roll out a lifestyle insurance product tailored to the tourism sector in Singapore by the second quarter of 2019. According to the media release, the product «aims to protect both residents and tourists in Singapore against contingent events when they visit specific tourist attractions.» The new product will leverage ZhongAn’s cloud-based solution that promises greater efficiency and cost savings, the firm said.
Established in 1970, NTUC Income has had over $36.3 billion in assets under management in 2017.
