The insurance arm of OCBC Bank is expanding into new customer segments in a partnership with Singtel that will offer a range of general insurance products spanning home, motor and travel, jointly developed by both companies.
The new insurance products, underwritten by Great Eastern, seek to «address customer needs arising from their increasingly digital lifestyles, featuring telco-centric benefits that are industry firsts,» an announcement on Wednesday said.
The partnership also hopes to tap on Singtel's wide customer base that reaches more than 60 percent of all households in Singapore, and use its customer insights to help tailor insurance products to customers’ lifestyle needs.
«We leveraged data insights to develop affordable, relevant general insurance solutions with unique benefits to help protect their everyday needs. Through continuous engagement and a seamless consumer purchase journey, we are making customized protection solutions easily accessible to Singtel customers to lifeproof their assets through home, and later motor and travel insurance,» Ryan Cheong, managing director of digital for business, Great Eastern, said.
New Products
Among the products that will be launched in the coming weeks are a home insurance that bundles broadband with coverage for home contents, motor insurance for car owners, and travel insurance with mobile-related benefits.
The launch of these general insurance products adds to Singtel’s expanding range of insurance offerings for its customers. Singtel first made its foray into the local insurance market last July, when it launched free personal insurance cover for its prepaid customers as part of mobile data plans.
Earlier in the year, Singtel extended free 30-day COVID-19 insurance coverage to prepaid and Dash customers. Singtel also added financial services to its mobile wallet Dash, in the form of offer an insurance savings solution underwritten by Etiqa.
