Income expands to Japan by white-labeling SNACK
Income has launched its micro-insurance franchise model on the company’s Insurance-as-a-Service (IaaS) platform, HIVE by Income, as it expands its footprint beyond Southeast Asia to Japan.
ReMark , the digital solutions provider of global reinsurer, SCOR, is the first international partner to adopt it, offering lifestyle-based micro-insurance (SNACK) to Japanese consumers in 2023.
SNACK , first launched in Singapore in 2020, allows users to stack or accumulate micro-insurance in life, critical illness and accident policies, as well as micro-investments in a micro investment-linked plan by paying micro-premiums from as low as S$0.30 as they go about their daily lifestyle activities such as when they dine out, commute via public transport or clock 5,000 steps.
To date, SNACK has reached over 90,000 users in Singapore and is underwriting over S$385 million in sum assured across its insurance and investment offerings.
When ReMark launches SNACK in Japan, it will enjoy speed to market as it will benefit from seamless technology integration to its core system via Income’s IaaS platform, HIVE. This will include the development of the SNACK app in Japan, an adapted suite of features, and SNACK branding rights in the country.
HIVE has 2 main business models – the first is through ecosystem partnerships that allow like-minded partners to integrate Income’s lifestyle-based insurance offerings into their digital ecosystems, and the second is through franchise offerings.
Bottom Line: SNACKFIT (available via SNACK) uses SCOR’s Biological Age Model to offer premium rewards while ReMark uses HIVE and that’s what you call a win-win.