NTUC Income offers insurance-as-a-service
Singaporean general insurer Income made its first overseas foray into three Southeast Asian markets through strategic partnerships with PT Central Asia Financial (JAGADIRI) in Indonesia, Post and Telecommunication Joint Stock Insurance Corporation (PTI) in Vietnam and VSure Tech Sdn. Bhd (VSure) in Malaysia.
These strategic alliances are built on Income’s Insurance-as-a-Service model that enables the company to bring digital-first insurance business models to partners overseas, enhance their speed-to-market, and equip them with the right capabilities and tools to capture new customer segments and revenue streams.
Partners will also be able to leverage Income’s “strong brand reputation and track record” in digital product innovation to support market roll-out, as well as its technology know-how and connectivity with digital ecosystems for greater agility to innovate at scale.
“Our foray overseas opens a new chapter of growth for Income and is a natural next step in our strategic growth plan. The market potential of countries like Indonesia, Malaysia and Vietnam is huge given their relatively young populations and high mobile penetration rates. Considering their large geographical distribution areas, I believe that these markets are especially primed for new digital insurance propositions that are enabled by technology. The diversity of our regional partners is a testament to the value of our IaaS model and more significantly, signals that Income is well placed to work with any partner in Asia. As a born and bred insurer in Singapore, we understand that homegrown businesses know their local consumers best, hence the partnerships are a win-win for us. By forming strategic alliances with like-minded local partners, it allows us to understand the demands of Asia’s digital-first population first-hand, scale our offerings quicker through our partner ecosystems, and most importantly, better relate insurance to customers and make insurance accessible to more. Income’s purpose is to empower better financial well-being for all, and to offer insurance access even to the underserved among us. We aim to stay committed to our cause even as we plant our flag abroad.” – Andrew Yeo, CEO of Income.
“As we bring new insurance innovations to the market, we are able to fold our experience and learn from reimagining insurance across the value chain into an Insurance-as-a-Service model. Our regional partners recognize the immense competitive advantage that comes with the model as Income grows our digital ecosystem and continues to evolve our way of working with ecosystem partners, be it in Singapore or regionally. The IaaS model, thus, plays to our strength as a digital insurer, connecting partners with the right capabilities, technology know-how and innovative insurance models to transform and scale their business models efficiently. JAGADIRI, PTI and VSure are well-respected brand names in their respective markets. We are honored to have them onboard our IaaS model and look forward to bringing more ground-breaking insurance propositions to delight customers and plug the protection gaps in these markets. Whether it is through our borderless and modular plug-and-play application program interface microservices, product innovations, seamless customer journey design or dynamic pricing capabilities, we are confident that the IaaS model will not just complement, but value add to partners’ existing solutions and strengthen their value propositions in the insurance, broker or insurtech arenas.” – Income’s chief digital officer Peter Tay.