OCBC Bank has become the first in Singapore to distribute health insurance via mobile and Internet banking.
This first-of-its-kind way of buying a health insurance plan in a few simple clicks makes access to essential health and illness coverage fast and frictionless, says OCBC in a statement.
Typically, health insurance plans such as; critical illness, disability, hospitalisation and surgical are not available via online sources as they require a health check-up to evaluate the applicant’s medical condition.
However, with Early Cancer Care, eligible OCBC Bank customers can make a health declaration with the click of a button. Early Cancer Care is the first health insurance product to be rolled out on OCBC Bank’s mobile and Internet banking channels, with more non-general insurance plans being added over time. Underwritten by Great Eastern, it is a cancer insurance plan that provides coverage in the event early or major cancer is detected.
Depending on which plan is purchased, upon diagnosis of major cancer, the insured will receive a cancer recovery benefit of up to SGD$3,000 (USD$2,206) monthly for six months, and a lump sum benefit of up to SGD$150,000, which can be used to cover treatment costs.
If early-stage cancer is detected first, the insured will receive 40 percent of the sum assured, cancer recovery benefit for six months, and all future premiums will be waived. The remaining 60 percent of the sum assured will be paid out if major cancer is diagnosed subsequently.
OCBC Bank says it keeps the purchasing process private and confidential in a secured environment. Once the customer has logged in via two-factor authentication, their personal information will be pre-populated on the insurance product application form, and they can make payment from their OCBC Bank accounts or credit cards.
Head of E-Business Singapore, Mr Aditya Gupta said: “This is a game changer. So far, our customers in Singapore have had to contend with general insurance products being available for purchase online. By offering our customers access to directly buy insurance solutions like Early Cancer Care via our digital channels, we have upped the ante in meeting their insurance needs simply, quickly and securely. It’s the start of what I call ‘democratisation of insurance’.“
Head of Bancassurance, Mr Jerry Ng said: “A majority of cancer plans are renewable yearly, with premiums increasing with age. Early Cancer Care provides cancer coverage for both early and major cancer detection, and the premiums do not increase with age throughout the policy term.”
Head of Bancassurance, Great Eastern Life Singapore, Mr Roy Tan added: “A key focus for us at Great Eastern is to harness advances in digital technology to better enable our channel partners such as OCBC to deliver our product solutions to customers more efficiently. We will continue to collaborate to create greater value and better experience for all our customers.”