Leading insurer in Singapore, NTUC Income have teamed up with ZA Tech Global Ltd to create digital insurance products and innovation efforts in Singapore starting with a travel insurance product aimed at tourists in the Lion City.
ZA Tech operates as the global technology arm of China-based technology focused insurer ZhongAn Online P&C Insurance.
NTUC Income will use ZhongAn’s technological expertise and knowledge in digital insurance to deliver innovative digital products tailored for modern lifestyle needs.
For ZhongAn, it aims to leverage NTUC Income’s position as a top insurer in Singapore to test-bed and scale digital innovation in Singapore and regionally, using ZhongAn technology to support its overseas business development.
In the beginning, the partnership will introduce a lifestyle insurance product for the tourism sector by the second quarter on 2019. The new product will use ZhongAn’s cloud-based insurtech capabilities, which will protect residents and tourists in Singapore against contingent events when visiting certain tourist attractions around the city.
Peter Tay, NTUC Income’s chief operating officer and digital transformation head said: “We believe that this partnership will enable Income to reach a segment of customers, who are typically less receptive to traditional insurance offering and distribution channels. Recognising that digital disruptions have cultivated new consumer behaviour, we aim to be future-ready to meet the digital lifestyle needs of tomorrow by disrupting insurance today.”
Bill Song, CEO of ZA Tech added: “Having identified huge potential for customised insurance products and high internet penetration in Singapore, we are excited to lend weight to re-imagine insurance by fostering cooperation on ZhongAn’s technology platform.”