NTUC Income, a leading insurer in Singapore announced a partnership with ZA Tech Global Limited (ZA Tech), the business entity for overseas technological exports formed by China’s first internet-only insurer, ZhongAn Online P&C Insurance Co. Limited (ZhongAn), to develop innovative digital insurance products for the Singapore market. The collaboration with ZATech is part of NTUC Income’s digital transformation strategy, launched in 2016, to drive greater innovation and speed to market.
The “Digital Insurance Core System”, ZhongAn’s key technology asset, is expected to help NTUC Income improve its agility and cost-efficiency to introduce more bespoke and modularized products. The first product to be introduced through the strategic partnership will be a lifestyle insurance product tailored to the tourism sector in Singapore. The product aims to protect both residents and tourists in Singapore against contingent events when they visit specific tourist attractions, and it will be launched by the second quarter of 2019. The new product will leverage ZhongAn’s cloud-based insurtech solution. Additionally, NTUC Income is exploring potential collaborations with digital ecosystem partners to create new customer experiences through value-added services to better serve customers.
In January 2019, ZhongAn partnered with Grab Holdings Inc. (“Grab”), South East Asia’s leading ride hailing platform, to establish a joint venture company to enter the digital insurance distribution business in South East Asia. The JV will create a digital insurance marketplace that offers innovative insurance products in a range of categories with fractionalized premiums, directly to users through the Grab mobile app. The JV will collaborate with global insurance partners to develop products that are tailored specifically to the region’s lifestyle needs.
(Sources: NTUC Income; Singapore Business Review)