NTUC Income Insurance Cooperative has expanded overseas into three Southeast Asian markets through strategic partnerships with PT Central Asia Financial (JAGADIRI) in Indonesia, Post and Telecommunication Joint Stock Insurance (PTI) in Vietnam and VSure Tech in Malaysia.
These strategic alliances are built on the Singapore-based composite insurer’s Insurance-as-a-Service (IaaS) model that enables Income 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.
“The market potential of countries like Indonesia, Malaysia and Vietnam is huge given their relatively young populations and high mobile penetration rates,” said Income CEO Andrew Yeo.
Considering their large geographical distribution areas, I believe that these markets are especially primed for new digital insurance propositions that are enabled by technology,” said Yeo.
Yeo added that 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.
Since the inception of their Digital Transformation Office (DTO) more than four years ago, Income has been innovating and rolling out new insurance business models such as micro-insurance (SNACK), subscription insurance (TRIBE) and usage-based insurance (Milesurance, Gigsurance and Freightsurance).
These propositions bring to market a new way of engaging with, and consuming insurance that is embedded in customers’ lifestyles.
“Our regional partners recognise 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,” said Peter Tay, chief digital officer at Income.
“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,” said Tay.