Communications technology group Singtel makes first foray into the insurance market. Its prepaid data plan and Dash mobile remittance service will come with personal insurance coverage, provided by NTUC Income and premiums paid for by Singtel.
Over 60% of foreign workers – S Pass workers, foreign domestic workers, and migrant workers - in Singapore use Singtel as their mobile carrier. This means that around 1.17million people in Singapore will get to enjoy the insurance coverage that’s tagged along each time they purchase a 30-day 50MB Protect data plan worth S$2, do a S$20 prepaid top-up or when they remit at least S$100 through Dash remittance. Dash is an all-in-one mobile payments solution that is available to everyone regardless of telco or banking relationship. (See factsheet below.)
Mr Yuen Kuan Moon, CEO of Consumer Singapore, Singtel said, “As many of our prepaid and Dash mobile remittance customers are the sole breadwinners in their families, income stability and protection from financial loss are among their topmost concerns. By working with Income to remove price barriers and simplify the sign-up process, we want to make insurance accessible for all, enabling our customers to protect their loved ones, by simply topping up their data or remitting money back home. We are always seeking new ways to complement our customers’ lifestyles and will be introducing other insurance product in the coming months.”
Fact Sheet provided by Singtel:
Mr Andrew Yeo, CEO, Income said, “Income is committed to extend insurance accessibility to people in Singapore. As such, the collaboration with Singtel is a meaningful one as it promotes greater financial inclusivity through their large subscriber base. It also give us the opportunity to recognise the contributions of migrant workers to Singapore with an innovative insurance offering that players to their routine tasks and lifestyles as they top up credit in their mobile plans or make a remittance. Thus, making insurance access simple and affordable”.
As part of Singtel’s initiatives to engage foreign workers, Singtel has partnered the centre for Domestic Employess (“CDE”) and the Migrant Worker Centre (“MWC”) to offer connectivity and remittance benefits to newly-arrived workers. Members of CDE and MWC will receive a welcome SIM offering free data and International Direct Dialling talk time. They would receive a SGD5 cashback on their first remittance on Dash, too.
Sharon from Asia Advisers Network spoke to Construction Worker, Mr Tushar from Bangladesh. He said he calls home every night and usually spends at least S$20 per month on his prepaid card. He feels more at ease now knowing he has extra insurance coverage whenever he tops up his card.
You might have missed these fun reads:
Singapore:Singtel launches wellness platform, StepUp, with AIA
Be better than you were yesterday - Theresa Goh, Paralympic medallist
13 winners from six markets crowned at 4th Asia Trusted Life Agents & Advisers Awards