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 like critical illness, disability, hospitalisation and surgical are not sold via online channels as they require a health checkup to evaluate the applicant’s medical condition. However, with Early Cancer Care, eligible OCBC Bank customers simply need to 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 to be 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 the plan purchased, upon diagnosis of major cancer, the insured will receive a cancer recovery benefit of up to S$3,000 (US$2,206) monthly for six months, and a lump sum benefit of up to S$150,000, which can be used to cover treatment costs. If early-stage cancer is detected first, the insured will receive 40% of the sum assured, cancer recovery benefit for six months, and all future premiums will be waived. The remaining 60% 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.
Mr Aditya Gupta, Head of E-Business Singapore, 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’.“
Mr Jerry Ng, Head of Bancassurance, 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.”
Mr Roy Tan, Head of Bancassurance, Great Eastern Life Singapore, 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.”
OCBC Bank is the longest established Singapore bank, formed in 1932 from the merger of three local banks, the oldest of which was founded in 1912. It is now the second largest financial services group in Southeast Asia by assets and one of the world’s most highly-rated banks, with an Aa1 rating from Moody’s. OCBC Bank’s key markets are Singapore, Malaysia, Indonesia and Greater China. It has more than 600 branches and representative offices in 18 countries and regions.