News Non-Life22 Jul 2021

Singapore:More insurers offer green products

| 22 Jul 2021

Parrot app


Singapore-based InsurTech firm Zensung yesterday announced a partnership with Munich Re and ERGO-the primary insurance arm of Munich Re-to launch 'Parrot Safe Driver', Singapore's first of its kind 'GO GREEN' insurance policy.

Using an Artificial Intelligence (AI) based proprietary platform, Zensung’s ‘Parrot’ mobile app allows policyholders to monitor their trips and compensate for the CO2 emissions caused. It uses the globally recognised Greenhouse Gas Protocol (GHG) to calculate emissions.

In addition, Parrot offers its policyholders the choice to become CO2-neutral by buying carbon credits straight from the app.

As an organisation, Zensung takes a holistic view of its environmental stewardship, and firmly believes that improving driving behaviour, coupled with an awareness of one's carbon footprint, will go a long way towards reducing fuel consumption and carbon emissions.

The platform makes buying and monitoring car insurance simpler, greener and fairer. Through the app, users can purchase a policy, make a claim, and receive safe driving rebates simply by using their smartphone.

The Parrot app

The Parrot concept is also testament to the shared commitment between Zensung and ERGO to impacting positively the environment and society. Parrot's scientific reward mechanism for safe driving has a far-reaching and long-term impact, enabling a permanent and positive change in its user’s driving habits, contributing towards reducing the number of accidents and making roads safer for the entire community.

Founder and CEO of Zensung, Mr Amod Dixit, said, “We feel great about being able to do our part in protecting the environment. Through our app, we hope that people will use the policies, such as our Parrot Safe Driver policy and feel inspired to safeguard our environment. Our partnership with ERGO and Munich Re Group represents a shared ambition in offering innovative yet environmentally friendly products.”

Mr Karl-Heinz Jung, ERGO’s Singapore CEO, said, “The launch of the ‘Parrot Safe Driver’ motor insurance policy will encourage and reward Singapore drivers to become safer and more environmentally conscious. This is in line with the concept of sustainability which is supported by the ERGO Group.”

Dr Weihao Choo, Munich Re Head of Consulting (Southeast Asia, Korea, India and Japan), said, “Munich Re is committed to developing innovative and sustainable insurance solutions and we are pleased with the progress made by Zensung and ERGO in the Singapore market. We will continue to work closely with our insurance and technology partners and explore new partnerships to expand the reach of new and transformative business models in the insurance sector.”

Great Eastern's green life insurance plan

Zensung's announcement of its green motor insurance policy follows the launch on 19 July by Great Eastern of the launch of the first green life insurance product in Singapore – GREAT Green SP.

The short-term endowment policy invests its portfolio assets to achieve significant positive environmental impact, says Great Eastern in a statement. Investments are made in areas like climate change mitigation, renewable energy, green buildings and the deployment of electric vehicle charging stations.


 

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