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NTUC Income Makes First Foray Overseas, Offers Insurance-as-a-Service in Southeast Asia

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Promises strategic local insurance partners new insurance business models and speed-to-market to capture digital-first consumers for growth

SINGAPORE – Media OutReach – 28 October 2021 – NTUC Income (Income), a leading composite insurer in Singapore, today made its first overseas foray into three Southeast Asian markets through strategic partnerships with PT Central Asia Financial (JAGADIRI) in Indonesia, Post and Telecommunication Joint Stock Insurance Corporation (PTI) in Vietnam and VSure Tech Sdn. Bhd (VSure) in Malaysia.


Income’s CEO Andrew Yeo and CDO Peter Tay at a Virtual Strategic Partnership Agreement Signing Ceremony with partner representatives – Reginald Hamdani, CEO, JAGADIRI; Bùi Xuân Thu, CEO, PTI and Eddy Wong, CEO and Co-founder, VSure



These strategic alliances are built on Income’s Insurance-as-a-Service (IaaS) model that enables the company 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.

Partners will also be able to leverage Income’s strong brand reputation and track record in digital product innovation to support market roll-out, as well as its technology know-how and connectivity with digital ecosystems for greater agility to innovate at scale to meet consumers’ changing needs.

Since the start of the COVID-19 pandemic[1], 70 million people in Southeast Asia (SEA) have become digital consumers and are making online purchases more than before. Almost 80% of the population in SEA is projected to become digital consumers by end 2021, signalling strong demand for digital consumption in the region.

The market size for digital insurance is also projected to reach US$7.6 billion by 2025[2], with digital financial services taking off in SEA in a way that is exciting for both consumers and businesses. More significantly, the acceleration of digital consumption is showing no signs of abating, with nine in 10 new digital consumers intending to continue using digital services in the future[3].


Andrew Yeo, Chief Executive Officer, Income said, “Our foray overseas opens a new chapter of growth for Income and is a natural next step in our strategic growth plan. The market potential of countries like Indonesia, Malaysia and Vietnam is huge given their relatively young populations and high mobile penetration rates. Considering their large geographical distribution areas, I believe that these markets are especially primed for new digital insurance propositions that are enabled by technology. The diversity of our regional partners is a testament to the value of our IaaS model and more significantly, signals that Income is well placed to work with any partner in Asia.”

Yeo added, “As a born and bred insurer in Singapore, we understand that homegrown businesses know their local consumers best, hence the partnerships are a win-win for us. 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. Income’s purpose is to empower better financial well-being for all, and to offer insurance access even to the underserved among us. We aim to stay committed to our cause even as we plant our flag abroad.”


Bringing innovative new insurance business models to overseas markets


Since the inception of the 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. This calls for a shift in conventional insurance mindset and appetite for unprecedented risks, alongside a new appreciation for data, insurtech and an iterative approach to product design and roll-out.

Peter Tay, Chief Digital Officer, Income said, “As we bring new insurance innovations to the market, we are able to fold our experience and learn from reimagining insurance across the value chain into an Insurance-as-a-Service model. 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. 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.”


Tay added, “JAGADIRI, PTI and VSure are well-respected brand names in their respective markets. We are honoured to have them onboard our IaaS model and look forward to bringing more ground-breaking insurance propositions to delight customers and plug the protection gaps in these markets. Whether it is through our borderless and modular plug-and-play application program interface (API) microservices, product innovations, seamless customer journey design or dynamic pricing capabilities, we are confident that the IaaS model will not just complement, but value add to partners’ existing solutions and strengthen their value propositions in the insurance, broker or insurtech arenas.”


Partnering homegrown businesses to cater to the needs of the local market


As part of Income’s strategic partnerships with JAGADIRI, PTI and VSure, these companies will be the first in Indonesia, Vietnam and Malaysia to launch Droplet respectively across four cities including Greater Jakarta, Hanoi and Ho Chi Minh City, as well as Kuala Lumpur.


Droplet is a first-of-its-kind micro-insurance product that is designed to address a major pain point of consumers in Southeast Asia – price surges on ride-hailing platforms during rainy days.


In 2020, the total market value of ride hailing in SEA was estimated to be at US$11billion[4], with Indonesia leading (US$5 billion) the pack, followed by Singapore (US$2 billion), Vietnam (US$1.6 billion) and Malaysia (US$1.1 billion). With the total value of the ride hailing market in SEA projected to increase by almost four times to US$42 billion by 2025, this tremendous demand for ride-hailing services among Southeast Asians has given rise to the need for “rainsurance” like Droplet to protect consumers financially against price surges on these platforms, particularly during the monsoon season. 


“Technology-enabled lifestyle has opened up real opportunities for insurance solutions. The ride-hailing phenomenon and the launch of Droplet are cases in point. We are bullish about lifestyle-embedded insurance propositions such as Droplet and will continue to take inspirations from lifestyle pain points of consumers in Singapore, Indonesia, Malaysia, Vietnam, and beyond to drive innovation, co-create digital-first insurance products and customer journeys for more people regionally,” enthused Peter Tay.


For more information, visit droplet.sg.


Appendix A – Quotes by Partners

“JAGADIRI is one of the pioneers of e-commerce insurance in Indonesia and we are very proud to collaborate with NTUC Income from Singapore. We believe that this very strategic partnership can provide innovative technology-based insurance solutions for the people of Indonesia.


For the first time in Indonesia, we are introducing such a novel proposition, Droplet, also known as JAGA HUJAN, as part of our “lifestyle-based insurance” which is designed to provide protection against price hikes when consumers use ride-hailing during rainy days. This partnership allows for flexibility to adapt Droplet for local consumption such that consumers in Indonesia can also get insurance protection, so they feel safe when on the road. We hope this collaboration will be the beginning of more technology-based innovative insurance products to come.”


Reginald Hamdani,


For more information: www.jagadiri.co.id


“We see great synergy in what Income’s Digital Transformation team (DTO) is doing when it comes to innovation in insurance, which is similar to PTI Digital’s approach on Digital and Micro insurance. We are excited to bring Droplet’s unique proposition, which has been successfully implemented in Singapore, to Vietnam. The end-to-end product and technology offering, from price risk calculation to purchase flow and claims processes, fits perfectly with the vision of PTI in developing innovation in micro-insurance that fits the lifestyle of our customers.”


Bùi Xuân Thu


For more information: www.pti.com.vn/en/home.html


“We are delighted to be able to partner with NTUC Income to bring a new type of digital insurance offering to mass Malaysians through Droplet. This solution and its potential impact strongly resonates with VSure’s identity as an On-Demand Lifestyle Digital Insurer and is synonymous to our vision to continuously bring innovative and affordable protection coverage to the masses.


Malaysians are no strangers to rain, and we believe protection against ride hailing pricing surge during rainy days is a great example of insurance reimagined to be palatable for the consumers and their modern lifestyles of today. We are thrilled to be able to be the partner that brings Droplet into Malaysia, which serves as another way to educate the underserved Malaysian communities about the vitality of staying protected, through bite-sized protection plans that suits the needs of their active and diverse lifestyles.


This partnership means a great deal to VSure, as it marks the beginning of two companies with similar goals working together to make insurance even more accessible and relevant to the Southeast Asia markets.


Our collaborative partnership with Income will not stop here, and we will eventually flourish into many other joint innovative and novelty protection propositions into the Malaysia market. We firmly believe in this cross regional collaborative model will move forward and evolve our future of protections to the masses, which create a whole new suite of protections for modern lifestyles.”


Eddy Wong

VSure, CEO AND Co-founder

For more information: https://www.vsure.life/

NTUC Income

NTUC Income Insurance Co-operative Ltd (Income) is a leading composite insurer in Singapore, serving more than two million policyholders. Our ambition is to protect every life and every home by making insurance simple, accessible and personal for individuals from all walks of life.

Income’s innovative, data-driven and omni-channel approach puts us at the forefront of customer-centric solutions to meet rapidly evolving needs and help empower better financial well-being.

Income was established in 1970 and remains the only insurance co-operative in Singapore. Our financial strength and diversified investment portfolio is reflected by our strong credit rating which underpins the delivery of our commitment to customers.

For more information about Income, visit www.income.com.sg


PT Central Asia Financial (JAGADIRI)

PT Central Asia Financial (CAF), which is part of the Salim Group, received a license to operate from the Financial Services Authority (OJK) on March 13, 2013. In running its business, CAF is committed to the principle of direct selling, which focuses on digital marketing, telemarketing and community marketing. On January 27, 2015, CAF launched the JAGADIRI brand as one of the pioneers of e-commerce insurance in Indonesia that provides Instant Protection (instant and immediate protection), Claim Certainty Process (guarantee of claim acceptance) and Best Transparent Price (affordable and transparent costs). JAGADIRI innovates by providing insurance products through the mobile friendly website www.jagadiri.co.id.

Supporting the trend of financial digitization, JAGADIRI wants to answer customers’ needs by providing innovative and relevant insurance solutions by reaching them closer, faster and easier. JAGADIRI’s hassle-free insurance prioritizes customers’ convenience and protection needs, supported by digital technology. Customers can buy insurance products at affordable prices starting from Rp5,000.00 without having to meet an agent. The process only takes less than 5 minutes, and payments can be made directly online. Insurance claims can also be made easily online through JAGADIRI’s self-serve website, where payment status and customer claims can be viewed in real time.

Post and Telecommunication Joint Stock Insurance Corporation (PTI)

PTI is one of the three largest non-life insurance companies in Vietnam. PTI is an enterprise that always maintains consistently high growth, affirming its place as the No.1 leading company in the market for motor vehicle insurance, and No. 2 for health, critical illness and personal accident insurance.

PTI has constantly been adopting technology to develop products and services that offer customers the best experience. PTI has received the Certificate of B ++ financial capacity rating from the world’s largest financial credit rating agency A.M.Best and is also an enterprise that Vietnam Report cooperates with other Professor Harvard University – US ranked as TOP 500 Vietnam’s largest enterprises (VNR500)

VSure Tech Sdn. Bhd (VSure.life)

VSure is Malaysia’s first on-demand lifestyle digital insurer approved by the Central Bank of Malaysia under the Fintech Regulatory Sandbox Framework.

VSure is a full stack digital insurer with full suite of capabilities ranging from regulatory and licensing agility, product innovation, design and underwriting, go-to-market and end-to-end customer experience management.

VSure reimagines and transforms how insurance protection is done. Our mission is to provide everyone with access to affordable and transparent products, on-demand protection for modern lifestyles in a simple & innovative way and sharing our expertise with governments and regulators to drive socio economic empowerment, adequate protection, and better financial resilience for the masses.

VSure aims to be the leading digital insurer in Southeast Asia focusing on usage-based protection wrapped around modern lifestyles. VSure also provides value-add proposition for businesses via curation of bespoke products and services.

Founded in 2018, VSure takes pride in celebrating the evolving modern digital lifestyles of customers by continuously reimagining protection to be more accessible, envisioning a future where protection is inclusive and becomes second nature for everyone.

VSure is continuously pushing the needle to drive positive applications of its product and services, expanding the boundaries of tech for good through VSure’s own charity virtual event series in which proceeds goes to impactful social welfare organisations.

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