NTUC Income, an insurance cooperative in Singapore, made its first overseas foray into three Southeast Asian markets namely Indonesia, Vietnam and Malaysia.
The company had formed 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.
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.
This enhances their speed-to-market, and equip them with the right capabilities and tools to capture new customer segments and revenue streams.
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 micro-insurance product that is designed to address price surges on ride-hailing platforms during rainy days.
Andrew Yeo, Chief Executive Officer at NTUC Income said,
“The market potential of countries like Indonesia, Malaysia and Vietnam is huge given their relatively young populations and high mobile penetration rates. 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.”
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