Composite insurer Income expands to Japan

Composite insurer Income expands to Japan

Singapore-based major insurer, Income Insurance (Income), has launched its microinsurance franchise model on the company’s Insurance-as-a-Service (IaaS) platform, HIVE by Income, as it expands its footprint beyond Southeast Asia to Japan.

ReMark, the digital solutions provider of global reinsurer, SCOR, is the first international partner to adopt Income’s micro-insurance franchise model. Through the partnership, ReMark is targeting to offer lifestyle-based microinsurance, SNACK, to Japanese consumers in 2023.

The Income-ReMark partnership, sealed at an agreement signing ceremony at the Singapore FinTech Festival yesterday. The partnership to launch SNACK in Japan is a strategic move that promises vast market potential given the similarities in the insurance landscape and consumer behaviours in both Singapore and Japan as developed markets with high mobile penetration rates.

SNACK, first launched in Singapore, is a digital insurance innovation that is designed to lower the barriers to access to insurance and investment solutions. It allows users to stack or accumulate microinsurance in life, critical illness and accident policies, as well as micro-investments in a micro investment-linked plan by paying micro-premiums from as low as S$0.30 (21 US cents) as they go about their daily lifestyle activities such as when they dine out, commute via public transport or clock 5,000 steps.

To date, SNACK is enjoying good success with more than 90,000 users in Singapore and is underwriting over S$385m in sum assured across its insurance and investment offerings.

Mr Andrew Yeo, CEO of Income, said, “We partnered ReMark last year to launch SNACKFIT, a first-of-its-kind fitness and lifestyle proposition that offers users in Singapore bonus insurance coverage based on biological age and we are heartened to grow this partnership now to Japan.”

Mr Yeo added, “Singapore continues to be our innovation hub. With rich insights and learnings that we continue to gather from around the region, we are evolving HIVE by Income to become a one-stop IaaS platform that offers a range of versatile digital-first insurance business models and pre-built InsurTech capabilities that will bring speed-to-market to our partners as they build insurance capabilities to capture new customer segments and revenue streams.”

Customer experience

Ms Na Jia, CEO of ReMark, said, “I look forward to seeing new synergies in action between our teams and focus on bringing protection to younger consumers who live, work, and plan their finances differently. I am confident that our people-centric products, great insurance expertise and common vision will make a difference not only in Japan but also worldwide.”

Mr Gang Pei, head of North Asia, ReMark, said, “ReMark has been known for providing marketing solutions in Japan for the last 20 years. Providing the best customer experience is always core to our mission when designing solutions and marketing programmes.”

He said that although Japan has high insurance penetration, ReMark’s recent Global Consumer Study highlighted that the current offering and distribution channels are not appropriate for younger generations (especially Gen Z and millennials).

He added, “Partnering with Income will enable us to provide lifestyle-based insurance suited to gig economy workers and younger generations who demand more affordable and flexible insurance products. Our new digital micro-insurance products will help people be more financially independent and create more resilient societies.”

Since its first foray overseas in October 2021, HIVE by Income has worked with partners in Vietnam, Malaysia, Indonesia and Thailand. HIVE by Income launched a pay-per-job microinsurance for domestic helpers in Vietnam, while consumers gain insurance protection as they purchase of a cup of coffee in Thailand. Japan marks the fifth market Income is expanding into.


Source link

Share This

Leave a Reply

Your email address will not be published.