Prudential to provide Singapore start-ups free coverage for one year

New entrepreneurs usually overlook their employees’ insurance needs, insurer reveals

Prudential to provide Singapore start-ups free coverage for one year

Insurance News

By Gabriel Olano

Global insurer Prudential is partnering with the Singapore Fintech Association (SFA) to provide its members with complimentary group personal accident insurance for one year.

The move aims to support financial technology (fintech) entrepreneurs by strengthening their safety net and better managing their risks, according to the insurer.

The free cover is available for young start-ups established in Singapore within the past five years. These companies usually have less than 10 employees and the founders are very much involved in the firm’s day-to-day operations. According to Prudential, many entrepreneurs end up overlooking personal insurance coverage for their employees and themselves, especially in the first few years of operation.

Prudential’s free insurance will provide personal accident coverage of SGD350,000 to employees of SFA member firms. The plan will provide 24/7 worldwide coverage against accidental death and injury, with no medical examinations needed.

“Fintechs play an important role in the development of Singapore’s financial services industry as they create innovative solutions that enrich the lives of consumers and the community,” said Wilf Blackburn, CEO of Prudential Singapore. “At Prudential, collaboration with fintechs form a key pillar of our digital roadmap to deliver better customer experiences, enhance efficiency and help people meet their life goals.”

There are currently between 1,600 and 2,400 tech start-ups in Singapore, with many being founded following the country’s rollout of the Smart Nation masterplan in 2014.

“The partnership with Prudential Singapore provides vital reassurance to our members at an early stage in their business,” Chia Hock Lia, SFA president added. “It means one less factor to consider as they grow. With support from Prudential, the SFA can continue their commitment to help fintechs in the region accelerate their businesses.”

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