Singlife rolls out new group insurance plan

Philippine operations secured funding for innovation

Singlife rolls out new group insurance plan

Insurance News

By Roxanne Libatique

Singapore-based financial services company Singlife and Fin-MedTech company iAPPS Health Group (iHG) have unveiled iSure, a new group insurance plan designed to encourage proactive health management.

Developed in collaboration with Swiss Re and underwritten by Singlife, the iSure plan is complimentary for participants who enrol in iHG's health screening packages (Vibrant tier and above).

iSure plan's features

The plan offers several key benefits:

  • reduced costs on proactive health management: Participants can receive a 50% fee refund (capped at S$1,000) for the personalised Health Optimisation (HOPE) Programme on iHG's medical platform 1doc, which aims to address individual health concerns
  • major cancer cover: Participants are eligible for a 100% sum assured payout upon a major cancer diagnosis
  • basic death benefit: A S$500 payout is provided upon death from any cause

Eligibility and coverage terms include:

  • Eligible age: 18 to 70 years old (both ages inclusive)
  • Coverage term: 1 year
  • Waiting period: 90 days for major cancer cover
  • Survival period: 7 days after major cancer diagnosis

iHG medical director Dr Eugene Loke stressed the importance of proactive healthcare in long-term health management.

“We believe that early detection and proactive intervention are key to preventing and managing chronic diseases,” he said. “By implementing this group insurance plan, we hope to encourage individuals to take proactive steps in managing their health, such as through our evidence-based health optimisation programmes like HOPE.”

“We are pleased to co-create this unique group insurance plan with iHG and Swiss Re, offering individuals a better way to take charge of their own health,” said Eddy Susanto, executive director of partnerships, employee benefits at Singlife. “This is Singlife's commitment to supporting individuals in their health journeys beyond protection to preventive care.”

“As a leading life and health reinsurer, Swiss Re believes programmes that empower people to take control of their health and wellbeing create a win-win situation, for people and for insurers,” said Liem Phan, head of life and health reinsurance for Southeast Asia and India at Swiss Re. “We are pleased to enable this insurance innovation that goes beyond traditional indemnity-based protection by simultaneously promoting preventive health and healthy lifestyles.”

iSure's launch follows the release of Singlife's revamped insurance plans to enhance Singaporeans' financial wellbeing.

Singlife Philippines secures funding from parent company

In other news, Singlife Philippines has secured ₱600 million in funding from its parent company, Singapore Life Holdings Pte Ltd. This capital injection is intended to bolster the company's growth and innovation initiatives, particularly in digital technology.

Singlife Group, now a wholly owned subsidiary of Sumitomo Life Insurance Company, has set its sights on becoming an integrated omni-channel financial services firm in the region, prioritising customer centricity.

“This funding underscores the strong confidence Singlife and other shareholders have in the vast potential of the Philippines market as well as Singlife Philippines' focus on technological innovation to disrupt how insurance is experienced and delivered,” said Singlife Philippines chairman Richard Vargo. “This is in line with our larger group's mission in pushing boundaries in the digital insurtech space.”

“This milestone propels and expands our capacity to introduce more cutting-edge digital insurance solutions, such as embedded and bundled insurance and enhancing our platform with AI capabilities,” said Singlife Philippines executive director Sherie Ng. “It's a launchpad for aggressive market expansion and forging new strategic partnerships.”

The ₱600 million capital injection will be allocated towards investments in digital platform enhancement, product innovation, and partnership growth.

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