NTUC Income has launched the first subscription-based insurance policies in Singapore, with no lock-in periods.
Known as TRIBE, the insurance offers three modular packs – Essentials Pack, Child Pack and Recovery Pack. Customers can subscribe to and customise their chosen pack based on their needs and desired insurance premiums through a digital interface. The packs are designed with specific types of customers in mind, such as gig economy workers, first jobbers and parents.
Each of the three packs is available in small, medium and large sizes, and allows customers to upsize or downsize insurance plans within a pack as needed. They can also start or stop their insurance coverage as required to fit changing lifestyles, with no lock-in periods, annual contracts, or penalties for cancellation.
The policy is available via self-service on Income’s TRIBE website, and customers can get insured within five to 10 minutes. Insurance premiums and coverage can be changed anytime, by toggling between options on the same website.
According to Peter Tay, chief digital officer of Income, access to insurance is increasingly important amid a shift to a low-touch economy, which is driven by the pandemic situation globally, with people changing how they interact with one another and with businesses.
“We are bullish about the subscription model for insurance simply because it speaks to a customer as an individual and plays to his or her unique circumstance,” Tay said. “TRIBE’s design to adapt on-demand is unparalleled in the industry. Globally, subscription businesses have grown five to eight times faster1 than traditional businesses as technology has enabled customers to get access to what they want immediately and with greater personalisation.”