Singaporean insurer NTUC Income has partnered with international financial platform Revolut to incorporate lifestyle-based insurance offerings on the latter’s mobile app.
According to a statement from the companies, a key aspect of the collaboration will be the embedding of Income’s micro-insurance platform, known as Snack, into Revolut’s Savings Vault feature. This will allow customers to purchase insurance coverage on Snack through bite-sized premiums of SG$0.30, SG$0.50 and SG$0.70, linked to daily lifestyle activities such as dining, taking public transport, using their Revolut Visa debit card, as well as clocking steps on Fitbit. Products such as term life, critical illness, and personal accident insurance can be purchased using the “spare change” accumulated by Revolut users.
Additionally, Revolut customers will receive one-time complimentary insurance coverage worth SG$500 when they sign up for a Snack account. Other features of the collaboration will be rolled out in the future.
“With the pandemic and economic downturn, people are more mindful of how they are spending their money,” said James Shanahan, CEO of Revolut Singapore. “Our partnership with SNACK layers insurance protection over our existing money management features and allows our customers access to micro-insurance products that are underwritten by NTUC Income.”
“Snack’s unique proposition of integrating insurance seamlessly into a customer’s lifestyle almost invisibly, with bite sized premiums linked to daily lifestyle activities complements Revolut’s business model as a personal financial app,” said Peter Tay, chief digital officer of NTUC Income. “Snack’s modular approach to bite-sized insurance reimagines how people obtain and consume insurance.”
According to Revolut, since its launch in Singapore less than a year ago, it has reached over 70,000 sign-ups. In August, Revolut launched Rewards, its own cashback and discounts programme for top e-commerce brands, and Donations, which allows users to donate to the causes they care about.