Singapore telco Singtel and the insurance subsidiary of OCBC, Great Eastern, announced yesterday (26 August) a partnership to launch a suite of general insurance products.
The insurance policies span across home, motor and travel, and are jointly developed by both companies.
Underwritten by Great Eastern, the insurance offerings seek to address customer needs arising from their “increasingly digital lifestyles”.
The policies feature telco-centric benefits that are “industry firsts”, according to a joint statement by both companies.
Singtel and Great Eastern have launched Singtel Home Protect, a home insurance that provides coverage for both telco bills and home contents.
The plan reimburses Singtel broadband expenses besides covering renovation, furniture, appliances, valuables and personal effects, which most home owners do not insure today.
“Insurance that bundles both home contents and broadband is synergistic, as home owners typically sign up for or re-contract their broadband services,” said companies in their joint statement.
Singtel Home Protect is offered to Singtel broadband customers at launch and will be available to all Singtel customers at a later date.
Customers can sign up for the plan on the Singtel website or through the Singtel app, with prices going down to as low as S$6.50 a month.
The plan covers reimbursement of Singtel bills of S$280 per month for up to three months, and up to S$80,000 for home contents in the event of disruption of services due to a fire or other types of damage.
“With the shift to work from home since the onset of COVID-19, many people have made home improvements to create a more conducive environment,” said Yuen Kuan Moon, CEO of Consumer Singapore at Singtel.
“This makes protecting their homes with Singtel Home Protect more important than ever.”
Other “Unique” Insurance Offerings
In the coming weeks, Singtel and Great Eastern will also be offering car owners motor insurance.
When travel restrictions are lifted, Singtel will further introduce travel
insurance with mobile-related benefits.
According to the joint statement, this is a first in Singapore as it includes unique benefits such as the reimbursement of Singtel mobile bill during hospitalisation abroad.
This is not Singtel’s first foray into insurance.
Last July, Singtel introduced Singapore’s first prepaid data plan and Dash mobile remittance service that comes with personal insurance cover.
Its insurance plan acts as a complement to that of the compulsory medical insurance that employers have to purchase for foreign workers.
According to Singtel, it provides mobile connectivity to more than 60 per cent of foreign workers in Singapore.
Singtel’s latest collaboration with Great Eastern expands the telco’s foray into insurance, and allows it to tap into its wide customer base to reach more than 60 per cent of all households in Singapore.
Featured Image Credit: Asia Nikkei and Finews Asia