Insurer NTUC Income is expanding its operations to Indonesia, Vietnam and Malaysia through strategic partnerships with leading insurance companies in these countries.
The partnerships will be built on the insurance-as-a-service model, in which insurers deliver personalised insurance products to the customer in a simplified way while taking into account when and how they require them.
NTUC Income said on Thursday (Oct 28) that it will work with PT Central Asia Financial (Jagadiri) in Indonesia, Post and Telecommunication Joint Stock Insurance Corporation (PTI) in Vietnam and VSure Tech Sdn. Bhd (VSure) in Malaysia.
These three companies will launch NTUC Income’s rain insurance plan Droplet across cities including Jakarta, Hanoi, Ho Chi Minh City and Kuala Lumpur.
Droplet offers insurance to consumers who book a ride via ride-hailing platforms such as Grab. It provides a payout when prices on these platforms surge due to rain.
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29 October 2021