Apr 24, 2019 (China Knowledge) - Singapore’s leading insurer NTUC income has entered a partnership with China’s online insurer ZhongAn Online P&C Insurance Co to accelerate digital innovation and product launches in the southeast Asian country.
Under the partnership, NTUC Income will leverage ZhongAn’s experience and expertise in working with industry partners to deliver a stream of innovative digital insurance products catered towards modern lifestyle needs.
This will be done through the latter’s proprietary “Digital Insurance Core System” that will help NTUC Income to improve its agility and cost-efficiency by integrating more modularized product offerings.
For ZhongAn, the partnership will allow the Chinese company to use NTUC Income’s positioning in Singapore to use the country as a testing-bed for new insurance products and help it to expand its overseas presence.
For starters, the partnership will be introducing a new lifestyle insurance product for tourists by the end of the second quarter this year to guard them against contingent events when the visit specific tourist attractions in the country.
This new product will be built on ZhongAn’s cloud based insurtech solutions that allows it to process millions of insurance policies on a daily basis allowing it to quickly come up with new offerings more efficiently with more cost-savings.
In addition, the partnership will allow NTUC Income to reach customers who are traditionally less receptive to traditional insurance offerings and distribution channels through digital innovation and enhancing customer experience.
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