Singapore – Fintech Revolut in Singapore has tied up with micro-insurance provider SNACK to offer its products to its customers.
Developed by direct insurer NTUC Income, SNACK’s main value proposition is “bite-sized” lifestyle insurance products that can be availed through small premium contributions starting at S$0.30. It offers three main types of policies, namely, life, critical illness, and personal accident protection.
The “lifestyle-based” in their products refers to the unique way in which SNACK enables individuals to purchase a policy whenever they perform a daily activity or its so-called “lifestyle trigger.” These activities include petrol top-ups, groceries, and dining out. Whenever an activity is completed, a micro-insurance policy will be issued and the premium will be charged to the selected payment mode on SNACK. The coverage grows each time the person completes a trigger, and the sum of all effective policies at that point in time becomes the total coverage amount.
In celebration of the partnership, SNACK will be offering a one-time free S$500 insurance coverage to all Revolut customers who will successfully register on SNACK.
On a LinkedIn post, Revolut’s Head of Growth Pam Chuang said that the partnership allows the company to create a better connected digital ecosystem that leverages the strengths of each other’s platform.
“SNACK’s modular approach to bite-sized microinsurance fitted to lifestyle needs complements Revolut’s all-in-one personal financial super app, optimizing the customer experience to drive greater empowerment with today’s digital-first lifestyle, where convenience, customization, and flexibility are key,” wrote Chuang.
Revolut was first launched in the UK in 2015. It offers services such as money transfer and exchanges as well as budget planning.
