Tag: Income Insurance

Singapore – Income Insurance has unveiled a raging Max the Stress Ball, unleashing his fury for the insurance company in a new campaign. The campaign, made in partnership with BBH Singapore, shows the human stress ball enraged by Income Insurance’s Savings products.

With Income Insurance’s Gro Cash Plus and Gro Cash Sure ensuring less financial stress for customers, Max the Stress Ball finds himself not needed.

Aiming to capture the attention of middle-aged Singaporeans, the campaign shows how people can grow their wealth without risking their savings. It aims to show how Income Insurance’s savings products help alleviate financial anxiety.

The campaign film is set to run on television and digital channels. Meanwhile, Max is also sharing his story on social platforms.

Max the Stress Ball was initially introduced in 2023 for Gro Cash Sure’s debut campaign.

Dhiren Amin, chief customer officer at Income Insurance, said, “Max the Stress Ball struck a chord when BBH Singapore first introduced him: a stress ball who is no longer needed because his owner faces less financial stress. We’re thrilled to bring him back to remind people that when you are financially secured, peace of mind isn’t just possible, it’s expected.”

Nico Tangara, associate creative director at BBH Singapore, commented, “We were shocked and saddened to see the totally 100% real footage of Max the Stress Ball rampaging through his workplace. But this is the harsh reality of Income Insurance’s capital guarantee – Gro Cash Plus and Gro Cash Sure are putting stress balls everywhere out of work.”

Singapore – Composite insurer Income Insurance has launched a drive-in comedy show for electric vehicle (EV) users in Singapore. The EV-only show aims to raise awareness of EV adoption.

The comedy show features Singaporean comedians Fadzri Rashid and Eugene Soh. Through a 70-minute stand-up comedy show, Rashid and Soh will address common misperceptions and concerns about EVs.

The move is part of Income Insurance’s effort to advance Singapore’s aim of 100% cleaner energy vehicles by 2040.

Income Insurance recently launched eDrivo, its car insurance tailored specifically for EVs. The eDrivo campaign also featured Rashid and Soh, poking fun at uninsured EV drivers.

Rashid, formerly known as Fakkah Fuzz, is known for his Netflix shows ‘Almost Banned’ and ‘Too Real.’ He recently released ‘So How?’ on YouTube.

Meanwhile, Soh has held performances worldwide, bringing authenticity and humour to the growing Singaporean comedy industry.

The comedy show was held at the Republic Boulevard Open Air Carpark on March 26 to 27, 2025. Income Insurance’s eDrivo customers with promo codes received a complimentary pass to the event.

Singapore –Income Insurance Limited, in partnership with BBH Singapore, has launched a new campaign highlighting the importance of critical illness coverage in protecting children.

Titled ‘Unproud Parents,’ the campaign’s film opens with a mother’s voiceover, directed at her daughter Sara, repeatedly stating that she is “not proud”—a sentiment that contrasts sharply with scenes of Sara stepping up in ways that would typically make any parent proud, from caring for her younger brother to managing household tasks.

The film then shows flashbacks revealing Sara taking on responsibilities beyond her years—getting her brother ready for school, preparing meals, and keeping up with schoolwork—while other children enjoy a carefree childhood. This contrast between the mother’s voiceover and Sara’s reality builds tension throughout the film.

The reason for Sara’s burden soon becomes clear: her mother’s cancer diagnosis and the lack of financial protection during recovery. In a poignant twist, the mother’s voiceover is revealed as a misdirection—she is not disappointed in Sara, but ashamed of her own unpreparedness as she watches her children bear the consequences.

Income’s campaign highlights the message, ‘If you don’t protect yourself, you can’t protect their childhood.’ It aims to encourage parents to protect their children by investing in comprehensive coverage.

Janson Choo, executive creative director at BBH Singapore, said, “The devastating effects of critical illnesses on a patient’s child are often overlooked and understated. Without adequate protection, a child may be forced to make life-changing decisions that no one their age should have to face. With Sara’s story, we hope to spark an important conversation and encourage Singaporeans to rethink the role of critical illness insurance.”

The campaign is live across digital platforms, social media, Starhub TV+, and Golden Village cinemas. In addition to the four-minute hero film, it includes 30- and 15-second cutdowns, as well as 6-second YouTube bumper ads.

Income’s campaign highlights that many younger Singaporeans remain uninsured despite the rising incidence of cancer and stroke in their age group. It also coincides with Income’s launch of Complete Life Secure, a whole life insurance plan aimed at providing young parents with lifelong coverage for death, terminal illness, and total and permanent disability.

Dhiren Amin, chief customer officer at Income Insurance, shared, “At Income Insurance, we believe it’s essential to share stories that resonate with the real challenges families face. This story sets out to appeal to and connect with parents of young children, bringing to the fore that one of the best ways to protect the childhoods of their children is to sufficiently protect themselves against life’s unforeseen circumstances.” 

“As an insurer, we seek to go beyond offering protection but also to empower individuals to take the necessary steps to safeguard their loved ones and ensure their financial well-being should life throw them a curveball,” Amin added. 

Singapore – Income Insurance has launched a new campaign for its new car insurance tailored for electric vehicle (EV) drivers, injecting humour as it highlights its edge against regular car insurance.

The campaign for ‘eDrivo Car Insurance’ aims to bridge the gap between the increase of EV adoption and the kind of insurance they are getting. This is due to some EV owners’ continued reliance on regular car insurance, not knowing that its coverage does not meet the specific needs of EV drivers.

Collaborating with creative agency BBH Singapore, Income Insurance tapped Singaporean comedians Eugene Soh and Fadzri Rashid to share their humorous take on getting unsuitable car insurance.

The campaign video shows the comedians, only one of them eDrivo-insured, discussing why EV insurance is better than regular ones as they charge their vehicles in a field far from the city.

The video highlights how only the tailored insurance covers EV batteries, even when the charge runs out in the middle of the road. eDrivo Car Insurance also allows unlimited battery replacements for accidental damages. 

With plans to go beyond the film, Income Insurance also bared its plans for an activation, leveraging the comedians’ ability to perform live.

As part of the campaign, Soh and Rashid are set to be featured in a ‘drive-in stand-up’ show in April 2025, which the audiences can watch inside their cars.

The campaign on social media will also bring the two comedians together to answer EV-related questions through a video Q&A.

Khairul Mondzi, executive creative director at BBH Singapore, said, “We leaned on comedians to bring some wit to the world of insurance, and worked with a top comedy director, Karthik Kumar, to make sure every punchline landed just right.”

Dhiren Amin, chief customer officer at Income Insurance, commented, “Insurance campaigns don’t always have to be serious. We took on a refreshing approach centred around comedy, with punch lines and “mic drop” moments that are refreshing to cut above the noise – to deliver a reality check to EV owners with regular car insurance and show them why eDrivo is the better choice.”

Singapore – German insurance company Allianz has scrapped its bid to acquire insurance company Income Insurance Limited after the government intervened to hinder the transaction.

While Allianz continues to see the merger as beneficial to Singaporeans, the insurance company cites its ‘financial discipline’ as the reason behind withdrawing the acquisition in a press release.

Since the Singapore government expressed its concerns over the merger deal on October 14, Allianz says it has held comprehensive discussions with Income Insurance that have strengthened the two companies’ shared values.

Allianz originally offered to acquire at least 51% of shares from Income Insurance on July 17 this year but was hindered by public concerns on how it might affect a brand trusted by Singaporeans. The government intervened on behalf of public interest.

Meanwhile, the Monetary Authority of Singapore released a statement regarding the merger, expressing satisfaction with Income Insurance’s processes to address conflicts of interest.

Nonetheless, Allianz maintains its commitment to Singapore and the Asia-Pacific (APAC) region as important markets for growth.

“We respect the Singapore Government’s decision. We still believe the combination of Allianz and Income Insurance would result in two strong businesses being brought together for the benefit of Income Insurance’s policyholders and a growing portion of Singapore’s customers. We regret having to make this decision but we will, without question, carry on supporting the Singapore insurance market’s continued growth and success,” Renate Wagner, member of the board of management of Allianz SE and responsible for APAC, said.

“We have full confidence in the future strength and potential of our existing operations across the region, and we look forward to continuing to deliver exceptional value to our customers and partners across Asia-Pacific,” Wagner added. 

Singapore – The Monetary Authority of Singapore (MAS) has released a statement on the Allianz-Income Insurance deal following a recent parliamentary query on whether the organisation will be working alongside the Competition and Consumer Commission of Singapore (CCCS) regarding the acquisition deal. It is worth noting that this follows a slew of public outcry regarding the acquisition, stating how it will ‘commercialise’ a brand that Singaporeans trust in the insurance space.

The response, made by Chee Hong Tat, Minister for Transport and Second Minister for Finance, and Board Member of MAS, noted that MAS’ primary role as regulator is to promote a sound and progressive financial sector. For the insurance sector, they want insurers to manage their risks well so that policyholders are assured that their long-term policies are safe and will be adequately protected.

Moreover, Tat noted that when MAS assesses the application for a change in substantial shareholder in an insurer, they will consider a range of criteria, in particular, the applicant’s track record, financial soundness, reputation, as well as fitness and propriety.

“MAS had reviewed and was satisfied with the relevant processes Income’s Board had put in place to address conflicts of interest with respect to the appointment of its financial advisor on this proposed deal, and the decision to enter into the deal with Allianz. In the appointment of the financial advisor for the deal, the Chairman of Income’s Board had recused himself. The decision to enter into the deal was made by the Board, comprising a majority of independent directors,” he stated.

Moreover, Tat also highlighted that fostering a competitive insurance market with financially strong insurers is a key part of MAS’ approach to ensuring that insurers operate sustainably and serve the public well. They believe that a competitive market is the most effective way to meet the insurance needs of Singaporeans, and facilitate access to affordable insurance options and good service over the longer term.

“The insurance market in Singapore is highly competitive. There are currently more than 50 direct insurers in Singapore offering a wide range of insurance products to meet the insurance needs of individuals and businesses. In both life and general insurance, Income has market shares of less than 10% based on written premium. For many insurance products, Income does not always offer the lowest prices compared to other insurers,” he remarked.

Lastly, he stated that he understands the public concerns and even those in the government, assuring them that MAS has regulatory requirements and guidance in place for insurers to maintain sufficient capital reserves, put in place robust governance and risk management frameworks, and also to treat their customers fairly.

“Should the proposed deal be approved, there will be no change to the terms and conditions of existing insurance contracts. MAS expects Income to fulfil its obligations to all policyholders under the terms of its existing insurance contracts. I note that Allianz has also publicly stated its intent for Income to continue to honour the terms of the existing policies underwritten by Income and ensure a seamless transition with no impact to existing policyholders. MAS will hold Income and Allianz to account to these commitments”, he stated.

Singapore – Global financial services company Allianz has announced that it is set to acquire at least 51% of the shares in leading local insurer Income Insurance. The insurance, which is still subject for regulatory approval, will be done through its wholly owned subsidiary Allianz Europe B.V. 

The planned acquisition is expected to elevate Allianz’s presence in the fast-growing and attractive Singapore insurance market and establishes the company as one of the largest composite insurers in Asia. 

Moreover, the acquisition leverages Allianz’s capabilities in underwriting, product development, and data analytics with Income Insurance’s impressive market reach and strengths in distribution, partnerships, and people. 

The integration of the businesses would result in top positions for Allianz in all segments – Property and Casualty (P&C), Health, and Life – in Singapore. It would also position Allianz to realize significant synergy and capital optimization potential. The transaction is expected to generate a double-digit Return on Investment for Allianz in the mid-term. Closing is expected in the fourth quarter of 2024 or in the first quarter of 2025. 

Renate Wagner, member of the board of management at Allianz, said, “We look forward to partnering with Income Insurance, a leading insurer that shares Allianz’s values and commitment to customer excellence. This proposed transaction brings two strong businesses together for the benefit of Singapore’s customers and solidifies Allianz’s leadership position in the region.”

Meanwhile, Anusha Thavarajah, regional chief executive officer at Allianz Asia Pacific, commented, “We are excited at the prospect of the coming together of Allianz, the #1 global insurance brand, and Income Insurance, Singapore’s trusted and leading insurance brand. Asia holds great strategic importance for Allianz, and we are committed to investing in Singapore by partnering with a well-respected local institution.”

She added, “As Singapore and the region benefit from advancements in technology and healthcare and continue to grow in affluence, we firmly believe in the pivotal role of insurance in society to protect and grow their financial security and the well-being of our customers and partners.” 

Allianz intends to offer SGD 40.58 per share for a total transaction value of approx. SGD 2.2 billion (approx. EUR 1.5 billion) for 51 percent of the shares in Income Insurance. 

Meanwhile, NTUC Enterprise Co-operative Ltd–the parent company of Income–will continue to retain a substantial stake in Income Insurance, and together with Allianz, will establish a highly competitive powerhouse focused on Life & Health and Property & Casualty insurance in Singapore.

Singapore – Income Insurance has partnered with BBH Singapore and Publicis Chemistry for its latest cat-themed campaign that highlights the flexibility of its investment products for customers. 

Income Insurance wanted to centre the campaign on the flexibility of its investment suite, embodied in a unique campaign metaphorically highlighting a cat’s agility. The insurance company’s ‘Investment-Linked Plans (ILPs)’ empower customers to maximise their investment potential with unparalleled flexibility.

The campaign film, crafted by BBH Singapore, cleverly parallels Income Insurance’s flexible investment-linked products with the agile movements of a confident feline navigating intricate pathways, mirroring how ‘Invest Flex’ and ‘AstraLink’ empower consumers to optimise their investment potential.

Leveraging the online craze for cats and memes to boost the campaign’s impact, Publicis also crafted a collection of cat stickers for WhatsApp and Instagram starring the campaign’s beloved fluffy mascot. Additionally, social media content showcased local cat influencers in amusing poses that highlighted their flexibility, curated specifically for Income Insurance’s channels.

The campaign film is live on YouTube, StarHub TV+, Golden Village Cinemas, and across social media.

Speaking on the campaign, Khairul Mondzi, executive creative director at BBH Singapore, said, “Recognising the dynamic nature of investing, we wanted to address the subject with a refreshing and memorable perspective. Drawing inspiration from the incredible flexibility of cats, we show how investment plans can be agile to give customers the confidence to navigate life’s unpredictable nature.”

Dhiren Amin, chief customer officer at Income Insurance, also shared, “When it comes to investments, flexibility is key to adapting to uncertainties and achieving financial goals. This campaign does the job of highlighting an otherwise functional benefit in an interesting way, tapping into the TikTok trend of showing the flexibility of cats. The very correlation of the two rather unconnected worlds of investments and Tik Tok cat memes makes this campaign enjoyable and hopefully draws people into the world of Income Insurance’s investment-linked products.”