Singapore – To promote its new protection offering, insurance company Income and BBH Singapore have teamed up to release the music video ‘Fallin’ Apart’, performed by the American band The Calling, in a bid to delve into the themes of resilience and courage to face life, even when it is falling apart.

According to the agency, ‘Fallin’ Apart’ emotively conveys the stress, uncertainty and raw feelings which can result from an unexpected health issue, married with the realisation that one is not adequately covered.

Moreover, the viewers are also directed to the campaign microsite where they can assess the potential size of their own insurance protection gap via a ‘protection gap calculator’.

Stella Tan, vice president and head of brand and segment marketing at Income Insurance, said, “Staying adequately covered with insurance is vitally important but often, easily overlooked. Now more than ever is the right time to invest in life, health and critical illness cover following the aftermath of the pandemic and the current economic downturn where unforeseen circumstances can hit anytime. We’re amazed by The Calling’s ability to transform our message into a powerful rock song that connects with our audience on a personal and emotive level.”

Meanwhile, Luke Somasundram, senior copywriter at BBH Singapore, commented, “Songs have the profound ability to reach a place deep in our brains by way of our hearts. And crafting one with The Calling lets us tap into nostalgia to convey a message that’s more relevant and urgent than ever.”

MARKETECH APAC also reached out to BBH Singapore and Income to learn more about the campaign’s creative direction and factors considered prior to the music video launch.

BBH Singapore told MARKETECH APAC that the campaign was simple yet an urgent message for viewers to avail insurance–told in a way that brings the messaging to life via a music video.

“The message behind this campaign is a simple but urgent one – it’s about ensuring that you have adequate insurance coverage before a medical emergency strikes. The song was a vehicle to bring to life the anxiety and helplessness one feels when one doesn’t know if they have adequate coverage,” the agency.

They also added that for the music video’s sentimental messaging, while they are full aware that not many people are comfortable with discussing sad topics, people are always drawn to forms of media that communicate such feeling.

“People don’t want to talk about sad or uncomfortable topics – like whether they have adequate insurance coverage. But it’s so naturally human to love a sad song. We realised the right song could let people connect with the emotions they would feel if they didn’t have adequate coverage, which in turn could inspire them to get covered. So we decided to create that song,” BBH Singapore told MARKETECH APAC.

They also added, “Singapore has one of the highest insurance protection gaps in Asia. This campaign was aimed at Singaporeans in the 30s to 40s who hadn’t ensured they were adequately covered. We worked with The Calling, a band that was massively popular in the early 2000s because we knew this was a band that would have strong emotional resonance with our target audience.”

Meanwhile, Income told MARKETECH APAC told the campaign is rooted from the brand’s objective of raising awareness and realisation amongst Singaporeans on the importance and urgency of having adequate protection to be prepared for unforeseen circumstances that can hit anytime.

Citing data from the Life Insurance Association (LIA), Income says that Singapore faces a 21% protection gap in mortality and 74% in critical illness

“To ensure that we resonate with Singaporeans as we tackle the topic of insurance protection and financial readiness, we turned to music, which is what many turn to when confronting difficult feelings or challenging times in life and related to Singaporeans in an entertaining way that cuts above the noise,” Income told MARKETECH APAC.

They also added, “In this campaign, we lyrically brought to life the campaign message that “Life can fall apart if you are not adequately covered” and motivated Singaporeans to cease the silver lining and beat the odds by being protected ahead of time.”

While there is a myriad of factors that may have contributed to their increased traction across the primary campaign touchpoints, Income told MARKETECH APAC it boils down to two factors.

“The use of music, which allows us to effectively speak to our target audience in a unique way that engages the mind and tugs at the heart strings, [and] the engagement of The Calling, which is a band that our target audience is familiar with and hence, would be more open to listen to the song and subsequently the message that we want to bring across,” they concluded.

Singapore – Trust Bank, a new digital bank backed by Standard Chartered, NTUC Enterprise and FairPrice Group, has officially launched in Singapore. Trust Bank is the first of the nation’s new wave of digital banks and launches with a range of products for its customers, comprising a credit card, savings account and family personal accident insurance.

Trust Bank brings together reliable banking foundations with an extensive consumer ecosystem that delivers more than 1 million customer experiences nationwide each day. These organisations have more than 200 years of combined experience of serving the community in Singapore.

In addition, TrustBank is integrated into the FairPrice Group ecosystem and brings best-in-market rewards of up to 21% as a promotional launch rate on everyday spending at the FairPrice Group’s touchpoints across NTUC FairPrice, Kopitiam, Cheers and Unity. 

“Trust has been built specifically for Singapore based on the extensive feedback received during its user testing period. This customer-centric approach is at the heart of Trust’s culture and is enabled by the use of best-in-class technology to create a great user experience. Today’s launch is the starting point for Trust and customers can expect further products and features to be developed based on their feedback,” the bank stated in a press statement.

Dwaipayan Sadhu, chief executive officer of Trust, said, “We are hugely excited to launch Trust in Singapore and delighted to introduce a breakthrough client experience enabled by our best-in-class technology platform. Through listening to our customers and by leveraging the strengths of our partners, we are committed to bringing real tangible value to our customers in Singapore through accessibility and convenience, and making Trust a part of their everyday lives.”

Trust offers a differentiated customer experience, designed to make things easy and delightful. Customers with Singpass accounts are able to sign up for a Trust account in a matter of minutes and use their digital card immediately to generate significant savings. The Trust app also offers enhanced accessibility, with customers able to switch between English and Mandarin language based on their preference.

Judy Hsu, chief executive officer of consumer, private and business banking at Standard Chartered, shared, “Standard Chartered has been serving clients in Singapore for more than 160 years, and the launch of Trust further extends our commitment to continuously invest in innovative ways to serve the communities in Singapore. Backed by Standard Chartered’s track record in building successful digital banks globally and our partner FairPrice Group’s strong brand and extensive ecosystem, Trust offers at launch a well-rounded suite of savings, credit and protection solutions coupled with rewarding lifestyle offers and benefits. By integrating Trust’s digital-first services seamlessly into customers’ everyday lives, Trust is making banking accessible, secured and effortless for everyone.”

Lastly, Kee Teck Koon, chairman of FairPrice Group, also shared, “Trust’s digital banking solutions will complement FairPrice Group’s omni-channel offerings to meet the needs of our customers better. Trust’s credit card and savings account will empower our customers to enjoy savings from groceries to food and everyday spend via seamless integration with FairPrice Group’s Link Rewards programme, while benefiting NTUC union members with an easier way to earn higher Linkpoint rebates and savings account interest. Together with the trusted partnership of Standard Chartered, we are confident that the synergies created through our combined strengths and heritage will make Trust’s banking solutions convenient and accessible for all.”

Singapore — Leading insurance cooperative in Singapore NTUC Income has announced that it has decided to be corporatized and be a company governed by the Company Act. As part of the proposed corporatization exercise, Income will transfer its existing insurance business and assets to the new company (NewCo), Income Insurance Limited, and, thereafter, the co-op will be liquidated. 

The insurance co-op stated that due to market shifts and rising competitors, the proposal was initiated to gain capital and operational flexibility as well as create a foothold in the future of the insurance industry.

Ronald Ong, Income’s chairman, commented on the proposition, saying that he sees corporatization as a strategic and essential pivot for Income to scale its business quicker locally and regionally, investing in growth channels and markets, as well as digital capabilities to effectively compete more equitably with other insurers.

“Since its inception, Income has consistently shown agility to adapt and stay relevant amid evolving customer needs and market changes over the years. By embarking on the corporatization exercise, Income is demonstrating foresight to be future-ready and sustainable in an increasingly dynamic and complex insurance landscape,” Ong said.

Andrew Yeo, Income’s chief executive, said, “Income’s purpose to improve Singaporeans’ financial well-being will remain a beacon for our way of business. Thus, shifting from a co-operative to a corporate entity will have no bearing on our commitment to deliver positive customer impact through our products, services, and people.”

The proposed corporatization exercise is expected to be completed in the second half of 2022, and will only be changing Income’s legal form. There will be no effects on Income’s organizational structure and business operations — save that NewCo will take the place of the co-op, existing policy, and benefit coverage for clients. Income’s distribution channels and business partners are also expected to continue. 

Singapore – Income, the insurance company under NTUC, has appointed media company OMD Singapore to handle its integrated media mandate. Said mandate was won by OMD by presenting a strategic media planning approach tapping on the OMD capabilities to deliver targeted campaigns. 

Said partnership will see OMD Singapore managing integrated media planning and buying campaigns for Income.

Anny Huang, head of digital business at Income, stated that with OMD’s understanding of their business and martech stack, they know that their appointment as their new media partner will bear fruit on the company’s journey towards a financial planning experience ‘made more personal’.

“Income is on a mission to better understand our customers’ needs online and offline, leveraging data and marketing technology. To keep our new brand promise of ‘Made Yours’, we need our media strategies to deliver the most seamless and delightful customer experiences as well,” Huang stated.

Meanwhile, Sadhan Mishra, managing director at OMD Singapore remarked that they are ecstatic to learn that their strategic and ‘no-nonsense approach’ to the pitch resonated with Income.

“Income understands the significance of finding the right balance between building a strong brand and delivering effective business performance. These two important elements should go in tandem to achieve successful campaigns,” Mishra stated.

He further added, “Their internal investments in people, processes and technology demonstrate progressive thinking, which is consistent with our own ambitions. This is homecoming for Income at OMD Singapore and we are excited to start this rewarding partnership.”

Singapore – As Singapore moves to phase three of reopening its community amid the pandemic, local car-sharing platform Tribecar has launched a ‘Super Economy’ rental for its cars starting at SGD$0.54 per hour.

The pricing package is a new addition to its slew of ‘Economy’ rentals, where the starting rate applies to rentals within ‘super off-peak’ hours, which are weekdays from 12 am to 6 am. In addition, in an aim to provide more value, the rental service has also extended its ‘off-peak’ hours to now cover weekday rentals from 6 am to 6 pm.

Each Tribecar’s service type corresponds to an available fleet for rental. For the ‘Super Economy’ package, only selected automatic vehicle models are available.

Together with the launch of the new service, Tribecar has also announced the adoption of the usage-based car insurance (UBI) by insurance company NTUC Income (Income) and automotive marketplace CARRO where motor insurance is no longer based on a fixed cost but tied to the vehicle’s smart data such as mileage, location and, timing consumption.

In November 2019, the two firms launched the first-ever car insurance model, dubbing it as ‘Pay-as-you-drive’ insurance. 

The joint initiative developed a usage-based motor Insurtech platform, combining telematics, insurance, and data analytics, designed to enable car rental firms in Singapore to mass adopt usage-based programs effectively. Tribecar said the new ‘Super Economy’ category has been made possible through its adoption of the model. 

“We’re very pleased to roll out this program with the aid of Income and CARRO. This adoption of UBI for our cars simply means transparency, lower prices, and tremendous savings for our members,” said Adrian Lee, co-founder of Tribecar.

Meanwhile, Max Tiong, head of digital transformation at Income, commented, “It is very encouraging to see the growing interest in new insurance models like usage-based insurance within the motoring community, which is testimony to the value it brings to drivers – customization and convenience.”

Founder and CEO of CARRO Aaron Tan also commented, “With a usage-based model that allows them to pay insurance based only [on] how much they drive, Tribecar’s customers can now enjoy a new level of flexibility with rental cars. With Income’s support in driving this transformation, we hope this partnership will help catalyze further efforts to use technology to meet the practical needs of today’s drivers.”

Lee revealed that Tribecar is experimenting with new ways to deliver greater value for its members, sharing that it is in talks with authorized car distributors in Singapore to roll out ‘Drive before you buy’ schemes for members that may be keen to buy a new car.

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.