Singtel and Great Eastern Partner To Provide General Insurance Plans
Singaporean telecommunications company Singtel and OCBC’s insurance subsidiary Great Eastern announced yesterday (August 26) a partnership to launch a line of general insurance products.
The insurance policies cover the home, automobile and travel and are jointly developed by the two companies.
Underwritten by Great Eastern, the insurance offerings aim to meet the needs of customers arising from their “increasingly digital lifestyle”.
The policies feature telecom-centric benefits that are “industry firsts,” according to a joint statement from the two companies.
Singtel and Great Eastern have launched Singtel Home Protect, home insurance that covers both telecom bills and home contents.
The plan reimburses Singtel’s broadband expenses in addition to covering renovations, furniture, appliances, valuables and personal effects, which most homeowners do not cover today.
“Insurance that combines both home content and broadband is synergistic, as home owners typically purchase or repackage their broadband services,” the companies said in their joint statement.
Singtel Home Protect is offered to Singtel broadband customers at launch and will be available to all Singtel customers at a later date.
Customers can subscribe to the plan on the Singtel website or through the Singtel app, with prices up to S $ 6.50 per month.
The plan covers reimbursement of Singtel bills of S $ 280 per month for up to three months, and up to S $ 80,000 for home contents in the event of service disruption due to fire or damage. ‘other types of damage.
“With the shift to working from home since the onset of COVID-19, many people have made improvements to their homes to create a more conducive environment,” said Yuen Kuan Moon, CEO of Consumer Singapore at Singtel.
“It makes protecting their home with Singtel Home Protect more important than ever.”
Other “unique” insurance offers
In the coming weeks, Singtel and Great Eastern will also be offering auto insurance to car owners.
When travel restrictions lift, Singtel will introduce more travel
insurance with mobile-related services.
According to the joint statement, this is a first in Singapore as it includes unique benefits such as reimbursement of the Singtel mobile bill during hospitalization abroad.
This is not Singtel’s first foray into insurance.
Last July, Singtel introduced Singapore’s first prepaid data plan and Dash mobile money transfer service, which comes with personal insurance coverage.
Its insurance scheme complements that of the compulsory medical insurance that employers must take out for foreign workers.
According to Singtel, it provides mobile connectivity to more than 60 percent of foreign workers in Singapore.
Singtel’s latest collaboration with Great Eastern expands the telecom company’s foray into insurance and allows it to tap into its vast customer base to reach over 60% of all households in Singapore.
Featured Image Credit: Asia Nikkei and Finews Asia
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