Singaporean insurer NTUC Income has teamed up with ZA Tech Global to create digital insurance products and accelerate innovation efforts in Singapore.
ZA Tech operates as the global technology arm of China-based technology focused insurer ZhongAn Online P&C Insurance.
Pursuant to the terms of the agreement, NTUC Income will leverage ZhongAn’s technological expertise, experience and knowledge to provide a range of digital insurance products to meet modern lifestyle needs.
ZhongAn will provide its key technology asset, known as “Digital Insurance Core System”, to enable NTUC Income boost its agility and cost efficiency to introduce more bespoke and modular products to customers.
Initially, both the partners will focus to launch a lifestyle insurance policy for the tourism sector in Singapore by the second quarter of 2019.
The product, leveraging ZhongAn’s cloud-based insurtech solution, will protect both residents and tourists in Singapore against contingent events.
NTUC Income COO Peter Tay, who also heads the company’s Digital Transformation Office (DTO), said, “We can now test-bed digital innovation via ZhongAn’s technology platform without causing potential operational burden to the business and this allows us to pivot away from products that get less traction with customers and scale those that resonate better with speed.”
“Given that our impetus for innovation and digitalisation has always been customer-centricity, we are excited to tap ZhongAn’s insurtech to unlock new possibilities in which insurance can be designed and offered to address customer pain points.
“We believe that this partnership will enable Income to reach a segment of customers, who are typically less receptive to traditional insurance offerings and distribution channels.”