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Insuretech Connect Asia 2024

20 Jun 2023

Industry's first Pay-per-fund-transfer Micro-insurance seamlessly embeds insurance into Digital Banking Experience

In a captivating conversation with Andrew Yeo, the esteemed CEO of Income, he shared valuable insights into the collaboration between insurers and banks. The rising affluence and a tech-enabled environment, has led to a significant surge in mobile and online payments. Recognizing this trend, Andrew emphasized the ample opportunities available for insurers to reimagine how insurance can be seamlessly embedded within banking products. This is evident in their recent partnerships across the region with TPBank and Trust Bank Singapore. 

HIVE by Income, the Insurance-as-a-Service platform by Singapore-based composite insurer, Income Insurance and TPBank in Vietnam are redefining the customer experience with an innovative offering that seamlessly embeds insurance into existing digital banking journeys. The new partnership provides customers of TPBank the option to accumulate microinsurance every time they make a fund transfer to any banks.

Within the TPBank app, users have the control and convenience to stack coverage with every fund transfer and have the flexibility to start or stop their coverage at any time.

With a simple three-step opt-in registration process, TPBank app users will gain instant access to personal accident insurance with every fund transfer made, with an affordable low premium, starting at just VND 5,000 (S$0.30). This allows users to stack their insurance coverage over time in tandem with the frequency of fund transfers they make, and achieve a maximum coverage of up to VND 300,000,000 (approx.S$17,000).

This industry's first pay-per-fund-transfer micro-insurance with TPBank, alongside our recently launched pay-per-job micro-insurance initiative in partnership with JupViec, a housekeeping agency in Vietnam, are both innovative insurance offerings underwritten by the Vietnam insurer Posts and Telecommunications Joint Stock Insurance (PTI). These partnerships help cement Income Insurance as a vital bridge connecting insurers and platforms partners, with insurtech capabilities and tech know-how to reimagine insurance and offer personalised, accessible, and customisable coverage for diverse customer segments

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