Insurance Cooperative NTUC Income to Expand into Indonesia, Vietnam, Malaysia

NTUC Income, an insurance cooperative based in Singapore, has reportedly made its first efforts to expand into three other Southeast Asian markets including Indonesia, Vietnam and Malaysia.

NTUC Income has entered strategic partnerships with PT Central Asia Financial (JAGADIRI) in Indonesia, Post and Telecommunication Joint Stock Insurance Corporation (PTI) in Vietnam and VSure Tech Sdn. Bhd (VSure) in Malaysia.

These key partnerships are reportedly established on Income’s Insurance-as-a-Service (IaaS) model that allows the firm to offer its all-digital insurance business models to partners globally.

This improves their overall speed-to-market, and provides them with the appropriate capabilities and tools to capture new client segments and tap into additional revenue streams.

As part of Income’s business partnerships with JAGADIRI, PTI and VSure, these firms will reportedly be the first in Indonesia, Vietnam and Malaysia to introduce Droplet respectively across four cities – which includes Greater Jakarta, Hanoi and Ho Chi Minh City, and Kuala Lumpur.

Droplet is described as a micro-insurance product that is focused on addressing price surges on ride-hailing platforms.

Andrew Yeo, CEO at NTUC Income, stated:

“The market potential of countries like Indonesia, Malaysia and Vietnam is huge given their relatively young populations and high mobile penetration rates. JAGADIRI, PTI and VSure are well-respected brand names in their respective markets. We are honoured to have them onboard our IaaS model and look forward to bringing more ground-breaking insurance propositions to delight customers and plug the protection gaps in these markets.”

NTUC Income is Singapore’s composite insurer, providing products and services that serve the protection, savings and investment requirements of different life stages and for all segments of society.

Income’s innovative, data-driven and omni-channel approach puts them “at the forefront of customer-centric solutions that meet rapidly evolving needs and empower better financial well-being,” the company claims.

Income was launched in 1970 and “remains the only insurance co-operative in Singapore.” They are “committed to create a positive social impact through [their] products, services and people.”

As noted by the company:

“Today, we serve more than 2 million policyholders. Our financial strength and diversified investment portfolio is reflected by our strong credit ratings which underpin the delivery of our commitment to customers.”



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