SINGAPORE - Insurer NTUC Income has partnered ZA Tech Global Limited to develop digital innovations and product launches in Singapore, starting with a lifestyle insurance product catering to the tourism sector.
ZA Tech is the business entity for overseas technological exports formed by China Internet-based insurer ZhongAn Online P&C Insurance Co.
The partnership will see Income harness ZhongAn's technological know-how, experience and knowledge in collaborations with partners, to deliver digital insurance products for modern lifestyles.
ZhongAn, on the other hand, will leverage Income's position as a composite insurer in Singapore to test-bed and scale digital innovations locally and regionally. This is by using ZhongAn technology to support overseas business development, with the goal of "expediting" the digitalisation of the insurance sector in South-east Asia.
The new lifestyle insurance product for the tourism sector will launch in the second quarter of 2019, and aims to protect residents and tourists in Singapore against contingent events when visiting specific tourist attractions. It leverages ZhongAn's cloud-based insurtech solution.
Peter Tay, Income's chief operating officer and head of its digital transformation office, said the partnership will allow Income to reach a segment of customers typically less receptive to traditional insurance offerings and distribution channels.
"Recognising that digital disruptions have cultivated new consumer behaviour, we aim to be future-ready to meet the digital lifestyle needs of tomorrow by disrupting insurance today," Mr Tay added.
Wayne Xu, president of ZA International, said the company believes that Income's digital aspiration supports its business ambition in South-east Asia. The partnership will also enable Income to take concrete actions and actualise plans to grow its digital footprint and capabilities.
Bill Song, chief executive officer of ZA Tech, added that a "clear roadmap" to boost the company's technology solutions business in overseas markets has been established.
"Having identified huge potential for customised insurance products and high internet penetration in Singapore, we are excited to lend weight to re-imagine insurance by fostering cooperation on ZhongAn's technology platform," Mr Song said.