New insurance products target lifestyle pain points

NTUC Income chief digital officer Peter Tay says the micro-insurance concept works especially for people who do not have insurance as part of their regular financial plans.
NTUC Income chief digital officer Peter Tay says the micro-insurance concept works especially for people who do not have insurance as part of their regular financial plans.ST PHOTO: DESMOND WEE

Technology does not just allow insurers to develop new ways of settling claims and dealing with customers, but is also increasingly shaping the products they offer to clients.

While traditional options such as term and health insurance remain on the books, some companies such as NTUC Income are also developing policies that can address lifestyle pain points in this high-tech age. The firm has rolled out two such products.

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A version of this article appeared in the print edition of The Straits Times on October 29, 2019, with the headline 'New insurance products target lifestyle pain points'. Print Edition | Subscribe