NTUC Income and ZhongAn tie up to develop digital insurance products

They aim to roll out a lifestyle insurance product for the tourism sector by Q2.

Insurer NTUC Income and ZA Tech Global Limited have partnered to launch digital insurance products in Singapore.

ZA Tech is the business entity for overseas technological exports formed by Chinese internet-based insurer ZhongAn Online P&C Insurance

As part of the collaboration, Income will utilise ZhongAn’s technological know-how, to deliver a pipeline of digital insurance products tailored for modern lifestyle needs.

The strategic partnership will be introducing a lifestyle insurance product by Q2 2019 designed for the tourism sector in Singapore. The product aims to protect both residents and tourists in Singapore against contingent events when they visit specific tourist attractions.

“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,” said Peter Tay, Income’s chief operating officer.