Wed, Could 20, 2020 – 4:26 PM
THE full-time Singaporean staff of near 150 fintech corporations in Singapore can now get insurance coverage protection in opposition to unintended demise and harm without spending a dime up until early April subsequent yr, below a collaboration between insurer Prudential Singapore and the Asean Monetary Innovation Community (AFIN).
The employees of Singapore fintech corporations which can be signed up on AFIN’s on-line market and sandbox API Alternate (APIX) can obtain complimentary protection of as much as S$20,000 in opposition to unintended demise and harm below Prudential’s PRUAffinity Private Accident Plan. That is as long as they’re Singapore residents between the ages of 18 and 64.
This protection will final via to April 7, 2021. So as to add, the protection sum will increase to S$50,000 if staff are retrenched, with the elevated protection lasting for six months or till the worker finds a brand new job, whichever is earlier.
If served quarantine orders between April 6 and June 30, these fintech staff can even obtain a one-time S$500 cash profit. These hospitalised for Covid-19 over the identical interval can even get a S$200 each day hospitalisation allowance.
As a part of the package deal, these staff will probably be entitled as effectively to a one-time payout of SS$500 if hospitalised for dengue fever.
APIX facilitates innovation and cooperation between fintechs and monetary establishments. The non-profit entity was arrange in 2018 collectively by the Financial Authority of Singapore, the World Bank Group’s Worldwide Finance Company and the Asean Bankers Affiliation. There are presently 231 fintechs on the platform, of which 146 are Singapore corporations.
Extra fintech corporations also can signal as much as APIX. There are greater than a thousand fintech corporations based mostly in Singapore, knowledge from the Financial Authority of Singapore confirmed.
Prudential Singapore’s chief government officer Dennis Tan mentioned he hopes the package deal may give fintech staff “some peace of mind” throughout these difficult instances.
“We need to help the fintech group that has helped our trade innovate, and with whom we’ve been partnering to make insurance coverage less complicated and extra accessible to our clients.” mentioned Mr Tan.
At present, Prudential Singapore doesn’t have plans on implementing retrenchment-linked advantages – an unusual entitlement amongst insurers in Singapore – on a wider scale.
Singlife, an insurtech that provides such advantages, mentioned it has seen an uptick in curiosity in its “endowment” plan, gauging from a rise in people who’ve downloaded its cell app.
However the agency declined to share the precise variety of account holders.
SingLife late final yr launched a hybrid product that mixes financial savings, endowment insurance coverage and layoff advantages. Certainly one of its key distinctive options is the embedding of a retrenchment profit into an account that permits clients to each accumulate funds and spend via it.
The retrenchment profit is bundled with an “endowment” account, often known as a Singlife account, which comes with a corresponding Singlife Visa debit card. This profit lets account holders who’re laid off to say for as much as three months an quantity equal to their common card spend over the previous six months earlier than retrenchment, if they’re unable to discover a job inside 4 months.
Its chief government Walter de Oude would solely say they’ve seen over 50,000 downloads in April, with an 11 per cent enhance in app installations, week-on-week, over the previous six weeks, throughout Singapore’s “circuit breaker” interval.
“Downloads is the best measure of customer intent, and we track this as the key indicator of our marketing activities. We are currently seeing a ratio of 72 per cent of downloads converting to new Singlife Accounts, which…has increased dramatically over the circuit breaker period,” Mr de Oude mentioned.