London-based fintech Revolut has partnered with insurance cooperative SNACK to offer lifestyle-based insurance products in Singapore, media reports said.
SNACK, which is owned by NTUC Income, offers stackable, micro-insurance that integrates into their customers’ daily lifestyle activities. As a result of the partnership, Revolut customers will receive a complimentary $500 insurance coverage when they sign up on the SNACK app.
James Shanahan, chief executive officer at Revolut Singapore told the media, “With Revolut, our customers enjoy excellent exchange rates, instant peer-to-peer transfers, rewards and cashback offers on ecommerce spend, real-time spend updates and smart analytics that provide useful predictions that help them manage their expenses. Our partnership with SNACK layers insurance protection over our existing money management features and allows our customers access to micro-insurance products that are underwritten by NTUC Income.”
The partnership will also allow Revolut’s customers in Singapore to purchase insurance products such as term life from the accumulated spare change in their Savings Vault on its app.
It is reported that Singapore’s government will spend $1.6 billion over the next three years to improve a medical insurance plan for the country’s citizens and residents amid the economic impact of the coronavirus.
According to the Ministry of Health, the funds will be used for premium subsidies for Medishield Life, a basic health insurance plan launched in 2015 to protect Singaporeans against large medical bills.
Last month, Singlife announced that it will acquire a 75 percent stake in Aviva Singapore. The transaction is expected to be completed by January 2021 and it could possibly be the largest insurance deal ever in Singapore.