Singaporean fintech Pay2Home is joining hands with Chubb Insurance to offer insurance cover to foreign nationals working in the city-state. The insurance product known as Priority2Project is designed for low-income individuals who are working in challenging conditions in Singapore.
Scott Simpson, country president of Chubb in Singapore told the media, “In order to address the foreign workers’ protection gaps, we needed to first reduce the barriers to entry. Given the foreign workers’ familiarity and trust in Pay2Home, we hope that they are able to gain easy access to micro-insurance solutions that can support them through short periods of incapacity so they enjoy peace of mind before they return to work.
“Priority2Protect was also designed to eliminate the need for paperwork or medical underwriting, thus making the opt-in or application process fuss-free and convenient. For individuals who are looking for more comprehensive protection, they also have the option to increase their policy coverage and receive additional benefits with the paid plan.”
The insurance plan is available to all Pay2Home users when they make a remittance of at least S$100. Last month, Singapore-based fintech company Razer ventured into the insurance space by collaborating with digital insurance provider FWD Singapore. The insurance product will be available for the recently launched Razer Card users.
It is reported that FWD will offer $100,000 complimentary term life insurance coverage to users that qualify for Razer’s premium cards, launched in partnership with Visa. Earlier this year, FWD Singapore launched an insurance product that provides financial cover for Singaporean citizens who test positive for Covid-19. FWD said in a statement that it is available to Singapore residents between the ages of 18 and 65, with a valid NRIC or FIN number.