Singapore-based fintech company Razer has ventured into insurance by collaborating with digital insurance provider FWD Singapore, media reports said. 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.
Lee Li Meng, Chief Executive Officer, Razer Fintech told the media, “We are excited to collaborate with our strategic partner to address and plug this crucial gap in insurance coverage for this segment. We believe that it is imperative for the youth and millennials to be adequately insured, in order for them to have a secured head start to life. This is the first of many initiatives to come where we look to further expand our product offerings to better support the needs of the underserved youth and millennials segment.”
Earlier this year, FWD Singapore launched an insurance product that will provide financial cover for Singaporean citizens who test positive for Covid-19. In a press release, FWD said that it is available to Singapore residents between the ages of 18 and 65, with a valid NRIC or FIN number.
The insurance plan will be sold directly through the FWD website or through its several partners such as CXA Group, Mercer Singapore and ValueChampion.
“As our city stands united against the COVID-19 pandemic, we want to provide reassurance that should Singaporeans test positive for the virus and require hospital treatment, this plan will give them the protection and financial resources they need,” said Khor Kee Eng, CEO of FWD Singapore.