NTUC Income has launched Online Life and askSage, its life insurance portal and digital adviser for life insurance respectively.
Peter Tay, Income’s COO, heads the company’s Digital Transformation Office. He said, “The integrated proposition of Online Life and askSage is powerful because, for the first time, consumers are supported with digital assets that enable self-service of life insurance seamlessly online from fact-finding, financial review and needs analysis to direct product identification, comparison and purchase.”
“For digital natives who primarily prefer online engagements, the integrated digital proposition is timely in extending their access to life insurance and closing their protection gap. This is significant as traditional outreach by financial advisers to this segment of the community has proven to be challenging,” Tay added.
While integrated, Online Life and askSage can be accessed separately. Online Life opens up life insurance options for
direct purchase beyond the current slew of direct purchase insurance
(DPI) options from Income. Income has made available on Online Life 18 savings and protection plans, of which six are riders (editor's note: add-ons to a basic plan), for direct purchase. This is the most comprehensive suite of digital life insurance products by an insurer in Singapore to date, the company said.
The life insurance portal helps consumers discover what best suits their financial needs at different life stages with product comparisons. Consumers can also customise premiums, the sum assured and policy duration on the portal. Depending on the type of life insurance plan and underwriting requirements, it will take about 15 minutes to complete the application and purchase journey on Online Life.
Digital adviser askSage is designed to help consumers make informed decisions and empowers
self-service financial planning. The platform offers online financial reviews, after which consumers are offered a list of relevant products. Currently, askSage offers 25 Income savings and protection plans, which include six riders. To purchase life insurance, consumers can either purchase the products directly on Online Life or go through an Income financial adviser.
Consumers can address queries via live chat on both platforms. They can also leave their contact details so that an adviser can call them.
To further enhance consumer engagement, Income will be introducing a Personalised Adviser Store to its financial advisers in phases, starting in Q319. The store will allow advisers to build their online profiles and extend their outreach to consumers with selected product links, promotions and value-added information such as blog articles.
Tay said, “We understand that purchasing life insurance is a long-term commitment and requires careful consideration. It helps that Income is sensitive to consumers’ painpoints and are set to bring life insurance closer to them by offering not just product diversity but also flexibility with our touch-points to offer them seamless online-to-offline customer support when needed.
"As we build our digital capability to stay relevant in today’s digital age, we are also integrating our distribution channel in our digital propositions to strengthen our offering as a multichannel insurer. This is essential in offering our policyholders an unparalleled customer experience with insurance.”
Explore:
Online Life and askSage
