23 March 2018

Etiqa launches first-ever free inflight insurance for Singapore travellers

- The first free inflight insurance that includes up to S$50,000 in personal accident coverage

- Provides coverage upon three hours flight delay with an add-on of S$4, across all flights

- Allows instant travel claims encashment via PayNow

Etiqa, Singapore's online insurer, has launched Singapore's first free inflight insurance service for travellers. It also introduced a flight delay add-on for S$4, allowing travellers to receive benefits upon a flight delay of three consecutive hours. The industry average is a delay of six to 12 hours.

All Singapore outbound travellers* are eligible for the free inflight insurance solution, which includes up to S$50,000 in personal accident (inflight accidental death) coverage. In addition, the flight-delay topup allows travellers to claim up to S$300 for flight delays**. This complements Etiqa's existing ePROTECT travel policy coverage, which currently also include coverage for both in-flight and flight delays.

"According to a survey conducted by the Singapore Tourism Board, about 10% of consumers have never purchased travel insurance despite being aware of the importance of a policy," said Sue Chi Kong, CEO, Etiqa Insurance Singapore. "With our extended service offering of a free inflight insurance service, we hope to educate travellers on the value and importance of travel insurance coverage, encouraging them to consider protecting themselves - even when the cost is kept to a minimum, or absolutely free."

According to FlightStats, 20,671 flights were cancelled and 177,352 delayed in Asia-Pacific alone during a 30 day period from 10 February to 12 March 2018. Globally, this number rises to over 60,000 flights cancelled, and over 630,000 flights delayed during the same period. Last year, Etiqa processed more than 1,500 travel claims within one day following the launch of its straight-through claims processes in July 2017. Of these, 17% were claims processed due to travel delays. A real-time flight monitoring system was also implemented at the same time to enable auto-flight delay claims for its customers.

Claims are seamlessly processed through eWallet on TiqConnect, Etiqa's online portal that allows customers to manage their claims and policies. The eWallet balance can be used to purchase new policies, renewals, or encash claims. From 19 March, existing customers can also enjoy instant encashment via PayNow, along with the current encashment via IDEALRAPID (bank transfer)***.

*All Singapore citizens, permanent residents of Singapore or foreigners with a valid work pass, student pass, dependant's pass or long-term visit pass.

**Customers can claim S$50 for every full three consecutive hours of flight delay, with a limit of up to S$300, across all countries except Singapore. For flight delays that occur in Singapore, customers can claim a maximum of S$50 for every full three consecutive hours of flight delay.

***IDEALRAPID, from Etiqa partner DBS, provides fast access to banking services, including to services from the FAST alliance. Instant encashment is a FAST service.