The insurance industry in Singapore is facing disruptions that will lead to a better experience for consumers.

Here are three positive insurance changes Singaporeans should look out for.

You Can Buy Insurance in Minutes, Not Days

First, let’s talk about the change that is turning the insurance industry on it’s head. With today’s digital standards, you can buy life insurance in a matter of minutes, not days. And we’re not just talking about one-off, minor purchases like travel insurance.

Today, you can request for a quotation for a term life plan, and – if the price fits the budget – sign up and be protected, all in 20 minutes or less. (It really depends on how fast you enter your personal details and click through the options.)

A term policy (like most insurance products) is a serious purchase, requiring a long-term commitment. It’s understandable there’d be some amount of paperwork involved, which is how you usually end up reading and signing page after page.

We believe there’s a better way, one that lets you focus on getting you and your loved ones the coverage you need. That’s why we’ve designed our self-service portal so you only need minutes (not days) to get your term insurance plan – all the better for you to get back to what matters!

You Can Customise Your Plans and Choose Your Coverage Level

By itself, simply doing things fast isn’t worth crowing about. Doing complex things quickly and accurately – that’s where the challenge lies.

Life insurance policies are never “one-size-fits-all”; that’s why the online, self-service model is still mostly limited to relatively simpler transactions, such as auto or travel insurance plans. More complicated policies are simply excluded.

However, we didn’t set up shop to accept the status quo. That’s why we designed an online system to allow you to choose your own level of coverage. No longer do you have to settle for packages that could leave you short, or over-pay for coverage you don’t need. Instead, for the first time, you’re free to purchase a policy that is custom-moulded to your exact needs.

 

Choose your policy term
Fig 1: You can choose your desired duration to suit your exact needs.

Look, you can’t make an omelette without breaking a few eggs. To empower our customers, we have chosen to make our underwriting almost instantaneous, displaying the exact premiums you need to pay for your desired duration.

This way, you can decide for yourself the right balance between the length of your protection and the cost of your premiums. Which in turn empowers you to make your insurance decisions with confidence.

You Can Get Cashback for Taking Care of Your Health

We knew that to rejuvenate Singaporeans’ tired relationship with insurance, the industry itself had to become more relevant and aligned with customers’ way of life. Consumers are used to being on the move and value immediacy. Insurers that passively sit back and wait for a claim simply aren’t going to cut it; Singaporeans want to partner forward-thinking brands that will help them achieve their aspirations.

The fact is, life insurance doesn’t just offer protection; it can (and should) empower you to go after what you want and live your best life. After all, having appropriate protection in place frees us from anxiety, makes challenges seem smaller, and makes life less scary.

Because we want to foster this inspiring mindset with our customers, we created our Stay Active campaign. Now, for the first time, you can earn cashback to offset your insurance premiums as you increase your activity levels, or tell your friends and loved ones about your efforts.

Each month, you’ll compete with fellow Singapore Life policyholders to achieve a higher step count than half of your peers. Reach the target number of steps and you’ll receive 5% cashback every month. But don’t fret if you can’t keep up (what counts is the effort!) – you’ll get an additional 5% cashback if you share your results over social media.