“What is BNPL in Employee Benefits Insurance?”
A journey to simple and affordable insurance
SMEs, whether startups or established small businesses, can avail benefits from Singlife’s innovative SME Connect proposition. This proposition offers SMEs with innovative group employee insurance BNPL plans that enables them to start with as few as two people and invest in their employees’ wellbeing without feeling an immediate financial burden.
It allows the SMEs to spread out their insurance payments over time, with options like Net 30 or a 3-month installment plan, both of which are free of charge.
What is in it for Ecosystem Partners?
Building a collaborative environment for all stakeholders
This innovative proposition truly benefits the ecosystem as a whole by allowing all ecosystem partners with access to new segments and revenue streams.
Singlife’s ecosystem partner, Fluid gets to expand their services into the insurance sector, leveraging their expertise in flexible payment solutions to support businesses' cash flow management by partnering with Choys as their distribution partner.
With this partnership, Choys has further strengthened its focus on workforce engagement and wellness.
This BNPL proposition enables Singlife to further strengthen its workplace benefits offerings by providing comprehensive insurance coverage to SME sector, while also catering to their niche needs and challenges.
Connecting for their Financial Freedom
Recent annual survey by SICCI highlighted the top three key challenges being faced by SMEs in Singapore:
- Rising Costs: 73% of SMEs cite rising operational costs (rent, utilities, raw materials) as a major challenge
- Manpower Shortages: 54% of SMEs struggle to find and retain qualified staff, affecting growth and efficiency
- Business Transformation: 37% of SMEs need to adopt new technologies and processes to stay competitive
These issues cause SMEs to struggle to balance immediate cash flow needs with the necessity of investing in long-term employee benefits.
BNPL services allow SMEs to be exempt from upfront fees, reducing payment pressure and thereby increasing their financial freedom when providing employee benefits.
