Imagine it is a Sunday. You put on your Fitbit and decide to take a walk in the park. As you walk, you accumulate a micro-policy that offers you a certain sum assured.
Lazily, you decide to take a bus home. As you tap your EZ-link card on the reader, you contribute a little bit more to your premium and receive another sum of money assured.
At night, you decide to treat yourself to a nice meal, scroll through Burpple and score a sweet 1-for-1 deal at your favourite Izakaya bar, while more money is assured to you.
Say goodbye to traditional policies and long term commitments. NTUC has launched SNACK, Singapore’s first bite-sized, stackable insurance that seamlessly integrates into your daily lifestyle activities.
*This picture is for illustrative purposes only
The monetary commitment that comes with purchasing a policy can be quite a turn off to a lot of people. But with SNACK, you just have to pay as low as $0.30 to as high as $0.70 at a time, while gradually building your insurance coverage.
Customisable to your preferences, you can switch between these premium levels any time and decide on when and how frequent you want to pay premiums and stack insurance coverage by linking payments to your daily activities such as ordering a meal for takeaway, exercising or taking a public bus. Simply choose a policy, choose a “trigger”, $0.30 is paid to your premium, and you get a sum insured based on your portfolio.
“Such flexibility resonates especially with those who value both cash flow and the benefits of insurance protection,” Peter Tay, NTUC Income chief digital officer, said at the product’s virtual launch.
At the moment, SNACK partners with contactless smart card company EZ-link, fitness wearable company Fitbit and food app company Burpple to enable insureds to accumulate Term Life (TL), Critical Illness (CI) and Personal Accident (PA) insurance coverage on the SNACK mobile app.
“Consumers these days are well-informed, tech-savvy and increasingly seek personalisation and convenience in their lifestyle and when they make purchases” , says Tay. “SNACK will be a draw to anyone who values propositions that are simple, flexible and convenient, particularly those who may be new to insurance.”
Designed as a self-management tool, SNACK enables those insured to easily view, update or amend their premium payments, anytime. Claims are also done online and conveniently via PayNow.
Integrative with SNACKUP
As of 3rd December 2020, SNACKUP, an exciting addition that allows you to build insurance coverage completely contributed by merchant and participating brands when you use Visa cards.
What this means is that for every transaction you make at a participating shop with your Visa card, the merchant contributes $100 worth of insurance coverage to the consumer’s insurance portfolio on SNACK as ‘rebates’.
Pivoting on the same premise as SNACK where insurance is embedded in an insured’s lifestyle and making it accessible to all, SNACKUP adds a new dimension to how customers engage with, and obtain insurance protection. We are very excited to be collaborating with a strong technology partner, Visa and offer greater value to our customers as they can enjoy instant rebates in the form of insurance coverage contributed by participating merchants every time they transact with their Visa card.
Peter Tay, Chief Digital Officer @ NTUC Income
For UOB YOLO cardholders and Revolut cardholders, you can enjoy $100 insurance coverage when you use your Visa cards at any merchant islandwide. On top of that, if you make any purchases at participating SNACKUP merchants, you can enjoy an additional $100 worth of coverage.
All you have to do is to link your Visa card to the selected insurance products on the SNACK app, which will reflect the accumulative sum in real-time. Find out more about this here.
What do we think of SNACK?
SNACK lowers the barrier of entry into insurance and is a game-changer in the industry.In fast-changing times where movement is limited and cash flow is uncertain, SNACK provides a convenient and instant way to boost and manage your own insurance portfolio with lower commitment.
In saying that, there is still a place for traditional insurance. After all, a large number of us (myself included) may still be clueless about what and how much we should be covered with. Yet, where traditional insurance is not able to meet the protection need, SNACK has the potential to bridge the gap for them.
Download the app here
<Updated as of 9 December 2020>
Images : SNACK by Income