SINGAPORE, 29 June 2020 – Leading insurer Great Eastern has collaborated with telehealth provider Doctor Anywhere to provide timely and affordable insurance solution, GREAT Comprehensive Care, to meet the protection needs of the self-employed, freelancers and gig economy workers in Singapore in light of COVID-19.
The pandemic and its significant impact on Singapore’s economy and businesses has highlighted the increasing challenges and uncertainties faced by this group – which has seen an upward trend over the years. According to Ministry of Manpower’s Labour Force Reports, 211,000 residents - or 8.8 per cent of the resident workforce - were engaged in “own account work” as a regular form of employment last year.
While most businesses and activities will resume in the second phase of Singapore’s reopening, it will likely still be an uphill task for many gig economy workers to regain their pre-pandemic income. Without the support of employee benefits or corporate insurance coverage, the situation is even more challenging if these individuals are hospitalised due to an injury or illness and their daily income is curtailed.
Designed to address these concerns, GREAT Comprehensive Care is a cost-effective annual renewable plan and the first in-market to offer Hospitalisation Income, Personal Accident Coverage and Outpatient Care in a single policy. The two plan types - Basic and Deluxe, caters to individual budget and desired coverage, with premiums starting as low as 73 cents a day (approximately $22 a month). No underwriting is required and application is hassle-free through its website.
Ryan Cheong, Managing Director, Digital for Business, Great Eastern, said: “As the landscape evolves, income and health protection become all the more important for the self-employed, gig economy workers, and employees of Small to Medium Enterprises who may not have sufficient corporate insurance coverage or employee benefits. With GREAT Comprehensive Care and its holistic benefits, we aim to provide more affordable and accessible protection for these groups to give them greater peace of mind in the event of the unforeseen. We will continue to collaborate with Doctor Anywhere and like-minded partners to tailor affordable and relevant insurance solutions for our customers and their evolving needs.”
Telemedicine services have been rising in popularity as more Singaporeans seek online medical consultations for convenience and safety during this pandemic period. GREAT Comprehensive Care’s outpatient healthcare coverage provides for up to 12 Doctor Anywhere video consultations and can be shared among family members. Any unused video consultations can be converted to *UPGREAT points. The plan is also available on Doctor Anywhere’s health and wellness platform.
Lim Wai Mun, Founder and CEO of Doctor Anywhere, said: “The pandemic situation has highlighted the need for flexibility in outpatient medical services. We are pleased to partner Great Eastern to offer reliable and affordable access to online healthcare services anytime, anywhere, through this innovative product.”
Visit our website to find out more about GREAT Comprehensive Care.
*UPGREAT is Great Eastern’s all-in-one rewards platform.
About Great Eastern
Founded in 1908, Great Eastern is a well-established market leader and trusted brand in Singapore and Malaysia. With over S$90 billion in assets and more than 8 million policyholders, including 5 million from government schemes, it provides insurance solutions to customers through three successful distribution channels – a tied agency force, bancassurance, and financial advisory firm Great Eastern Financial Advisers. The Group also operates in Indonesia and Brunei and has a presence in China as well as a representative office in Myanmar.
The Great Eastern Life Assurance Company Limited and Great Eastern General Insurance Limited have been assigned the financial strength and counterparty credit ratings of "AA-" by Standard and Poor's since 2010, one of the highest among Asian life insurance companies. Great Eastern's asset management subsidiary, Lion Global Investors Limited, is one of the largest private sector asset management companies in Southeast Asia.
Great Eastern is a subsidiary of OCBC Bank, the longest established Singapore bank, formed in 1932. It is now the second largest financial services group in Southeast Asia by assets and one of the world’s most highly-rated banks, with an Aa1 rating from Moody’s. Recognised for its financial strength and stability, OCBC Bank is consistently ranked among the World’s Top 50 Safest Banks by Global Finance and has been named Best Managed Bank in Singapore by The Asian Banker.
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VP, Group Corporate Communications
AVP, Group Corporate Communications