Singtel and Great Eastern partner to offer general insurance products with telco-centric benefits
Singapore, 26 August 2020 – Singtel and Great Eastern today announced their partnership to launch a range of general insurance products spanning home, motor and travel, jointly developed by both companies. These innovative insurance offerings, underwritten by Great Eastern, seek to address customer needs arising from their increasingly digital lifestyles, featuring telco-centric benefits that are industry firsts. This collaboration expands Singtel’s foray into insurance, tapping its wide customer base to reach more than 60% of all households in Singapore, and valuable customer insights that help tailor insurance products to customers’ lifestyle needs.
To start, Singtel and Great Eastern will be introducing Singtel Home Protect, a home insurance first that provides coverage for both telco bills and home contents. The plan reimburses Singtel broadband expenses besides covering renovation, furniture, appliances, valuables and personal effects, which most home owners do not insure today. Insurance that bundles both home contents and broadband is synergistic, as home owners typically sign up for or re-contract their broadband services when they shift or renovate their homes.
Mr Yuen Kuan Moon, CEO of Consumer Singapore at Singtel said, “With the shift to work from home since the onset of COVID-19, many people have made home improvements to create a more conducive environment. This makes protecting their homes with Singtel Home Protect more important than ever. On top of better coverage for home belongings, we want to give our customers additional peace of mind by providing extra protection for their telco bills. We’ve worked closely with Great Eastern to enhance traditional insurance with the kind of telco benefits that speak to our reliance on technology and this will also be extended to motor and travel insurance.”
In the coming weeks, Singtel and Great Eastern will also be offering car owners motor insurance. For travellers keen to tour the world once more travel restrictions lift, Singtel will be introducing travel insurance with mobile-related benefits. This is another first in Singapore as it includes unique benefits such as reimbursement of Singtel mobile bill during hospitalisation due to an accident, and of additional Singtel mobile data expenses incurred due to delays in travel, as well as repair or replacement of mobile phone in case of loss.
Mr Ryan Cheong, Managing Director of Digital for Business, Great Eastern, said, “The partnership with a trusted telco like Singtel is yet another milestone in our digital affinity strategy and expansion into new customer segments as a leading regional insurer. To provide value-added protection to augment Singtel’s existing customer offer, we leveraged data insights to develop affordable, relevant general insurance solutions with unique benefits to help protect their everyday needs. Through continuous engagement and a seamless consumer purchase journey, we are making customised protection solutions easily accessible to Singtel customers to lifeproof their assets through home, and later motor and travel insurance.”
Singtel Home Protect is offered to Singtel broadband customers at launch and will be made available to all Singtel customers later. For as low as S$6.50 a month, they can sign up for the plan on the Singtel website or through My Singtel app. The plan covers reimbursement of Singtel bills of S$280 per month for up to three months, and up to S$80,000 for home contents and renovation in the event of disruption to services due to a fire or other types of damage to the home. Available for S$84 for 12 months of coverage, or S$156 for 24 months of coverage, customers can enjoy 10% off Home Protect from now until 18 September 2020. For more details, visit singtel.com/homeprotect.
The launch of these general insurance products adds to Singtel’s expanding range of insurance offerings for its customers. Singtel first made its foray into the local insurance market last July, when it launched free personal insurance cover for its prepaid customers as part of mobile data plans. Earlier in the year, Singtel extended free 30-day COVID-19 insurance coverage to prepaid and Dash customers. Singtel also introduced an insurance savings plan for Dash customers who wish to start saving regularly for the future.
Singtel is Asia’s leading communications technology group, providing a portfolio of services from next-generation communication, technology services to infotainment to both consumers and businesses. For consumers, Singtel delivers a complete and integrated suite of services, including mobile, broadband and TV. For businesses, Singtel offers a complementary array of workforce mobility solutions, data hosting, cloud, network infrastructure, analytics and cyber-security capabilities. The Group has presence in Asia, Australia and Africa and reaches over 700 million mobile customers in 21 countries. Its infrastructure and technology services for businesses span 21 countries, with more than 428 direct points of presence in 362 cities. For more information, visit www.singtel.com.
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About Great Eastern
Founded in 1908, Great Eastern is a well-established market leader and trusted brand in Singapore and Malaysia. With more than S$90 billion in assets and over 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.
#GreatEasternSG #TheLifeCompany #Lifeproof
Manager, Group Strategic Communications and Brand
Phone: +65 9637 1462
VP, Group Corporate Communications
Phone: +65 6248 2622
AVP, Group Corporate Communications
Phone: +65 6248 2056
Annex: Singtel Home Protect
|Summary of benefits||Sum insured up to|
|Section 1 Fire and insured perils|
|Home contents, valuables and personal effects||S$40,000|
|Renovation including fixtures and fittings||S$40,000|
|Replacement of legal document||S$300|
|Section 2 Personal liability||S$500,000|
|Section 3 Family personal accident (at home)||Per person S$10,000
Up to S$50,000 per household
|Section 4 Home improvement||S$500|
|Section 5 Singtel Bill Protection|
|Reimbursement of Monthly Singtel Bill arising from Insured’s Accidental Death or Total Permanent Disablement in Singapore||Per month S$80
Up to 12 months
|Reimbursement of Monthly Singtel Bill arising from disruption to Singtel services at home due to Insured Perils||Per month S$280
Up to 3 months
|Section 6: Home Assistance Services (arise from trigger events)||Per event S$120
Up to 2 events per policy period
- 12-month coverage: S$84
- 24-month coverage: S$156