Empowering financial freedom and protection of our communities
Prosperity and growth of our communities are important to us as they determine the future of our business. We want to support our customers as they embark on new phases in their journey of life. When our stakeholders succeed, we succeed.
Our approach
We can contribute meaningfully to this outcome and also ensure that insurance is kept affordable to those who need them to mitigate uncertainties.
To this end, we pursue a two-pronged strategy to improve people’s lives:
• Promoting financial literacy
• Making insurance accessible and affordable
Promoting financial literacy
Enabling long-term financial stability
Financial literacy helps people make wise decisions about their money. It is the first step toward financial wellness. We want to help our customers and the community as a whole to achieve long-term financial stability.
In 2022, we maintained cross-market partnerships aimed at increasing young people’s financial literacy. Throughout the year, more than 70 of our employees and financial representatives in Singapore engaged nearly 930 secondary students to raise their financial awareness.
Financial literacy webinars and seminars were also held in Indonesia for over 600 members of the public. Topics that were covered include the forms and benefits of general insurance and Shariah financial literacy.
Empowering teenagers
Our team of 32 employees and financial representatives volunteered in the Junior Achievement Singapore Financial Literacy Workshop
in October 2022 to raise financial awareness among 400 students. Our volunteers shared financial planning tips with the younger generation, as well as empowered the students to Reach for Great
career choices.
Making insurance accessible and affordable
Accessibility
Empowering individuals to make better financial decisions
We participated in the Singapore Financial Data Exchange (SGFinDex), an industry-wide initiative led by the Monetary Authority of Singapore (MAS) and Smart Nation and Digital Government Group (SNDG). SGFinDex seeks to enhance the financial planning experience with seamless consolidation of data from various financial institutions and government agencies.
With our participation, our customers are now able to securely view all insurance policies purchased over time (regardless of insurers) on the Great Eastern App. This enables them to identify insurance coverage gaps and conduct financial planning more seamlessly – either on their own or in collaboration with their chosen financial
representatives.
Enhancing customer journeys online
To make insurance more accessible, we redesigned our corporate website with customer usability and experience in mind.
- Services are now available 24/7 – customers can access our suite of digital services conveniently anytime, anywhere
- Making information accessible and easy to understand – Lifepedia, a one-stop resource portal that provides insurance and financial planning knowledge in a simple and accessible manner, was launched to help individuals understand financial information more easily. Lifepedia offers tools, webinars and curated content in interactive formats such as quizzes, videos and games to engage customers and increase their financial literacy
- Taking action when you want to – customers can choose to connect with a qualified financial representative or make online purchases as and when they are ready to do so
Affordability
Extending the Great Eastern Gift Credits Programme
The Great Eastern Gift Credits programme, launched in
2021 in celebration of the company’s 113th anniversary, has its validity extended again till end-2023. The Gift Credits offer additional discounts for customers as they can offset insurance premiums through the purchase of wide range of protection products via Great Eastern digital touchpoints.
Protection plan redeemable with government vouchers
An exclusive MikroSayang campaign was launched on
Axiata’s Boost platform so that more eligible customers can redeem products using Perlindungan Tenang vouchers* from the Government of Malaysia. This initiative provides Takaful protection for the underserved market.
Extending protection to platform workers in the growing gig economy
The gig economy has grown in Singapore with platform workers accounting for about 3% of Singapore’s resident workforce. As gig workers do not have employment contracts with online service providers, they lack basic job protection that most employees have, such as workplace injury compensation, union representation and employers’ contribution to the workers’ Central Provident Fund (CPF).
The Ministry of Manpower set up the Advisory Committee in 2021 to address these issues and announced the formation of the Platform Workers Work Injury Compensation Network (PWIN) in February 2023. The PWIN will develop key operational policies and implementation details for the Work Injury Compensation regime for platform workers.
Great Eastern is proud to be part of PWIN, a national initiative to protect our workforce. It is a meaningful private-public partnership to ensure that insurance is available and accessible to those who need them.
