Revolut and SNACK by NTUC Income, an insurance cooperative in Singapore, announced a partnership to incorporate lifestyle-based insurance offerings.
The COVID-19 pandemic has thrust cloud computing to the top of the strategic agendas of insurers around the world. Without the flexibility and resilience of on-demand cloud services, many insurance companies could not have kept their businesses running during the upheavals triggered by the pandemic.
SNACK, launched in June this year, offers stackable, micro-insurance that integrates into their customers’ daily lifestyle activities. The app has partnered with EZ-link, Fitbit and Burpple so far.
A key aspect of the collaboration will be to explore embedding SNACK into Revolut’s “Spare Change Round Up” feature which will give customers the option to purchase insurance coverage on SNACK.
Bite-sized premiums of $0.30, $0.50 and $0.70 will be linked to daily lifestyle activities such as dining, taking public transport, spending using Revolut Visa debit card as well as clocking steps on Fitbit.
Revolut customers will have the full flexibility to purchase insurance products such as Term Life, Critical Illness and Personal Accident, from accumulated spare change in their Savings Vault on its app.
In addition, as part of the collaboration, starting 7th October, Revolut customers will receive a $500 one-time complimentary insurance coverage when they sign up for an account on the SNACK app.
This is part of a wider line-up of other initiatives that will be rolled out later this year in collaboration with SNACK. Launched just under 1 year ago in Singapore, Revolut claims to have reached over 70,000 signups in Singapore.
James Shanahan, CEO of Revolut Singapore said:
“With Revolut, our customers enjoy excellent exchange rates, instant peer-to-peer transfers, rewards and cashback offers on e-commerce spend, real-time spend updates and smart analytics that provide useful predictions that help them manage their expenses. Our partnership with SNACK layers insurance protection over our existing money management features and allows our customers access to micro-insurance products that are underwritten by NTUC Income.”
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