SINGAPORE, March 22, 2022 /PRNewswire/ — Plug and Play, a global startup accelerator and business innovation platform headquartered in Silicon Valley, and NTUC Income (Income), a leading composite insurer in Singaporeannounced today that the latter will be a corporate partner of Plug and Play APAC’s Insurtech program.
The strategic partnership, which spans South East Asiawill see Income working with regional insurers, start-ups and digital ecosystem partners within the Plug and Play Network to scale its innovative products and services to serve consumers in the ASEAN region.
The partnership will be the first regional collaboration between Plug and Play and Income that not only focuses on cross-vertical business collaborations, but also improves financial access and adds value to the non-financial ecosystem partners’ existing customer journeys.
Over the past several years, Income has created and launched innovative insurance products such as lifestyle-based microinsurance proposals, Droplet and SNACK to meet the needs of customers who are increasingly keen on Singapore.
These innovations and this know-how are integrated and propelled by HIVE by income Insurance API platform as a service (IaaS) where regional partners will be able to connect and take advantage of pre-built insurtech integrations with minimal additional cost and development time. This adds value to partners’ existing solutions and strengthens their value propositions, enabling them to capture new customer segments and foster greater accessibility to insurance.
“One of the main catalysts for redefining the playing field is trust. As income continues to grow in the region, it is important for us to partner with reputable, like-minded brands to build on valuable customer relationships to grow in adjacencies.We believe that digital platforms have the ability to orchestrate end-to-end visibility across a wide range of data, to continue to create value with customer needs at the core of the proposition. This partnership with Plug and Play is timely as it accelerates our recent forays overseas through HIVE’s Insurance-as-a-Service platform.” noted Edlyn KhooAssistant Vice President, Office of Digital Transformation, Revenue.
As part of this strategic partnership, Income and Plug and Play will jointly launch a series of regional innovation showcases to provide a springboard for the exchange of ideas and the sharing of best practices. The first of these events, known as HIVE Innovation Day, will take place via a hybrid format at Vietnam March 25. He will discuss the clear benefit that data can bring to digital ecosystems to drive innovative financial offerings through various industry case studies.
“Since the launch of our Insurtech accelerator in Singapore in 2018, we have always been in favor of partnering with Income, as it is a known and reputable name in Singapore and among the largest composite insurers in the country. Most importantly, this partnership with Income marks our first regional foray into launching our Business Partners into new markets, where we will seek to imagine, pivot, localize and grow products and businesses, through in-market partnerships. within our network of more than 500 companies around the world. We look forward to seeing how this exciting partnership with Income plays out given the diverse and expansive opportunities that lie ahead with our ecosystem of multi-industry partners in Asia Pacificadded Jupe Tan, Managing Partner at Plug and Play APAC.
About NTUC Income
NTUC income is that of Singapore the leading composite insurer, offering life, health and casualty insurance that meets the protection, savings and investment needs of the different stages of life and society. Income’s innovative, data-driven, omnichannel approach puts us at the forefront of customer-centric solutions that meet rapidly changing needs and enable greater financial well-being. Income was founded in 1970 and remains the only insurance cooperative in Singapore. We remain committed to creating positive social impact through our products, services and people. Our financial strength and diversified investment portfolio are reflected in our strong credit ratings which underpin the fulfillment of our commitment to our customers. For more information, please visit www.revenu.com.sg
About HIVE by Income
HIVE by income is a Singaporebased on an insurance-as-a-service (IaaS) platform, enabling any insurer and digital platform owner in the region to launch, localize and scale innovative integrated insurance propositions. Our pre-built insurtech integrations improve our partners’ speed to market and their ability to capture new customer segments and engage with minimal upfront cost and data-driven competitive advantage. For more information, please visit: hive. income.com.sg.
About Plug and Play
Plug and Play is a global innovation platform. Based in Silicon Valley, we’ve established accelerator programs, enterprise innovation services, and a global VC to facilitate technology advancements faster than ever. Since its inception in 2006, our programs have expanded globally to include a presence in over 25 locations worldwide, giving startups the resources to succeed in Silicon Valley and beyond. With over 40,000 startups and 500 official corporate partners, we’ve created the ultimate startup ecosystem across multiple industries. We provide active investing with top 200 Silicon Valley VCs and host over 700 networking events per year. Companies in our community have raised over $7 billion in funding, with successful portfolio exits including Danger, Dropbox, Lending Club, and PayPal.
Our Singapore office was launched in 2010 to invest in high-tech startups in the region. Since then, we have invested in more than 50 startups and collaborated with various agencies in the Singapore and Indonesian governments, as well as partnerships with multinational and regional corporations to run industry-specific acceleration programs. For more information, please visit www.plugandplayapac.com
SOURCE Plug and Play APAC