Oldest Insurance Company In Singapore – Member of NTUC (income) was incorporated 50 years ago as the first insurance collaboration in Singapore, and this year the organization celebrates its Golden Jubilee. Today, the organization maintains the same emphasis as at the beginning of the operations in 1970, making the insurance available, accessible and sustainable in Singapore.
Over the years, revenues have increased to become a thriving social enterprise, which now serves over two million customers with their offers in life, health and general insurance. In addition to being one of the most important composite insurance companies in Singapore, the organization also received recognition as a digital and Multican insurance company, and won local and regional prizes for its digitization work, electronic trade and product innovation capacity.
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Among the insurance companies in Singapore, revenue continues to enjoy the greatest connection to the offer of positive social impact with products dealing with the underestimated segments and is considered a socially responsible company. With its strong risk and compliance culture, revenues have also been established as a reliable financial institution among regulatory customers and authorities.
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In his 2019 annual report, which was published in June 2020, the organization says he has gone a long way since its establishment, and that it does more to ensure that it continues to respond better and faster to the growing competition and in the development of customer needs, which is becoming increasingly motivated by the comfort and lifestyle of the lifestyle. Revenue says it was digital offers him unlimited opportunities to offer insurance products in healthy and interesting ways.
As customers become more “the first digital”, and their consumption models are increasingly based on the lifestyle, the revenues acknowledge that they also have to play for consumers involvement with information and make online purchases. Last year, revenue launched online life to provide customers with the largest life insurance area for online purchases online, while the digital life insurance advisor with AI, asks Susage, provides customers customers to practically.
The work together with strategic partners with similar thoughts is a new country with the next generation offering that reflects how customers get involved, buy and use insurance and offer more value to customers. The efforts’ efforts to give the concert economy a sufficient insurance coverage caused him to develop the first stacked insurance product in the region, so that the private tenants can gather a critical disease coverage because they pay micro premiums with each journey that they complete. By retrieving this new proposal, Snacks launched to provide customers from Singapore for the first time to buy insurance by connecting micro premiums to everyday activities so that it becomes practical and cheap to obtain insurance coverage. Revenue says that snacks are a gaming exchanger for insurance in Singapore and an important step forward in the connection holes by breaking market input barriers.
Even more important, although revenues have achieved these achievements, the organization is still intended to make a positive social impact in the society it serves through its products, services and people. Revenue is still the only insurance company in Singapore that offers insurance products for children and adolescents with Down syndrome and autism. Revenue also continues to donate 1% of its operating insurance surplus to fight education for young people. The members of the personnel in income use a voluntary time with various charities through the annual initiative of the “revenue back” in the organization.
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In the new decade, the organization says it will continue with the powerful impulse to increase and the resistant income, using the powerful foundation that it has built in recent years, to meet the financial needs of the following generations.
Revenue exceeded the industry in 2019, with an increase of 11% in new weighted cases, despite the Singapore Life Insurance Industry, and increased by 0.4%. The revenues took over the management of General Insurance in Singapore last year, and the car insurance maintained a broad advantage against other insurance companies.
Andrew Yeo is the income of the CEO and also a member of the board. Prior to being appointed CEO June 1, 2019, Andrew was Director General for Life and Health Insurance.
For the strategic content only for members of the cooperative/mutual insurance sector, members have exclusively access to a number of online resources through knowledge.
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The first insurance product offers a flood coverage coverage for Lao PDR (with the potential to expand to several countries).
The risk insurance facility in South Asia -disasters offers participating countries, insurance solutions and risk management against climatic shocks and natural disasters.
When affected by disasters, economic disorders are labeled at all levels of society – from governments, companies, households. Compared to the devastating and irreversible effects of lost and upset life, their nations and people can take years, or even decades, to recover and rebuild.
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Increasing the frequency of disasters and increased exposure means that countries must strengthen their fiscal resistance by developing sudden adversity. The initiative, established with ASEAN+3 approval, offers technical and financial solutions to prepare for such situations.
The insurance company was created to provide risk and disaster insurance products to participating countries and monitors the first regional disastrophices. The company is authorized as a general insurance company by Singapore Monetary Authority (MAS), under the jurisdiction in Singapore.
The company offers the first regional insurance product from the LAO PDR initiative (with discussions with other countries) and is supported by the technical expertise of the World Bank and with the initial capitalization in Japan and Singapore. Over time, the intention is to develop more insurance solutions, which respond to the needs of the member states. The first product combines innovative technology with parametric insurance, so that payments are quickly made to support urgent rescue needs and early recovery operations.
In addition to financial solutions, the initiative also offers technical solutions, including knowledge and capacity consolidation services to help strengthen financial resistance and reduce financial protective gaps from the entire region.
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Having plans and pre -arranged financing in force before a disaster put the governments in the situation to better protect the poorest and most vulnerable communities. Many of the most sensitive populations do not have their own insurance protection and are based on their government to provide assistance after resilor and reconstruction resources.
After a disaster, countries often face budgetary limitations and uncertainty when it comes to help from international partners, who support poor and vulnerable areas. Many households are pushed into economic weights, which makes them resort to harmful coping strategies, such as selling productive assets or removing children from school for income generation, extinction potential.
In critical moments after a disaster, as governments are equipped for emergency preparedness, the faster they can start the recovery and reconstruction process. The insurance company aims to make payments to the insured authorities as an additional source of financial support for the country and its population.
Has received funding funds for three purposes: 1) Initial capitalization; 2) operating expenses; and 3) Technical services and risk management assistance for member states. These subsidies are funded by Japan and Singapore.
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To ensure that it is focused on serving member states and their people, it is important to define what is not and what it does not.
The initiative includes four levels: 1) Trust, 2) Sub -confidence (created for the PDR LAO insurance facility, 3) the agent and 4) the insurance company.
The first product offers PDR LaO insurance against climatic shocks and natural disasters. The insurance has a period of three years and consists of two complementary components: the parametric component and the finished risk component.
The basic function of the first insurance product is its parametric component that uses a step payment structure. The structure has fixed parameters corresponding to the predefined levels of the number modeled by persons affected by a flood, which triggers payment amounts that have been deducted. More precisely, 40% of
