NTUC Income launched Singapore's first digital offering for Integrated Shield Plan (IP) yesterday via its online portal healthinsurance.income.com.sg, allowing customers here to purchase private health insurance without an advisor.
Previously, while customers can obtain a quote for an IP online, an advisor is still required to complete a purchase.
But now, new customers with no pre-existing health conditions can enjoy instant approval and coverage within 10 minutes of application. While claiming a pre and post-hospitalisation bill can also be completed in seconds by submitting a photo of the bill to the online portal, eliminating the hassle of paper submissions.
“With the new digital proposition, heightened accessibility, convenience and speed will define a new standard in which IP can be purchased, claimed and managed at anytime and anywhere,” Income said in its statement.
The portal, which is open to Singaporeans and Singapore Permanent Residents below 61 years old, offers scenario-based illustrations, as well as, easy-to-understand explainers on common health insurance terms such as ‘rider’, ‘as charged’ and ‘deductible’.
Customers can also engage with a chatbot directly on the online portal for general queries, or questions on upgrading or downgrading their existing IncomeShield plans or riders, from March.
Customers who buy their IP online will be offered a "free look" period of 90 days and will get a full refund should they change their minds during this period. This compares to the current industry standard of 21 days.
The launch is part of Income’s on-going Digital Transformation agenda, although Chief Operating Officer Peter Tay also pointed out that the insurer will continue to develop its other distribution channels as well.
“Income will continue to invest and develop our other distribution channels as well because we recognise that customers want choices, so they may choose to deal with you digitally or if they prefer through a financial advisor,” he said.
IPs are plans which provide enhanced coverage by private insurers on top of the benefits of the mandatory basic government-run MediShield health insurance scheme.