2. WHO
We believe in embracing digital disruption,
transformation and partnerships to stay
relevant and fulfil the emerging needs and
expectations of our customers digitally.
Our technology-driven propositions
commits to define new standards of the
insurance industry, impacting our society
and the world.
Income is an incumbent traditional insurer
who has taken big strides to emerge as an
indisputable digital leader in the insurance
industry. We have S$36.5 billion assets
under management and are rated “AA-” by
Standard & Poors.
In Singapore, we are a leading composite
insurer where 1 in 3 are insured with us.
3. A VISION OF INCOME’S DIGITAL TRANSFORMATION OFFICE (DTO)
INNOVATE BEYOND
BORDERS
We ideate to solve real-world business problems.
We challenge the culture norms to build a strong
innovation ecosystem in DTO, opening up diverse
opportunities across industrie through cross-
collaboration with global corporations,
entrepreneurs and start-ups. We build networks,
act as innovator and educator as we develop
young local talents through curated immersion
programmes.
A GO-TO BRAND FOR
THE NEXT
GENERATION
Our impetus for innovation and digitisation has
always been customer-centricity. We unlock
new possibilities in which insurance can be
designed and offered to address customer pain
points. Through DTO, Income will be enabled
to reach a segment of customers who are
typically less receptive to traditional insurance
offerings and distribution channels. Recognising
that digital disruptions have cultivated new
consumer behaviour, we aim to be future-
ready to meet the digital lifestyle needs of
tomorrow by disrupting insurance today.
MAINTAIN OUR LEAD AS
A DIGITAL LEADER
DTO houses a team of self-driven experts with
business, digital and design thinking expertise.
We craft a fresh perspective for new business
opportunities in the insurance industry. We
determine and set parameters of industry
standards with a deep understanding of the
needs of our current and future consumers.
We go beyond the platform adoption strategy,
embedding a digital insurance ecosystem that
re-imagines the customer experience.
4. WHY
Income foresaw the need to reimagine insurance
early and saw the value of collaboration and co-
innovation to spearhead our next phase of growth.
Through a three-pronged approach, Income’s digital
innovation arm, the Digital Transformation Office
(DTO), brings innovation to life through developing
our internal capabilities, harnessing strategic
partnerships with industry players and in connecting
with the global eco-system.
5. 3. Connecting with the Global
Start-up Ecosystem
● Solve for real-world business
problems through inputs from
stakeholders
● Our insurtech accelerator, Future
Starter by Income was inaugurated in
2014 to collaborate with the
start-up community and
innovators, along with other Fintech
Accelerators from around the world
to advance ideas and re-define new
standards of the insurance industry
1. Internal Capability Development
& New Business Model Launches
2. Strategic Partnerships with
Industry Leaders
● Leverage ecosystem partnerships to
tap partners’ expertise for scaling of
innovation and technological capabilities
LEADING IN INNOVATION
THROUGH A THREE-PRONGED APPROACH
● Fast and agile delivery of our projects
through successful launch of two
digital lifestyle and parametric
insurance products, Droplet and
Pinfare, in the last eight months
● Building up of micro-services, robotic
process automation (RPA) and
robust IT infrastructure to
support seamless customer
experience from purchase to claim
● Test-bed digital innovation via
ZhongAn’s technology platform to
scale with speed and partner
ecosystem leaders to deliver a pipeline
of innovative digital insurance products
tailored for modern lifestyle needs
● Micro-insurance products serve as
new engagement channels with
new segment customers that
may not purchase any traditional
insurance products
6. CREATION OF LAUNCH TEAMS TO
ENABLE FAST AND AGILE DELIVERY
⚪ “Start-up” Team ⚪ “Start-up” Team 2 ⚪ “Start-up” Team 3
Roles in our agile Launch Teams
• Product Owner
• Scrum leads/ Scrum
Master
• Agile Coach
• Solution Architect
• Developer
• UX/ UI Analyst
• Marketing Launcher
Agile
coach
Product
Owner
Agile
Coach
UI/UX
Lead
Marketing
Launcher
Scrum
Master
UI/UX
Lead
Marketin
g
Launcher
Agile
Coach
Solution
Architect
Marketin
g
Launcher
Product
Owner
Solution
Architect
Scrum
Master
Developer
UI/UX
Lead
Developer
Product
Owner
1 | INTERNAL CAPABILITY
DEVELOPMENT & NBMs
100% DIGITAL • DESIGN THNKING • START-UP MINDSET & SET-UP
7. Newly Launched Products
Droplet (Oct 2018)
droplet.sg
• Droplet is a lifestyle-inspired
insurance that protects users against
surge pricing on rainy days that pays back
60% of ride fares on ride-hailing platforms
like Grab, Ryde or Gojek.
• Generated more than S$560,000 of
public relations ad value equivalent
(AVE), covered by more than 50 media
houses at launch
• High level of interest in Droplet with
20% of the Droplet policy purchases been
made by returning customers and close to
50% success rate of submitted claims.
8. Newly Launched Products
Pinfare (Mar 2019)
pinfare.sg
• Income’s second lifestyle-inspired
insurance product, Pinfare, seeks to
address one of the most
common traveller’s pain points
– the pressure of having to purchase
a desired flight itinerary on-the-spot,
or be subjected to unpredictable
price fluctuations and pay a higher
fare on the same flight itinerary later.
• Garnered 37 media article
coverage and steady policy growth
since launch
9. 2 | DIGITAL STRATEGIC PARTNERSHIPS
Income believes in leveraging ecosystem partnerships to scale our innovation and technological capabilities more
effectively. Most notably in 2019, we embarked on a strategic partnership with ZhongAn to harness its deep
technological know-how, experience & knowledge in collaborating with ecosystem partners to deliver a pipeline
of innovative digital insurance products tailored for modern lifestyle needs.
10. Focus on Fintech
Accelerators,
Partnerships and Scaling
up POCs & Experiments
DOUBLING DOWN
ON INNOVATION
Future Starter offers the start-up
community and innovators from around
the World the opportunity to share their
ideas, develop proof-of-concepts and
deploy 'live' trials with NTUC Income
(Income).
3 | CONNECT WITH GLOBAL ECOSYSTEM
11. WHAT
As the digital leader in the insurance industry, we
determine and set parameters of industry standards
with deep understanding of the needs in our current
and future consumers.
We go beyond the adoption of platform strategy and
the creation of digital insurance ecosystem to
develop innovative customer experience. At the
heart of it, we also act as both innovation platform
and educator in today’s digital age, inspiring and
building a young talent pipeline through our Future
Starter and Future X talent development initiatives
for start-ups and youth.
12. Nurturing talents and
concocting new ideas
Income is on a quest to hunt for collaborative innovators
who possess the passion and know-how to be game
changers.
Our goal is to remain competitive in the age of innovation
and to build a talent pipeline for Income’s growing needs.
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