Press Releases

Press Releases

NTUC Income Launches Equity-Free Accelerator Programme

1 Aug 2016 SINGAPORE, 1 AUGUST 2016 – NTUC Income (Income) ups the ante on its annual ‘Future Starter’ programme by partnering Infocomm Investments Private Limited (IIPL), a wholly-owned subsidiary of the Infocomm Development Authority (IDA) of Singapore, to launch the third edition of ‘Future Starter’ as an accelerator programme on IIPL’s trademark TAG.PASS programme.
 
Named ‘Income Future Starter, Powered by TAG.PASS’, the partnership is the first by an insurer in Singapore with IIPL, leveraging Income’s expertise in the insurance sector and the established TAG.PASS programme to foster entrepreneurship, technology and business innovation in the insurance industry.
 
“Income launched ‘Future Starter’ as a $100K Challenge in 2014 to encourage innovations by young Singaporeans. We have two winners who are gaining remarkable progress with their first-of-its-kind innovations. To raise the bar of the start-up scene in Singapore and to focus on the potential impact on insurance, we are embarking on ‘Future Starter TAG.PASS’,” said Mr Ken Ng, Chief Executive of Income.
The winners of the 2014 and 2015 editions of ‘Future Starter - $100K Challenge’ are Privi and Jaga-Me respectively. The latter connects patients and nursing care professionals via an on-demand, location and service-based matching platform that is available online and on mobile. Jaga-Me, which dovetails Agency of Integrated Care’s Home-First strategy by making quality home-care accessible to the masses in Singapore, launched its service in March 2016 and is tracking healthy growth in its user and carer base. Privi, on the other hand, has completed prototyping, user validation and small-batch production testing of its proprietary technology that delivers a drug-free solution for haemorrhoids sufferers and is scheduled for launch in the second quarter of 2017.
 
“For Income, it is important for us to work with a partner who has the know-how and network to facilitate synergistic collaborations that quickly commercialise ideas into marketable products. Infocomm Investments, through its TAG.PASS programme, allows Income to co-innovate with entrepreneurial teams with not just speed but also agility to deliver scalable solutions for real-world problems. Business scalability and speed to market are essential for business success in this digital age. With TAG.PASS’ wide footprint beyond Singapore, we are confident to attract people with relevant ideas, domain knowledge and technical skills to bring smart-nation solutions to the fore so that insurance is made simpler, different and more accessible to our community, including the unserved and underserved. This way, we get better at being future-ready together,” Mr Ng added.
 
‘Income Future Starter, Powered by TAG.PASS’ aims to shortlist 12 start-ups from around the world with a unique business and technology proposition or have the potential to collaboratively disrupt the insurance industry. The selected entrepreneurs will be hosted at and exposed to intensive mentoring within a highly conducive tech-powerhouse environment at BASH (Build Amazing Start-ups Here), Singapore’s largest start-up space, during the 11-week accelerator programme.
 
Application to the accelerator programme begins today and will close on 9 October 2016. Start-ups which have developed a MVP (minimal viable product) in, but not limited to, the following areas are encouraged to participate in the accelerator by submitting an online application to www.IncomeFutureStarter.com. Alternatively, start-ups can attend recruitment roadshows in Singapore, Taiwan and Korea to find out more and register their interest.
 
  • Enhance claims experience and processing
  • Combat fraudulent claims
  • Central needs analysis for customers
  • Robo advisor
  • Peer-to-peer insurance
  • Integrated customer data analytics
 
“Start-ups are the bedrock of innovation. They create value from knowledge, whether new or existing, and in any industry sector. With Income as a strong partner taking this concerted step forward, they are accelerating their co-innovation efforts with start-ups to bring about innovation to the insurance industry. The six areas of focus that Income has identified are potentially where start-ups can plug their product/service for a product-market-fit,” said Dr Alex Lin, Head of IIPL.

Each shortlisted start-up will receive a S$28,000 equity-free entrepreneur grant in addition to mentorship from relevant specialists who will offer deep domain expertise and industry insights as part of the accelerator’s structured curriculum. Participants can expect intensive coaching to help them up-skill their tech and business know-how, as well as, dedicated support from the Income team, including access to senior management and the opportunity to plug into Income’s ecosystem. Networking opportunities to meet like-minded entrepreneurs to build rapport and exchange ideas and experiences will also be in abundance.
 
The first batch of selected start-ups for ‘Income Future Starter, Powered by TAG.PASS’ is set to be  announced in November 2016 and the accelerator will kick-start in January 2017, culminating in a Demo Day in  March 2017. For more information on ‘Income Future Starter, Powered by TAG.PASS’, please log on to www.IncomeFutureStarter.com.