22 Oct 2010
Insurer pledges 1% of operating profits, drive donations to build a charity pool of $3 million a year, grow the spirit of volunteerism as part of its “Do Good” efforts
Singapore, 22 October 2010 – NTUC Income, Singapore’s leading insurer, today announced the launch of OrangeAid, which will become its flagship vehicle to do good and help disadvantaged children and youth in Singapore.
Announced in conjunction with the insurer’s 40th Anniversary celebrations, OrangeAid will act as a catalyst for generating annual financial contributions and donations of $3 million and will become a breeding ground for staff volunteerism. NTUC Income will spur its 1,500 staff to invest their energies and time into charitable work, bearing all costs related of their participation and recognise their contributions to society.
Under OrangeAid, NTUC Income will commit 1% of its annual insurance operating profits to adopted charities. Based on the insurer’s 2009 financial performance, the annual contribution is expected to amount to $1.5 million or half the total sum.
Drawing parallels from US President Barack Obama’s use of social media as an integral part of its strategy to raise money and develop a groundswell of empowered volunteers, NTUC Income will also use online mediums to work directly with its base of two million policyholders to raise an additional $1.5 million a year.
NTUC Income Chief Executive Tan Suee Chieh said the launch of OrangeAid reflects the insurer’s focus of wanting to do more good over the next three to five years.
“We were inspired by Barack Obama’s presidential campaign which harnessed the power of the grassroots and raised campaign funds through small donations from ordinary citizens through Facebook, Twitter and others.
Likewise, OrangeAid is about getting many people to make small donations, which collectively, will form a big fund. Through OrangeAid, we will agitate and encourage volunteerism amongst our staff and our policyholders. And we will harness the social media to achieve this,” he said.
The commitment to OrangeAid will be over-and-above the S$3 million that NTUC Income already contributes yearly to charities, community projects and NTUC-related activities.
The launch of OrangeAid comes on the back of the commercial success that NTUC Income has achieved thus far, which is a result of its modernisation and transformation strategy pursued since 2007. In 2009, NTUC Income took the leadership position in terms of weighted life insurance new business premiums, the financial advisers channel, in the health, annuity and motor businesses.
The main beneficiaries of OrangeAid will be the Assumption Pathway School, Singapore Children’s Society and Moral home for Disabled. These organisations are in line with NTUC Income’s continued focus of reaching out and helping disadvantaged children and youths.
For the Assumption Pathway School, NTUC Income has started supporting the school’s Montfort Challenge special programme, which is designed to help students who have faced setbacks, hardships and failures in their lives to achieve personal success and contribute back to the community.
NTUC Income launched its sponsorship of the Montfort Challenge Programme in September this year as a key initiative where NTUC Income’s volunteers were given time-off from work to participate in the training sessions with the students as well as the actual challenges.
The Singapore Children’s Society, which NTUC Income has been supporting over the last three years, is a charity that protects and nurtures children and youth of all races and religions, and especially those who are abused, neglected, or from dysfunctional families.
The Moral Home for Disabled, NTUC Income’s adopted charity since 1992, provides care, education and a home to intellectually disabled children, in particular those without parental support.
NTUC Income has been extending help to social causes in recent years. When the financial crisis peaked in 2009, NTUC Income decided to help those who needed assistance most during tough times. NTUC Income extended help to the families of retrenched and low income workers under NTUC’s Labour Movement U Care in 2009. Help was again extended to U Care this year. In early April, NTUC Income launched a free insurance scheme for low income families, which will cost the insurer up to $500,000 over the next three years.
With this launch, interested donors can make their cheque payable to “OrangeAid”, NTUC Income Centre, 75 Bras Basah Road, Singapore 189557. They should attention their cheque to the Finance Department.