14 Feb 2012
Leading insurer in Singapore rewards motorcycle customers with cash rebate for the first time while repeating rebate to car owners; Concurrently launches online platform for car owners to buy motor insurance directly
Premium revenue exceeds $4B for the first time
Singapore, 14 February 2012 – NTUC Income, Singapore’s leading insurer, announced today that it will offer a one-off $10 rebate to about 73,000 customers representing one in two motorcycle owners.
The insurer also said it will repeat its rebate of the previous year to about 100,000 car owners who will enjoy a one-off $30 rebate when they renew their policy.
In total, NTUC Income will pay out about $4.2 million in rebates to its motorcycle and car customers in 2012. This is over and above the $4 million investment that NTUC Income will plough into its dedicated Orange Force to pro-actively offer accident-scene assistance.
This is in line with NTUC Income’s core philosophy of rewarding policyholders for its strong performance while making a reasonable profit to sustain its business.
NTUC Income added that it has launched its motor insurance online platform to enable motorists to enquire and purchase motor policies as well as pay their premiums directly*. As the largest composite insurer in Singapore, the launch is part of NTUC Income’s continued focus of delivering convenience, choice and innovation to our customers.
These new features offer the fast-growing online customer segments their preferred medium to interact with NTUC Income, reflecting NTUC Income’s continuous efforts to engage and grow with them.
NTUC Income Chief Executive Tan Suee Chieh said its motor business has delivered sterling results. In addition, the investment in Orange Force – and customer responses – have exceeded its best expectations.
On the latest initiatives, he said: “These efforts reflect our continuing commitment to offer products of good value to our customers – and in a manner which is convenient for them. We offer our customers a wide range of products such as travel, motor, life and health insurance and through multiple channels – our own consultants, financial advisors, corporate agents, banks, online or through our telesales centres.”
“In fact, NTUC Income has the most diversified range of distribution channels and products in Singapore. Our multi -channel strategy continues to deliver solid results. I am delighted that our revenues exceeded $4 billion for the first time, doubling what we achieved five years ago,” he said.
NTUC Income Finishes 2011 with $4.2B in Premium Revenue – Beats 2010 Record
NTUC Income launched these new initiatives after setting another new internal record through its 2011 financial performance. The insurer’s 2011 premium revenue jumped 14% to $4.2 billion – the first time in its history that it has crossed the $4 billion mark.
In the motor insurance segment, premiums grew 4.9% to $256.4 million. This is the second consecutive year that NTUC Income has been able to record underwriting profits in this business segment following a turnaround.