NTUC Income AR 2019

ANNUAL REPORT 2019 11 Singapore. The JV-operated dialysis centres serve as Income’s preferred healthcare facilities, akin to its panel of private specialists. This initiative sees Income extend its role as payer to enabler in the healthcare ecosystem as it plays an active part in ensuring that healthcare and health insurance remain accessible and sustainable in Singapore. Income and ZhongAn, China’s first internet-based insurer, also entered a strategic partnership to bring speed to digital innovations and product launches in Singapore. The collaboration allows Income to improve its agility and cost efficiency while tapping ZhongAn’s deep technological know-how and experience to deliver a pipeline of bespoke digital and modularised insurance products that are tailored for modern lifestyles. Empowered by ZhongAn, the intent is also for Income to readily and seamlessly integrate its technical capabilities with different digital ecosystem partners. One such proof point is the Critical Illness: Pay Per Trip (“CIPPT”), Southeast Asia’s first micro-insurance plan that Income and GrabInsure jointly launched in August 2019. A game changer, the CIPPT, which offers the option to stack insurance coverage by paying premiums at micro- quantum, is an innovative way to provide Grab driver- partners critical illness protection without incurring a substantial monthly outlay. The approach resonates particularly with people who prefer to have flexible cash outflows to see to other financial commitments but at the same time, want to benefit from insurance protection. Income is ready to scale the micro-insurance proposition and to build a suite of novel products for diverse customers that are set to reimagine the way we engage with, purchase and consume insurance. COMMITTED TO MAKE A POSITIVE DIFFERENCE Last year, Income ranked first again amongst insurers in Singapore as a socially responsible company and we are intentional about delivering positive social impact through our products, services and people. Our senior-focused health underwriting questionnaire is addressing customers’ pain points such as tedious and overly broad scope of disclosure. It drove 30% more life insurance policy submissions by seniors in the first year of its use. In 2019, Income also continued to champion education for youth-in-need by offering 400 students from low- income households studying in polytechnics and Institute of Technical Education (ITE) bursaries, financial literacy training, as well as, personal and career guidance. To date, Income OrangeAid Future Development Programme (FDP), has disbursed 1,800 bursaries amounting to over S$4.5 million, to support underprivileged youths in their school fees and living expenses. The FDP also boasts an Alumni Programme, which comprises coaching and facilitator training, to help expand the career horizons and know-how of our beneficiaries. In addition to contributing 1% of our insurance operating profit to community development initiatives through like-minded Income OrangeAid partners, Income also donated $1.5 million to the Labour Movement last year. This included a $1 million donation to the U Care Fund, which provided assistance to low-income union members and their families. Last year, over 900 Income staff contributed more than 3,000 volunteering hours in helping and interacting with selected beneficiaries during the annual staff-volunteering initiative, ‘Income Gives Back’. CONCLUSION The Directors would like to express our heartfelt appreciation to NTUC, the unions and affiliates, Income’s partners, customers, management and staff for your contributions to Income. It is only with your support and patronage that Income is able to succeed as a thriving social enterprise. We aim to continue the momentum to grow and help people from all walks of life in Singapore achieve financial resilience and be protected against life’s uncertainties. The future of insurance is exciting, and we look forward to more years of innovation, delivering value, and making a positive difference to the people we serve. For and on behalf of the Board of Directors Ronald Ong Chairman