Income Insurance Limited – Insurer Transformation Award 2023

1. INCOME INSURANCE
FROM INSURER TO INSURTECH

2. 2
Income Insurance is one of the leading composite insurer in
Singapore with a comprehensive suite of insurance products
Life
 Savings
 Investment-Linked
 Whole Life
 Term
 Group life
Health
 Medical indemnity
 Disability
 Critical illness
 Group health
Non-life
 Motor
 Personal Accident
 Travel
 Home & Lifestyle
 Commercial
PROTECTING SINGAPOREANS
#1 non-life insurer & #5 life insurer
More than S$4.5 billion gross premium
More than 2.2 million policyholders
Paid nearly S$3 billion in claims
ESG LEADER
Net Zero greenhouse gas emissions by
2050
S$100 million for social causes
DIGITAL LEADER
Nearly 2 million customers
engaged digitally
Award winning customer
experience
FINANCIAL STRENGTH
S$47 billion in assets
Rated AA- by Standard &
Poor's since 2019
224% capital adequacy ratio

3. 3
NTUC and Income are deeply embedded
in Singapore’s ecosystems, serving 3 in 4 Singaporeans
Education
Financial Services Retail
Cares for >25K children
F&B
>175 multi-format locations incl.
F&B outlets & food Manu.
Life & non-life insurer
Serves >1.7M customers
Digital bank
Launched in 3Q 2022 reached more
than 500K customers in 7 months
Partnership with
>15 lifestyle facilities
Health care
Health & care services
Transitioning to Ministry of Health to
serve 35K seniors
Leisure
>2.4M members
Rewards program
>0.5M daily customers across >370
stores
Groceries retailer Education & training
Delivers >2.6m training places
Preschool education
Catering
F&B operator
>2.4M cardholders
Domestic Systematically Important
Insurer designated by Monetary
Authority Singapore

4. 4
DIGITIZE CORE BUSINESSES DIGITAL ATTACKER IN THE REGION
BUILD AND SCALE NEW BUSINESS
MODELS
Non-life GI
transformation: Fully
digital insurance
purchase by customer
powered with hyper-
personalization
1
life insurance
transformation:
Seamlessly switch
from online to offline
advisory to buy life &
non-life
o2o
2 EMBEDDED: Seamlessly
buy insurance as part
of a non-insurance
customer journey
STACKABLE: Bite-sized
insurance premiums
accumulated as
customers spend on
daily life
-$5 Coffee
+$0.5
Contribution
GigSurance FreightSurance
MileSurance
CIPPT
3
Income Insurance’s digital transformation journey – The Digital Transformation
Office was set up in 2017 to future proof Income Insurance in the digital world
Singapore
Bringing our success to the region
to serve more underserved
segments
Regional
Our mandates
4

5. 5
We have successfully launched various innovative products with strong market
traction over the years
Stackable Embedded
Direct 2 Customers Omnichannel
Bite-sized insurance
premiums accumulated as
customers spend on daily life
Seamlessly buy insurance as
part of a non-insurance
customer journey
Fully digital insurance
purchase by customer powered
with hyper-personalization
Seamlessly switch from
online to offline advisory to
buy life & non-life
Higher agent
productivity
30-40%
Conversion
5-15%
Higher margins
20%
Digital insurance
market share
44%
Customers
>1M
Online insurer
for non-life
#1
3 4
1 2
Cap surge pricing on
ride sharing
GigSurance
Coverage per hours
worked for gig workers
MileSurance
Pay-as-you-drive
coverage
FreightSurance
Transit loss/damage
coverage for shipments
Digitize Income’s core businesses
Top-up daily spend for
insurance & investment
Flexible, monthly insurance
subscription
Critical illness coverage per
trip for ride sharing drivers
CIPPT
-$5 Coffee
Coverage
+$ 0.5
Contribution
O2O
+$ 100
Digital partnerships
Build and scale new business
models

6. 6
Direct to Consumer: Income has developed deep expertise in data & analytics
and realized tremendous value across Direct 2 Customers use cases
Income's D2C
use cases
How it works?
Generate insights from
customer behavioral data
Contextualized offerings &
personalized messages based on
customer segments & profiles
• Pre-underwriting engine
• AI-based chatbot assists
customers along the journey
Continuous retargeting and
customer journey optimization
Hypertargeting at scale enables
lower customer acquisition cost
Seamless digital journey
maximizes conversion
3
Contextualized offerings
drives engagement
2
Offer 40% off
single trip travel
insurance plan
1
Analytics enabled by:
Risk
aversion
Income
Customer profile
Not sure
about the policy?
Ask Chatbot
Flight Booking
Travel
Insurance
GET A QUOTE
Fly high with
Dream sky
Purchase Flight Get a Quote
I would like to purchase a
Per-trip policy
Yearly policy
to cover
An Individual/ a group
A family
1

7. 7
Every consumer is different, advanced data and analytics enables
us to engage consumers in the right context, with the right
product, and enable seamless fulfilment
Example of income's D2C use cases
in travel insurance
Market share in
online Travel and
Motor Insurance
Leading online
insurer and e-
commerce platform
Leading D2C insurer
in Singapore
Premium contribution from direct
channels in GI business (2019)
16%
Income
10%
Market average
My Income App
45k+ MAU
Website
Telesales
Leading travel insurance provider with
pure D2C model
#1 market share in travel insurance
100% distributed through digital channels
Purchase policy directly on website & App
3
2
1
• FlexiTravel Hourly insurance1 –
Buy travel insurance by travelling hours
• Regular travel insurance
Instant policy activation in App
Online claim submission
1. Currently available in Malaysia and selective areas in Indonesia; Source: Company website
Direct channels include…
Seamless journey with 100% digital
Our success so far
#1
#1
1

8. 8
Use “trigger moments”
to target specific
audience with right
messaging
User-friendly
lead form to
reduce drop offs
Enable customer choice –
messaging, appointment
booking, call, video call
Advisor Scoring
Methodology to match
intent of customer to best
suited advisor
Build lead profile whenever a lead
is assigned – no repeat process
Customer Info-board
according to intent
and segment
Engagement tools to help
customer understand their
financial needs
Record customer
information on screen
during sales advisory for
transparency
Immediate porting of
customer information into
sales application form –
no repeat process
Generating Lead
Interest
Capturing Lead
Interest
Determining Preferred
Mode of Connection
Assigning to
Most Suited
Advisor
Enabling warm first contact using
digital signals
Bridging “Dead Zone”
between 1st contact
and 1st meeting
Facilitate pre-sales
engagement virtually
Enable virtual sales
advisory
Sales Application
Advisory Enablement:
These capabilities enable remote engagements to boost
advisor productivity
Lead Generation:
Insurerssourceleadsfromdigitalplatforms
Digital engagement:
Get in front of the Right Customer, at the Right Place and Right Time
Ethnographic research shows Digital + Human is needed for Life Insurance. Bridging
the online to offline gap allows Income to fulfill more unmet needs
8
2

9. 9
1 2 3
Effortless &
Invisible
Affordable
& Flexible
Holistic
Critical
Pack Life
Invest
-$5 Coffee
Coverage
+$0.5
Contribution
+$100
Make contributions in
the background by
linking policy purchase
to everyday lifestyle
triggers
Affordable premiums,
starting from $0.3 that
you can turn on and off
anytime
Choose from a selection
of investment and
protection offerings
(e.g., Life, CI, PA)
STACKABLE INSURANCE – Bringing 3 unique value propositions to the
underserved and new age digital segments
3

10. 10
CUSTOMER
JOURNEY
HOW
IT
WORKS
Users accumulate insurance by going about daily activities
What is SNACK by Income? Accumulate insurance as you pay for your daily activities
3

11. 11
>100k download
>40k Sign-ups
SNACK has gained traction in SG and we are now working
with >150 ecosystem partners
SNACK ecosystem powered by >150 partners
Launched in Apr 2020
>300k downloads
100k sign-ups
>150 Partners onboarded
Recognized as innovation leader
Result
2nd Place winner in Financial Institution Category
At Singapore Fintech Festival 2021
Users buy more
than 4 products
SNACK ussers
below 35
Total sum assured
since launch
SNACK App
UOB YOLO
>30%
>70%
S$380m
3

12. 12
How Income’s embedded insurance protects and hedges risks?
Risk
When
is
the
offer
made
Premium
EMBEDDED insurance enables consumers to protect themselves against
many of life's risks, seamlessly
Rain insurance Group Accident Insurance Travel insurance
Coverage
I get injured at work
I get Covid and
cannot travel
A rainstorm makes my
Grab 3x more expensive
One day in advanced
of the ride
When I confirm my job
slot via Fastgig app
When booking
my flights
Premium:
<$9.6/day (~$120/yr)
Premium: NA - the insurance
comes with the job
Premium:
$20/ticket
Savings: $50/day or
60% of ride fee
Cover:
up to $100k
Cover:
up to $50k
GigSurance
Total premium
paid (yearly)
~S$630
Total coverage/
savings
~S$152k
3x
4
Benefits
1 Contextualized
Insurance offer is always
relevant to embedded
product or service
Convenient
2
Delivered seamlessly as part
of an existing sales and
purchase journey
Affordable
3
Low-cost and specific
coverage keeps premiums
low

13. 13
Our digital transformation journey has been a success, transforming Income
Insurance from a local SG player to an industry recognized digital leader
2021 - 2022 2023
US CIO 100 Award 2021
(SNACK)
2021 Indigo Awards Mobile App
Design-Silver (SNACK)
Efma-Accenture Innovation in
Insurance Awards 2021
Innovation of the month (SNACK)
SBR Technology Excellence
Award 2021
Mobile-Life Insurance (SNACK)
Asian Experience Awards
Digital Experience Award of
the Year-Life Insurance
(SNACK)
CIO100 ASEAN Awards
Award winner – Peter Tay,
General Manager, Digital
Business
CIO75 ASEAN Awards
Award winner – Peter Tay, General
Manager, Digital Business
DigFin Innovation Awards 2021
Best solution for Market Access
(SNACK)
SG Good Design Awards
Digital design and
experience design (SNACK)
SBR Technology Excellence
Award
Mobile Personal Insurance
(SNACK)
Indigo Design Awards
UX, Interface & Navigation,
Mobile App, Mobile
interaction and experience,
Innovative use of mobile
tech (SNACK)
SBR Technology Excellence
Award
Fintech – Financial
Technology (HIVE)
Top 3 Inspiring examples of
disruption
SNACK
APAC Stevie Awards
Innovation in B2B services
(HIVE)
The Drum Awards for
Marketing APAC
Brilliant use of Media,
Brilliant use of
transformation, Marketing
Strategy for Finance,
Brilliant use of Data/Insight
(Digital Growth)
Change Maker CIO Award
Peter Tay, General
Manager, Digital Business
Digital CEO Award
Andrew Yeo, CEO, Income
Insurance Limited
MAS SFF Gobal Fintech
Awards Singapore Financial
Institution 2nd place (SNACK)
Insurance Asia Award 2021
Mobile App of the year
(SNACK)
ORIGIN Innovation Awards
Best Corporate Innovation
(SNACK & Tribe)