The document discusses opportunities for a global financial services group to offer insurance to Singapore's 45,800 full-time National Service men. It recommends developing a mobile-first insurance solution accessible on low-bandwidth for soldiers deployed overseas or in remote areas. The solution would use natural language processing to allow visually impaired veterans to manage insurance via voice. This would expand customer access, satisfaction, and remove barriers to financial services for mobile military personnel.

1. Singapore National Service Full-time (NSF)
Insurance
Opportunities
As per 8th December 2018 estimates, there
are 45,800 NSFs serving in the military.
These NSFs receive equitable monthly
allowances, and are covered under an
existing MINDEF/MHA group insurance
scheme.
Context:
A global financial services group was looking to expand it’s customer base by
offering a mobile, on-the-go insurance scheme for military personnel.
However, they recognized that these military personnel were regularly on the
move, and many soldiers, sea men and air men go for tours and deployments
in far-away regions for months at a stretch. Furthermore, some of these
military personnel already had disabilities that were a direct result of war, and
the group wanted to create a seamless banking/insurance experience for
them.
Recommended solution:
• It is recommended for the group to set up a separate mobile channel for
military men and women who only have access low-bandwidthinternet, one
that keeps the essentials of a mobile-banking/insurance solution.
• Furthermore, injured veterans i.e. visually impaired soldiers can deposit
checks using voice-guided Natural Language Processes (NLPs) features on
their mobile devices.
Client impact:
For clients who installed the white-labelled application and agreed to the
data collection
• Serve military personnel who previously did not have access to
conventional business solutions while they were on military tours.
• Increase customer satisfaction with streamlined digital financial services
for their military clients.
• Remove high-bandwidthinternet requirements, improving accessibility to
financial services for soldiers on the go.
However, the lack of accessibility and
flexibility with current financial solutions
limit the value provided to the NSF and the
FIs.
Republic of Singapore Air Force
Republic of
Singapore Navy
Republic of
Singapore Army
$27,400
$22,100
$17,060
Estimated earnings for an NSF (22 months)
Cumulatively, the estimated earnings of all military NSFs over
the period of their 2 years would total to SGD $895,506,800
Estimated earnings for a combat
specialist
Estimated earnings for a combat
naval Diver/Commando/Officer
Estimated earnings for a combat
enlistee
Leveraging on data-centric solutions
to gather non-confidential data that
optimizes premium prices based on
the NSF’s digital footprint and their
pre-assessed vocational risk.
Increased preference for easy-to-
use, digital insurance platforms that
offer flexibility and breadth in terms
of coverage, beyond just life,
disability, and accident.
Growing insurance needs for NSFs
who require follow-up insurance
solutions after their tenure of service
(for health conditions that arise in
their line of service)
Burgeoningdemand for insurance
schemes that offer tailored plans,
covering vocation-specific risks and
responsibilities.
Seamless and customized insurance
plans for servicemen that follows
through beyond their Operationally-
Ready-Date (ORD).
Digitally assisted, one-stop solution
for servicemen to share reports with
the insurer, from wherever they are in
the world.
Varun Mittal
EY Global Emerging Markets
FinTech lead
varun.mittal@sg.ey.com
FinTech Hub
www.ey.com/sg/FinTechHub
Opportunities in the market segmentCustomer segment profile Case Study
How can FIs help?Addressable needs
© 2019 EYGM Limited. All Rights Reserved. ED None
Contact Us: