Singapore, 8 December 2020 – NTUC Income (“Income”), one of Singapore’s leading insurance providers, and Thunes, a global cross-border payments network, today announced a strategic partnership to enable Income to make seamless insurance claim payments to policyholders anywhere in the world. The partnership allows Income to leverage Thunes’ extensive cross-border network and advanced technology to handle international transactions with added efficiency.
Using Thunes’ cross-border money transfer, Income is able to send money overseas at a much lower cost compared to traditional bank transfers. There is also greater transparency as Income will know when the beneficiary is expected to receive the payment.
“With the support of Thunes’ technology, Income will be able to pay anyone in Singapore and make transactions to overseas accounts efficiently. Thunes’ digital capabilities will provide the overseas payment infrastructure to help reduce our administrative processes while enabling new areas of growth for Income. Being customer-centric, we believe that speed and transparency are paramount to any digital transformation, whether it comes to purchasing a policy or making a claim,” commented Max Tiong, Head of Digital Transformation, Income.
Real-time transfers mean that beneficiaries of insurance claims residing overseas can receive payments from Income almost immediately and directly to their local bank account. This significantly reduces the wait time, compared to cheque or telegraphic transfers which may take days or weeks.
This initiative is the first of many innovative digital end-to-end services that will stem from this partnership. Future plans include enabling digital micro-insurance products to plug protection gaps and drive financial inclusion in the region.
“At Thunes, our advanced technological capabilities help businesses deliver enhanced digital solutions to end consumers. As such, we are thrilled to partner with Income to transform and streamline the process of insurance claims disbursement,” shared Peter De Caluwe, Thunes CEO. “This will help to further modernise the insurance claims process, ultimately enhancing the overall customer experience for policyholders.”
About NTUC Income
Income was established in 1970 to provide affordable insurance for workers in Singapore. Today, two million people in Singapore look to Income for trusted advice and solutions when making their most important financial decisions. Our wide network of advisers and partners provide life, health and general insurance products and services to serve the protection, savings and investment needs of customers across all segments of society.
As a social enterprise, Income was made different. Our social purpose of maximising value for our policyholders defines us as a social enterprise as we continue to make insurance accessible, affordable and sustainable for all.
In 2019, Income had close to $42 billion in assets under management. Our financial strength and diversified investment portfolio is reflected by our strong credit ratings which underpin the delivery of our commitment to customers.
Income’s corporate social responsibility initiative, OrangeAid, is committed to empower a better future for children and youth from disadvantaged backgrounds.
For more about Income, please visit www.income.com.sg.