Revolut Singapore partners SNACK by Income to drive more customer empowerment with enhanced lifestyle-based insurance offerings
- Revolut demonstrates its strategic agility with its latest partnership that allows its customers to access partner services through its app; through its collaboration with SNACK by Income, Revolut customers in Singapore can benefit from flexible insurance coverage
- SNACK's modular approach to insurance allows it to meaningfully customise and seamlessly integrate products and solutions into partners' platforms
- Both platforms see customer empowerment and digitally enabled collaborations as key in supporting customer needs in today's climate, where money is increasingly being managed in digital ecosystems
SINGAPORE, Oct. 7, 2020 /PRNewswire/ -- Revolut, the global financial super app that manages all things money, and SNACK by Income, today announced their partnership to incorporate lifestyle-based insurance offerings on Revolut's app to provide more flexibility and boost customer empowerment in money management.
A key aspect of the collaboration will be to explore embedding SNACK into Revolut's Spare Change Round Up feature from their Savings Vault which will give customers the option to purchase insurance coverage on SNACK. Through bite-sized premiums of $0.30, $0.50 and $0.70, linked to daily lifestyle activities such as dining, taking public transport, spending using their Revolut Visa debit card as well as clocking steps on Fitbit, Revolut customers will have the full flexibility to purchase insurance products such as Term Life, Critical Illness and Personal Accident, from accumulated spare change in their Savings Vault on the Revolut app.
Revolut and Income's collaboration is intended to provide users with more options and flexibility on what they can do with their money and digitally deliver the experience in low cost and seamless ways. SNACK's versatile and modular approach to insurance complements Revolut's model as an all-in-one personal financial superapp, augmenting the customer experience to drive greater customer empowerment and autonomy, which aligns with today's digital-first lifestyle, where convenience, customization and flexibility are key.
In addition, as part of the collaboration, starting 7th October, Revolut customers will receive a $500 one-time complimentary insurance coverage when they sign up for an account on the SNACK app. This is part of a wider line-up of other initiatives that will be rolled out later this year in collaboration with SNACK.
James Shanahan, CEO of Revolut Singapore said:
With the pandemic and economic downturn, people are more mindful of how they are spending their money. With Revolut, our customers enjoy excellent exchange rates, instant peer-to-peer transfers, rewards and cashback offers on e-commerce spend, real-time spend updates and smart analytics that provide useful predictions that help them manage their expenses. Our partnership with SNACK layers insurance protection over our existing money management features and allows our customers access to micro-insurance products that are underwritten by NTUC Income. With premiums from as low as $0.30, our customers can build up coverage by linking their daily activities to the purchase of Life, Personal Accident and Critical Illness insurance. In addition to this partnership, our customers can also look forward to further new products in the coming weeks and months.
Peter Tay, Chief Digital Officer of Income said:
SNACK's unique proposition of integrating insurance seamlessly into a customer's lifestyle almost invisibly, with bite sized premiums linked to daily lifestyle activities complements Revolut's business model as a personal financial app. SNACK's modular approach to bite-sized insurance reimagines how people obtain and consume insurance. This provides tremendous flexibility in tailoring solutions based on the needs of customers and integrating it with partners' platforms to create a unique experience, just like how SNACK can be incorporated into Revolut's Round Up feature, giving customers greater convenience and freedom in managing their financial needs at their fingertips.
Revolut Singapore - Recent highlights
Launched just under 1 year ago in Singapore, Revolut has reached over 70,000 signups in Singapore. Revolut has been expanding its footprint this year with launches in the US, Australia and Japan. This is an exciting period for Revolut customers in Singapore. In August, Revolut launched Rewards - its own cashback and discounts for top e-commerce brands in-app and Donations for safer giving at no cost. In the coming weeks, we will be introducing fast and free top-ups using bank accounts and Revolut Junior - the first ever prepaid debit card for children aged 7-17 to teach children to better manage money digitally.
Since launching in 2015, Revolut has expanded far beyond its origins as an FX product, constantly adding new features, including Rewards, Donations, Junior, Vaults, and budgeting control features. Headquartered in London, with 2,000 people in over 30 markets, Revolut is now one of the biggest FinTech communities in the world, with over 13 million customers. Since launch, Revolut has processed more than 1 billion transactions worth over $100 billion. Revolut has raised a total of US$580 million from some of the most notable investors globally including Index Ventures, Ribbit Capital and DST Global. Revolut is valued at US$5.5 billion.
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.