ZhongAn Tech Global Limited (Scale Innovation in Digital Insurance (“ZA Tech”) is the business entity for overseas technological exports formed by China’s first internet-based insurer, ZhongAn Online P&C Insurance Co.

Singapore-based NTUC Income (“Income”) has announced the partnership it forges with China’s ZA Tech Global Limited to speed up digital innovation and product launches in Singapore.

As part of the collaboration, Income will utilise ZhongAn’s deep technological know-how, experience, and knowledge to deliver a pipeline of digital insurance products tailored for modern lifestyle needs with its ecosystem partners. ZhongAn’s key technology asset “Digital Insurance Core System” will be the main tool to support Income in improving agility and cost-efficiency to introduce more personalised products to customers.

In return, Income’s position in Singapore will give ZhongAn an edge to do a test and eventually scale digitally to expedite the digitalisation of insurance industry both in the country and regionally.

The collaboration with ZATech is part of Income’s digital transformation strategy to drive greater innovation and speed to market. The DTO was set up in 2016 to hot-house digitalisation and innovation at Income.

“ZhongAn’s tech capability enhances Income’s agility when developing insurance offerings to meet customers’ changing needs. We can now test-bed digital innovation via ZhongAn’s technology platform without causing potential operational burden to the business and this allows us to pivot away from products that get less traction with customers and scale those that resonate better with speed,” said Peter Tay, Income’s Chief Operating Officer.

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Tay added that the partnership is expected to enable Income reaching a segment of customers, who are typically less receptive to traditional insurance offerings and distribution channels.

The strategic partnership itself will start off by introducing a lifestyle insurance product tailored to the tourism sector in Singapore by the second quarter of 2019. The product aims to protect both residents and tourists in Singapore against contingent events when they visit specific tourist attractions.

The new product will leverage ZhongAn’s cloud-based insurtech solution, which will enable Income to process millions of insurance policies every day and create new, efficient, and cost-saving offerings.
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