London based fintech Revolut partnered with cooperative SNACK, offering lifestyle-based insurance products in Singapore. SNACK which is owned by NTUC income which offers its customers stackable micro insurance based on their lifestyle. On signing up on the SNACK app the Revolut customers receive $500 insurance coverage as complimentary.
The partnership allows Revolut’s customers based in Singapore to purchase insurance products accumulated in their savings vault on its app. Customers can enjoy excellent exchange rates, rewards and cash-backs and many other facilities with real-time updates and smart analytics. It also layers insurance protection over existing money management features and allows to access micro insurance underwritten by NTUC.
Singapore’s Govt. is willing to spend $1.6 billion in the next three years to improve medical insurance to its citizens and its residents amidst the coronavirus impact on economy. The funds will be used for premium subsidies for Medisheild life, a basic health insurance plan launched in 2015 to protect the citizens against large medical bills. Singlife announced that it will acquire 75% stake in Aviva Singapore, it could be the largest insurance deal ever made in Singapore and it’s expected to be completed by January 2021.