Social Impact Report 2015 - NTUC Income

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Accident-scene Assistance for. Distressed Motorists. Motor Service Centre. One-stop Solution for Accident. Reporting &am
Social Impact Report 2015

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Always Delivering Value

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Consistently Going the Extra Mile

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Focusing on the Unserved AND Underserved

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Continuously Empowering children and youths in need

Made Different For You

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Always Delivering Value

Social Impact Report 2015

More than 40 years ago, Income was established to ensure that people in Singapore have access to basic and essential insurance. As such, we have embedded in our business and way of working to create positive social impact in Singapore. In this regard, Income seeks to deliver value to our customers across our key businesses – Life, Health and Motor insurance – and acts as a price moderator to influence competitors to moderate prices for the benefit of all consumers.

LIFE INSURANCE Ranked Among Top 3 in Value for Direct Purchase Insurance (DPI) Premiums Consumers can purchase DPI directly from life insurers.

Income’s premiums for DPI Term policies are extremely

The features of DPI are broadly standardised so that they are

competitive. Our premium rates for DPI Term policies, based

easier for consumers to understand and purchase without the

on non-smoking 30 and 40 year-old males, across a five-year

need for a financial adviser.

Term, 20-year Term and Term up to 64 years-old, are ranked among the top three in value.

Income’s industry ranking for DPI Term policies in 2015* Age 30

Age 40

Term 5 years

1ST

2ND

Term 20 years

2ND

2ND

Term up to 64 years old

3rd

2ND

* non-smoking males, sum assured of $400,000

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MOTOR INSURANCE Lowest Premiums for Singapore’s Top-selling Cars Income continues to be Singapore’s leading motor insurer, covering one out of four vehicles. Our premiums are the most competitive among Singapore’s top three selling vehicles – the Nissan Sylphy 1.6, Honda Civic 1.6 and Toyota Corolla 1.6. Collectively, these vehicles account for 50% of the car

Social Impact Report 2015

population here. We are also one of the few major insurers to consistently achieve positive underwriting results over the past few years so that we are able to offer our customers competitive premiums and value-added services.

HEALTH INSURANCE Best Value Among Shield Plan Providers As one of Singapore’s five providers of integrated shield plans, Income has led the industry in providing competitive premiums. The premiums of IncomeShield and Enhanced IncomeShield policies, combined with the Plus Rider, are the most competitive in most age bands. On average, IncomeShield Enhanced Preferred Plan, in combination with the Plus Rider, is about 8 to 16% lower in premiums than similar plans offered by other providers of integrated shield plans. The IncomeShield Enhanced Basic plan, in combination with the Plus Rider, which caters primarily to the lower income population in Singapore, is about 9 to 20% more competitive than similar offerings.

Nissan Sylphy 1.6

Honda Civic 1.6

Toyota Corolla 1.6

8-60% lower in premiums*

12-79% lower in premiums*

14-90% lower in premiums*

* Compared to similar plans offered for a one-year-old car by our closest competitors in motor insurance as of Nov 2015

Social Impact Report 2015

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Consistently Going the Extra Mile

At Income, people come first. As such, we go the extra mile to design schemes and initiatives, particularly our slew of Orange initiatives, which aim to add value to the people we serve and the communities we operate in.

ORANGE HEALTH Rewarding Healthy Living in Singapore In May 2015, Income launched Orange Health, which is a suite

As of 31 Dec 2015, more than 1,300 had signed up for the health

of initiatives to reward and encourage people in Singapore to

screenings. IncomeShield policyholders who passed the test

maintain a healthy lifestyle.

receive a $50 voucher each, while non-policyholders received a $50 discount on their first-year premiums if they were

Orange Health comprises health screening at a special rate and a mobile application to make it easier for users to keep track of their health status, medical appointments and insurance details. The app even allows users to keep track of the medical habits of their dependents.

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to sign up for Enhanced IncomeShield.

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– Ms Noor Sharmila, Income policyholder

Motor Service Centre One-stop Solution for Accident Reporting & Vehicle Repairs Officially opened in Feb 2015, our Motor Service Centre (MSC) is a one-stop depot set up to offer Income customers accident reporting and damage assessment services. The MSC is the first-of-its-kind in Singapore and it complements Orange Force to offer a seamless process to remove as much stress and anxiety as possible from motorists who have been involved in accidents.

2,185

Orange Force

vehicles served*

111

Accident-scene Assistance for Distressed Motorists

38,855

engagements*

1,375

compliments*

12.67 minutes

(average response time) * as of 31 Dec 2015

Orange Force is a uniformed team of specially-selected and expertly-trained riders who provide round-the-clock accident-scene assistance to Income motor insurance policyholders who have met with a road accident. The unique community service which helps remove stress and anxiety from motorists in distress was officially unveiled in Oct 2011.

compliments received*

7.3 days

(average turnaround time for vehicle repair) * as of 31 Dec 2015

Social Impact Report 2015

“I was involved in a 10-car collision at a major expressway in early Oct 2015. This was my first car accident and I was at a loss and didn’t know what to do. Fortunately, Orange Force rider, Steve Loo, arrived almost immediately at the scene. He gave me clear instructions on what I needed to do and stayed with me to render me assistance throughout the ordeal.”

OrangeSafe Free Defensive Riding Course

1,610

registrations since launch

1,274

policyholders who successfully completed OrangeSafe * as of 31 Dec 2015

In Jul 2014, Income announced our investment of $500,000 in OrangeSafe, a defensive riding course for all our motorcycle insurance policyholders. Upon completion of the half-day course, participants will enjoy a 10% discount on their annual premiums when they renew their policy with Income on top of any other applicable discounts. Through OrangeSafe, Income aims to encourage safe riding amongst

Social Impact Report 2015

motorcyclists and enhance road safety in Singapore.

“OrangeSafe will go a long way to help riders avoid accidents on the road.” – Mr David Chia, motorcyclist and OrangeSafe participant

Orange Eye Safeguards Welfare of Motor Policyholders Income launched Orange Eye, a mobile application in May 2014 to encourage the use of in-car cameras to combat motor insurance fraud and to safeguard the welfare of our policyholders. We offer motorists a $100 discount on their insurance premiums with Income when they submit useful video evidence that helps settle a claim.

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Adviser Connect Big Value Bag

In Apr 2015, Income unveiled Adviser Connect, the first-of-its-kind service offered

Playing a Part to Make Essential Products and Services More Affordable

by an insurer in Singapore to provide the

Income contributed $10 million to NTUC

Income is also offering $30 rebates,

public to choose their preferred financial

Enterprise’s $35 million Big Value Bag,

as part of the Big Value Bag, to existing

planner based on his or her profile and

a programme designed to make essential

motorcycle insurance customers when they

interests, and initiate a conversation online

products and services more affordable

renew their policy between 1 Sep 2015

while remaining anonymous. Once they feel

to Singaporeans.

and 31 Aug 2016. During the same period,

comfortable with a financial planner through

new motorcycle insurance customers also

their online chats, they can decide to take the

Under this initiative, Income gave $1,000

receive a $30 CapitaLand mall voucher.

conversation further or meet in person.

cash to those who graduated from local

This initiative is designed to reach out to

universities, polytechnics and the Institute

80,000 policyholders to help moderate their

As of 31 Dec 2015, Adviser Connect had

of Technical Education in the last three years

living expenses.

attracted more than 153,000 unique visitors

and had purchased a regular premium life

public with greater access to financial advice. Adviser Connect allows members of the

to the site, with almost 17,500 conversations.

policy from Income with a minimum annual premium of $2,000 between 20 Jul and 31 Dec 2015 to help recent graduates kick-start financial planning.

“Adviser Connect allows me to ‘try out’ my financial planner before I decide if I would like to have a more in-depth conversation with him or her.” – Mr Rajiv Juneja, user of Adviser Connect

Social Impact Report 2015

Creating Greater Access to Financial Advice

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Focusing on the Unserved and Underserved Income seeks to make a difference in the unserved and underserved segments in Singapore. By innovating in unchartered grounds and providing meaningful product offerings to these needy segments, we stay true to our social mission to make essential insurance accessible to as many people as possible in Singapore. Income became the first insurer in Singapore in 2013 to voluntarily offer insurance coverage for children and young people with autism, a segment of the community that was previously denied coverage.

Social Impact Report 2015

SpecialCare (Autism) provides coverage

4,877 insured

for medical expenses due to accidents and infectious diseases.

37 insured

(as of 31 Dec 2015)

(as of 31 Dec 2015)

PioneerCare & SilverCare

SpecialCare (Down Syndrome)

Specially designed for our nation’s pioneers, Income introduced a new personal accident insurance plan called PioneerCare in Oct 2014. Pioneers will be able to buy

383 insured (as of 31 Dec 2015)

In Dec 2014, SpecialCare (Down Syndrome) was unveiled as part of the SpecialCare series targeting the special needs community. It is modelled after SpecialCare (Autism) and

PioneerCare at 10% less than Income’s

aims to provide financial relief for families of

SilverCare insurance plan. SilverCare is

children and youths with Down syndrome in

available for seniors between 50 and 75 years old. As of 31 Dec 2015, 4,877 had been insured under SilverCare and PioneerCare.

SpecialCare (Autism)

the event of an accident or infectious disease.

“SpecialCare (Down Syndrome) is a long overdue product. The premium is affordable and it will definitely help to relieve some financial burden in the event of a medical crisis that requires hospitalisation or post-care.”

– Ms Margaret Goh Income policyholder whose son was diagnosed with Down syndrome as an infant

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Continuously Empowering Children and Youths in Need

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Formally launched in 2010, OrangeAid is Income’s community development and involvement arm. We work with community partners through social investment in programmes that contribute to securing the future of children and youths from disadvantaged circumstances. In so doing, we hope these children and youths gain the confidence, belief and skills to thrive and secure a better future for themselves and their families.

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1% of Income’s annual insurance operating profits

Outright donations from policyholders and the public

OrangeAid RoundUp, which allows policyholders to round up their premium to the nearest dollar and contribute the difference to OrangeAid, of which 100% goes to our beneficiaries.

FUTURE DEVELOPMENT PROGRAMME $2.5m to Award 1,000 Bursaries to Low-income Students OrangeAid Future Development Programme Low-income polytechnic students

Low-income ITE students

$3,000 annually

$1,800 annually

In Jul 2015, Income committed $2.5 million to help 1,000 students from low-income families studying at the Institute of Technical Education (ITE) and polytechnics. Besides monetary assistance, Income empowers students with financial literacy, as well as provides opportunities for their personal and career development.

“The Income OrangeAid bursary really helps my family financially and I can work harder at my studies. The money allows me to take fewer shifts at work, and also helps with the daily expenses at home, like groceries.” - Syaryan Ruziani Year 1 Nursing student at Ngee Ann Polytechnic

Social Impact Report 2015

3 Channels of Funds for OrangeAid

Providing every child with equal opportunities

“The payout from Income Family Micro-Insurance Scheme (IFMIS) helped us to cover our basic expenses when my husband was unable to work because of his condition. We have four young children and we are grateful to Income for proactively extending the help we need.”

Income Supports More Than 2,500 Children and Youths

- Mdm G Vasugi, whose husband suffered from a total and permanent disability and kidney failure

Income continues to positively impact the

Social Impact Report 2015

lives of more than 2,500 children and youths

INCOME FAMILY MICROINSURANCE SCHEME Protecting 38,000 Lives From Low-income Families The Income Family Micro-insurance Scheme (IFMIS) is a free insurance policy

As part of Income’s SG50 offerings, children

that pays out $5,000 in the event the main

aged 12 years and below were provided a

caregiver of low-income families with

full subsidy at all Healthway Group clinics

young children passes away or becomes

if they held the Community Health Assist

totally or permanently disabled. In 2014,

Scheme (CHAS) Blue Card. More than

Income collaborated with the Ministry of

100,000 children were eligible for this subsidy.

Education (MOE) to broaden the scheme’s

From May to Dec 2015, Income contributed

coverage to young children in Government

$190,000 to reduce the expenses for GP

or Government-aided Primary Schools.

medical treatment of children with the CHAS

IFMIS also protects low-income families with

Blue card from low-income families.

children enrolled in NTUC First Campus My First Skool pre-schools.

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Medical Subsidies for 100,000 Children from Low-income Families with CHAS Blue Card

through the 14 community partners we support. The activities and programmes we fund are aimed at building confidence, character and resilience of students in disadvantaged circumstances.

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You

As a social enterprise, we set out to make a difference. We innovate boldly in uncharted grounds. We disrupt norms and are game to surprise but take care to remain true to ourselves and what we stand for. We tap on endless possibilities and uncover brilliant insights that help power up our offerings – always with you in mind. Such is our way of thinking and doing business. We thank you for believing in us. Your support over the years has enabled us to not only thrive as a business but also create greater and more positive social impact in our community. We will continue to do so – for you and with you.

Social Impact Report 2015

Made Different With

NTUC INCOME insurance co-operative limited ADD 75 Bras Basah Road, NTUC Income Centre, Singapore 189557 PHONE 6788 1777 WEB income.com.sg /NTUCIncomeInsurance

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