NTUC Income is an organisation that was made different right from the start with an initial capital of $1.2 million in 1970, in response to a growing need for affordable insurance.
Today, we have matured into a leading insurer and progressive organisation with close to 2 million policyholders placing their trust in us and assets at $19.9 billion. Our insurance plans benefit large numbers of Singaporeans from all strata of society, and the company supports the community through financial contributions to the labour movement,charities and other worthy causes.
'AA-' Financial Strength
We have been rated “AA-” by independent credit ratings agency, Standard & Poor's, making us one of the strongest financial institutions in Singapore and the region.
Our total premium income for 2008 amounted to $2.7 billion.
Leading Composite Insurer
We are Singapore's only insurance co-operative and a leading life, general and health insurer.
We are ranked among the top 3* insurers in the life insurance industry. As a homegrown insurers attuned to the needs of Singaporeans, our life insurance products are designed to provide flexibility. Our sound reputation as a safe and stable insurer gives customers the confidence to trust us with providing their life insurance needs.
We are also one of the largest general insurer with a dominant share of the motor insurance market, insuring about 29 per cent of all vehicles.
With our popular medical plan, Incomeshield, which provides unlimited lifetime coverage, we are also a leading provider of health insurance.
For the year 2008, our life insurance premium income amounted to $2.5 billion. We have about 1,600 insurance advisers, 1,500 office staff, and a network of 8 branches located island-wide.
Our belief is to strive for commercial leadership in our business to serve our social purpose. This means that while we ensure affordability and accessibility of all essential insurance products, support and advocate "national causes" in areas that are consistent with our goals as an insurance provider, we will manage our business professionally and commercially with respect to pricing, underwriting, claim settlement, complaints handling and dealing with suppliers.
* Based on MAS Annual Statistics, 2008
Product Innovation to Meet Customers' Needs
Our strong growth is largely due to our innovative insurance products, which we make easily available through our sales force, our conveniently located branches and through the use of new technology.
Cutting Edge IT Development
We were the first insurer in Singapore to install a mainframe computer system in 1980 and the first to launch an internet website in 1995.
In 2002, we partnered the Infocomm Development Authority and Microsoft to launch the community web portal, BigTrumpet. Today, our two websites enjoy a combined usage of 35 million hits a month.
In 2005, we launched the Digital Warehouse, a project that saw 40 million paper documents converted into electronic images in accordance with the Evidence Act (Cap 97). Other enhancements such as the Evidence-Act Counters (EA Counters) and the Straight-Through Electronic Processing (STEP) system were also introduced.
At our EA Counters, paper documents are scanned in full compliance with the Evidence Act. Images from the scanned documents can be used in court.
STEP technology eliminates the use of paper. Our insurance advisers file proposal forms electronically, which are then transmitted and processed electronically by underwriters with minimum time lapse.
We continue to constantly develop our IT capability with the aim of improving our efficiency and consequently, raising the level of service to our policyholders.
Co-operative With A Heart
NTUC Income contributes about $2 million annually towards chairty and community projects. In addition, in the midst of the financial crisis, we also committed $1 million to help families of retrenched and low income workers under the NTUC's Labour Movement U Care Fund in 2009.
The staff and sales force of NTUC Income also came together in December in 2008 for Project Love to raise $375,000 for various charities.