02 November 2022
Income signed a MOU with ReMark at Singpore Fintech Festival today to bring micro-insurance proposition, SNACK to Japan, it's fifth overseas market in a year

SINGAPORE, 2 November 2022 – Income Insurance Ltd (Income) announced today the launch of its micro-insurance franchise model on the company’s Insurance-as-a-Service (IaaS) platform, HIVE by Income, as it expands its footprint beyond Southeast Asia to Japan.
ReMark, the digital solutions provider of global reinsurer, SCOR, is the first international partner to adopt Income’s micro-insurance franchise model. Through the partnership, ReMark is targeting to offer lifestyle-based micro-insurance, SNACK, to Japanese consumers in 2023.

SNACK, first launched in Singapore, is a digital insurance innovation that is designed to lower the barriers to entry to insurance and investment solutions. It allows users to stack or accumulate micro-insurance in life, critical illness and accident policies, as well as micro-investments in a micro investment-linked plan by paying micro-premiums from as low as S$0.30 as they go about their daily lifestyle activities such as when they dine out, commute via public transport or clock 5,000 steps. 

To date, SNACK is enjoying good success with more than 90,000 users in Singapore and is underwriting over S$385 million in sum assured across its insurance and investment offerings.
The partnership with ReMark to launch SNACK in Japan is, thus, a strategic move that promises vast market potential given the similarities in insurance landscape and consumer behaviours in both Singapore and Japan as developed markets with high mobile penetration rates.
With SNACK, the first-of-its-kind in Japan, ReMark will be able to extend access to insurance to digitally-savvy Japanese consumers who are looking for more flexible ways to engage with insurance that is integrated into their lifestyle.
When ReMark launches SNACK in Japan, it will enjoy speed to market as it will benefit from seamless technology integration to its core system via Income’s IaaS platform, HIVE. This will include the development of the SNACK app in Japan, an adapted suite of features, and SNACK branding rights in the country.
Income, on the other hand, will be able to tap ReMark’s experience and knowledge of the Japanese market to continue scaling HIVE by Income to inspire new product innovations and better adapt to the needs of the various markets in the region.
Andrew Yeo, CEO, Income said, “We partnered ReMark last year to launch SNACKFIT, a first-of-its-kind fitness and lifestyle proposition that offers users in Singapore bonus insurance coverage based on biological age and we are heartened to grow this partnership now to Japan. We are glad to have found in ReMark, a like-minded partner, that appreciates the competitive edge that SNACK, through our IaaS platform, HIVE, brings to Japan. More significantly, by extending HIVE’s insurance capabilities to Japan, our companies are aligning our shared mission of providing customer-centric solutions to empower better financial well-being to more people.”
“Singapore continues to be our innovation hub. With rich insights and learnings that we continue to gather from around the region, we are evolving HIVE by Income to become a one-stop IaaS platform that offers a range of versatile digital-first insurance business models and pre-built insurtech capabilities that will bring speed-to-market to our partners as they build insurance capabilities to capture new customer segments and revenue streams. Our new micro-insurance business model will allow Income to offer more options to better support and adapt to existing or new partners’ needs as we scale Income’s footprint overseas. The diversity of our partners in the region, thus far, is a testament to the value and competitive edge of our IaaS model and more significantly, signals that Income is well placed to work with any partner in Asia Pacific.”
Na Jia, CEO, ReMark said, “Income and ReMark share the same goal: creating the best insurance experience for consumers. I am thus very excited to partner with Income – a strong insurance player committed to innovation for impact. I look forward to seeing new synergies in action between our teams and focus on bringing protection to younger consumers who live, work, and plan their finances differently. I am confident that our people-centric products, great insurance expertise and common vision will make a difference not only in Japan but also worldwide.”
“ReMark has been known for providing marketing solutions in Japan for the last 20 years. Providing the best customer experience is always core to our mission when designing solutions and marketing programmes. Although Japan has high insurance penetration, our recent Global Consumer Study* (GCS) highlighted that the current offering and distribution channels are not fit for younger generations (especially Gen Z and Millennials). Partnering with Income will enable us to provide lifestyle-based insurance suited to gig economy workers and younger generations who demand more affordable and flexible insurance products. Our new digital micro-insurance products will help people be more financially independent and create more resilient societies,” said Gang Pei, Head of North Asia, ReMark.
HIVE By Income welcome business collaborations via two business models. The first is through ecosystem partnerships that enable like-minded partners to embed Income’s lifestyle-based insurance propositions within their digital ecosystems and secondly, via franchise offerings to extend Income’s insurance innovations, insurtech capabilities, and go-to-market expertise overseas with speed and agility.
Since its first foray overseas in October 2021, HIVE by Income has since worked with partners in Vietnam, Malaysia, Indonesia and most recently Thailand.  HIVE by Income launched a pay-per-job micro-insurance for domestic helpers in Vietnam, while consumers gain insurance protection as they purchase of a cup of coffee in Thailand. Japan marks the fifth market Income is expanding into and its first in Asia Pacific
Income and ReMark officially marked the new partnership in a signing ceremony at the Singapore Fintech Festival today.

For more information on HIVE by Income’s offerings, please visit https://www.hive.income.com.sg