NTUC Income SIR 2019

Income was incepted in 1970 to provide much-needed insurance protection for workers at an affordable cost. The intent was to avoid families falling into financial hardship should the family’s breadwinner pass away or become unable to work. Then, we were there for the people by plugging a real social need. Today, we stay committed to make insurance accessible, affordable and sustainable even when we are serving the financial and protection needs of over two million people as one of Singapore’s leading composite insurers. Leveraging our strength as a thriving digital and multi-channel insurer, we adapted to customers’ increasingly digital-first lifestyles so that we remain relevant to their changing needs. Last year, we widened customers’ access to life insurance with the launch of Online Life and askSage , the life insurance portal and digital adviser for life insurance respectively. The first of its kind in Singapore, the integrated proposition offers not only the most comprehensive suite of digital life insurance products by an insurer to date, it also helps customers make informed decision and empower self-serve of financial planning at their convenience. For digital natives especially, Online Life and askSage make life insurance more relatable and accessible as they can now assess needs and better understand product options at their own time and pace. To cater to the gig economy in Singapore, we launched a flexible pay-per-trip micro- insurance, partnering GrabInsure, to offer Grab driver-partners critical illness insurance. The offering allows them to accumulate protection up to a sum assured of $200,000 as they pay micro-premiums that are as low as 10 cents when they complete each trip. The bespoke plan, Critical Illness : Pay Per Trip , resonates particularly with those who prefer to have flexible cash flows to see to other financial commitments, while at the same time want to benefit from insurance protection. We also entered into a joint-venture with DaVita and NTUC Health to operate kidney dialysis centres in Singapore, which serve as Income’s preferred healthcare facilities, akin to our panel of private specialists. The intent is to extend our role as payer to enabler in the healthcare ecosystem in influencing healthcare consumption towards being value-based and outcome-driven. This ensures that healthcare and health insurance remain accessible and sustainable in Singapore. Income’s community development arm, OrangeAid, continues to champion education for youth-in-need through our flagship initiative, the Income OrangeAid Future Development Programme, which provides our beneficiaries bursary awards, as well as, character development and financial literacy training. As a company, we also give back to the community by volunteering in diverse community programmes via the annual staff- volunteering initiative, ‘Income Gives Back’. Last year, we again enjoyed the strongest association to a socially-responsible company amongst insurers in Singapore. We also ranked top for catering to the low-income and the elderly segments in Singapore according to our annual research by Nielsen. Annually, we score our corporate performance on social impact achievements in addition to our business results. This ensures that we keep grounded on being here for the people whom we serve. For more information about how we deliver positive social impact by way of our insurance products, services and people, please refer to more information in this report. HERE FOR YOU

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