YouGov: Here are the top insurance and payment providers in Singapore

Income Insurance (previously known as NTUC Income) and DBS PayLah! have the strongest brand equity among consumers in Singapore across 2023. Among major insurance companies in Singapore, Income Insurance achieved the highest index score (26.5) for its impression, quality, value, corporate reputation, customer satisfaction and recommendation scores. 

Coming in second is Great Eastern with an index score of 23.6, followed by AIA (16.9), Prudential (16.2), Singlife (9.8) and Manulife (8). These are the results of brand tracker YouGov BrandIndex's brand equity rankings.

Don't miss: DBS, Marina Bay Sands and UOB top as SG's strongest brands in 2024

Income Insurance also enjoyed the highest advertising awareness and purchase consideration across major insurance brands in 2023, where one in four (27.5%) consumers recalled seeing ads of Income Insurance over the past year, said the report. 

In comparison, around a fifth were aware of Great Eastern ads (19.3%) and a sixth for AIA (16.2%). 

Similarly, more than one in four consumers (26.5%) were considering their insurance purchase with Income Insurance, followed by Great Eastern (22.2%), AIA (18.2%), Prudential (16.9%), Singlife (9.6%) and Manulife (8.3%). 

However, Singlife saw the largest year-on-year improvement in consideration scores (+3.6%). 

On the payment front, Singaporeans viewed DBS Paylah! most positively and achieved the highest index score (27.5).  Visa is the next most favourably viewed brand (25.3), followed by Mastercard (23.6), American Express (9.9) and UnionPay (1.3). 

DBS Paylah! also enjoyed the highest advertising awareness and purchase consideration with 24.2% of consumers recalling seeing its ads and 41.4% considered DBS Paylah! for their next purchase. 

Visa (12.3%) and Mastercard (10.1%), and had the next highest ad awareness, while less than a tenth of consumers recalled seeing advertisements from American Express (6.3%) and UnionPay (1.4%).

Similarly, 26% considered Visa, 24.5% for Mastercard, while 8.9% said American Express and 1.8% said UnionPay for their next purchases. 

DBS PayLah! also saw the largest year-on-year improvement in 2023. 

Last week, Brand Finance released a similar report naming the strongest brands in its Global 500 2024 report. The report ranks the top 500 valuable and strongest brands in the world, of which DBS, Marina Bay Sands and UOB have come out as Singapore's strongest brands. Singapore dominated the list of ASEAN entrants with four brands out of eight in total. The brands are DBS, Marina Bay Sands, UOB and OCBC Bank. The remaining four brands hail from Malaysia, Vietnam, Thailand and Indonesia.

Related articles:
H&M and DBS join hands to promote fashion supply chain decarbonisation 
NTUC Income and Fiona Xie bring new meaning to 'happy hour'
SG sees surprise jump in rankings in comms pillar since 2020, finds Brand Finance study