NTUC Income forays into 3 new Southeast Asia markets

NTUC Income has made its first overseas foray into three Southeast Asian markets through strategic partnerships with VSure Tech in Malaysia, Central Asia in Indonesia and Joint Stock Insurance in Vietnam. These strategic alliances are built on Income's Insurance-as-a-Service (IaaS) model that enables the company to bring digital-first insurance business models to partners overseas, enhance their speed-to-market, and equip them with the right capabilities and tools to capture new customer segments and revenue streams.

"As a born and bred insurer in Singapore, we understand that homegrown businesses know their local consumers best, hence the partnerships are a win-win for us," said Income's CEO Andrew Yeo. By forming strategic alliances with like-minded locals, it allows the company to understand the demands of Asia's digital-first population first-hand. In fact, with this partnership, Income is able to scale its offerings quicker through partner ecosystems and better relate insurance to its customers. 

According to Income, partners are given the opportunity to leverage its brand reputation and track record in digital product innovation to support market roll-out. Partners are also able to utilise Income's technology know-how and connectivity with digital ecosystems for greater agility to innovate at scale to meet the changing needs of the consumers. MARKETING-INTERACTIVE has reached out to Income for information regarding the partnerships. 

"Our foray overseas opens a new chapter of growth for Income and is a natural next step in our strategic growth plan," said Yeo. According to Yeo, the market potential of countries such as Malaysia, Indonesia and Vietnam is huge, given their relatively young populations and high mobile penetration rates. Considering its large geographical distribution areas, Yeo said that these markets are especially primed for new digital insurance propositions that are enabled by technology.

"The diversity of our regional partners is a testament to the value of our Income's IaaS model and more significantly, signals that Income is well placed to work with any partner in Asia," added Yeo. 

Meanwhile, on the leadership front, Income saw the recent departure of its CMO, Marcus Chew. He held the role for over six years, during which he supported the growth of all business lines through data integration, manage and maximised the effectiveness of marketing investments, and developed cut-through communications in line with business direction, according to his LinkedIn. Chew is currently Lazada's group CMO. 

Separately, Income tweaked its logo early this year, as part of its rebranding efforts. Paying homage to its original logo, Income said it has injected a "modern twist" in the selection of the pantone and typography of its logo. The new logo now features the new tagline "Made Yours" in blue. The font used for the tagline is "Ubuntu", which gives the logo a more contemporary look. The word "Ubuntu" means "I am, because you are" in Zulu, which is said to reflect Income's new brand promise, where Income seeks to understand its consumers and act in their best interest.

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Photo Courtesy: 123RF

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