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Online insurer NTUC Income has launched Singapore’s first hourly travel insurance, enabling consumers to purchase travel protection by the hour. The new product, called FlexiTravel Hourly Insurance, was conceived as a flexible and affordable option for short or impromptu trips to nearby Bintan, Batam and Malaysia, which are common weekend destinations in the area.
“Conventional travel insurance typically involves paying for full-day coverage that includes air travel, which is not required by travellers going on short trips by sea or land. Hence, with insurance benefits tailored to the needs of such travellers, they can optimise their coverage and cost savings,” said Annie Chua, vice president and head of personal lines at NTUC Income.
Aside from providing COVID-19 benefits and coverage for personal accident and medical expenses, NTUC Income’s new product includes unique benefits that cater to common activities in Bintan, Batam and Malaysia. These include reimbursement for unused entertainment tickets that were purchased for the trip and golfer’s cover, including golf equipment stolen from a locked car and the subsequent rental of new equipment.
FlexiTravel Hourly Insurance is accessible through the My Income app and costs a minimum of SG$1.80 for six hours of protection. Customers have the option to add on coverage for SG$0.30 per additional hour, capping at a maximum charge of SG$3 per day.
“Travelling always involves a certain level of risk, be it short or long trips, as unforeseen circumstances can occur any time,” Chua said. “Based on a recent survey we conducted, we found travellers to be most concerned about seeking assistance when mishaps occur such as catching COVID or getting injured while overseas and needing medical treatment, as well as losing their personal belongings. However, despite these concerns, majority of the respondents still find purchasing travel insurance for such short trips expensive or cumbersome. With this in mind, we designed FlexiTravel Hourly Insurance to offer a pay-by-the-hour proposition to solve travellers’ pain point so they can continue enjoying their short trips while staying protected.”
“Conventional travel insurance typically involves paying for full-day coverage that includes air travel, which is not required by travellers going on short trips by sea or land. Hence, with insurance benefits tailored to the needs of such travellers, they can optimise their coverage and cost savings,” said Annie Chua, vice president and head of personal lines at NTUC Income.
Aside from providing COVID-19 benefits and coverage for personal accident and medical expenses, NTUC Income’s new product includes unique benefits that cater to common activities in Bintan, Batam and Malaysia. These include reimbursement for unused entertainment tickets that were purchased for the trip and golfer’s cover, including golf equipment stolen from a locked car and the subsequent rental of new equipment.
FlexiTravel Hourly Insurance is accessible through the My Income app and costs a minimum of SG$1.80 for six hours of protection. Customers have the option to add on coverage for SG$0.30 per additional hour, capping at a maximum charge of SG$3 per day.
“Travelling always involves a certain level of risk, be it short or long trips, as unforeseen circumstances can occur any time,” Chua said. “Based on a recent survey we conducted, we found travellers to be most concerned about seeking assistance when mishaps occur such as catching COVID or getting injured while overseas and needing medical treatment, as well as losing their personal belongings. However, despite these concerns, majority of the respondents still find purchasing travel insurance for such short trips expensive or cumbersome. With this in mind, we designed FlexiTravel Hourly Insurance to offer a pay-by-the-hour proposition to solve travellers’ pain point so they can continue enjoying their short trips while staying protected.”
