HSBC Singapore launches fast online-only life insurance platform
HSBC Insurance (Singapore) has announced the launch of HSBC Insurance Online – offering one of the fastest online insurance application processes in Singapore.
HSBC Insurance Online is a digital platform that offers simple and value for money term-based life insurance products online. Customers can complete the process within minutes by answering three simplified underwriting questions and an additional question if critical illness coverage is desired. Furthermore, to reward customers who lead a healthy and balanced lifestyle, HSBC Insurance Online offers certain premium discounts if they answer four additional lifestyle questions.
Carlos Vazquez, CEO of HSBC Insurance (Singapore), said: “HSBC Insurance Online will appeal to time-sensitive, digital-savvy customers who are receptive to investing or buying insurance products online.
Bridging the gap
HSBC Insurance Online will complement our existing distribution arrangements with HSBC Bank and other bancassurance partners. If customers have more complex needs, they may benefit from having a face-to-face conversation with a relationship manager or an advisor.”
The Life Insurance Association of Singapore (LIA) recently reported a S$893bn coverage gap in Singapore, based on their 2017 Protection Gap Study. The study also highlights that only 20% of Singaporeans have adequate critical illness protection coverage.
HSBC says its Insurance Online is designed to help Singaporeans bridge this gap by helping customers identify the shortfall in their protection needs and the corresponding solutions available to them.