Context
Established in 1970 to make essential insurance accessible to all Singaporeans, NTUC Income (commonly known as Income) is the only insurance cooperative in Singapore. Serving over two million customers in Singapore, Income is a leading composite insurer offering life, health and general insurance, and has also gained recognition for its digital and multi-channel propositions.
For 50 years, Income has been passionate about plugging the protection gaps of people from all walks of life, including the underserved and unserved communities in Singapore and it enjoys the strongest association to a socially-responsible company, amongst industry peers. Despite growing competition and an increasingly challenging business environment, Income remains committed to keeping insurance accessible, affordable and sustainable for customers at different life stages and across all segments of society.
Mission
We make a difference with insurance by providing insurance products and financial planning services to serve the protection, savings and investment needs of customers across all segments of society in Singapore and beyond.
Vision
We believe in striving for commercial leadership to better fulfil our social purpose. We strive to be a thriving social enterprise that offers financial security to the people in Singapore and beyond via our insurance and financial planning offerings while, at the same time, create and deliver long-term positive social impact in the community that we serve.
Value proposition
We make insurance simple for all by ensuring our policies are simple to read and easy to understand using plain English, and have products and services that cater to all segments of society. We believe in teaching people how to invest for the future, and we constantly innovate to launch products and initiatives that meet Singaporeans’ future needs. We embed fair dealing in our way of working and we believe in being honest and transparent with our customers, recommending solutions tailored to each customer’s financial needs and goals. We aim to serve our customers with professionalism and integrity.
Slogans and taglines:
Made Different
In 2007, NTUC Income embarked on an internal transformation programme known which saw a rebrand from NTUC Income to Income. This strategic overhaul identified the fact that the claims process was difficult at the time, and products were basic and limited. In 2011, Income launched the Orange Force, a 24/7 accident response team to assist motor policyholders who are often in a state of stress and anxiety at the scene of a motor accident. Today, Income remains the only insurer in Singapore to provide such a value-added service for its motor insurance policyholders.
By 2012, Income also completed an overhaul of its contracts to use only plain English to help customers understand their insurance policies easily so that they can make better-informed decisions. In 2015, Income underwent a brand refresh, centred on the tagline, “Made Different”, to strengthen Income’s commitment to make insurance different by providing an experience that sets them apart from other insurance companies and to deliver on their promise to customers.
These initiatives underscore Income’s pledge to make insurance simple, honest and different and to put customers first.
Income is committed to its social mission to provide essential insurance that is accessible and affordable.
Complementing this social mission is OrangeAid, Income’s flagship Corporate Social Responsibility (CSR) initiative. It was established in October 2010 to help youths and children in disadvantaged circumstances.
In 2017, Income set up the Digital Transformation Office (DTO) to propel its digitalisation transformation journey, and to sharpen its offerings as an innovative digital insurer of tomorrow. Income has since brought to market a large number of unique and innovative propositions that speak to the needs of today’s consumers who increasingly demand flexibility, control and convenience as they make decisions to purchase insurance. In this regard, Income has reimagined the way people engage with, purchase and claim insurance with ground-breaking innovations such as Droplet (protection against surge pricing on ride-hailing platform when it rains), Milesurance (pay-as-you-use car insurance) and SNACK, the first stackable micro-policy insurance model that is linked to lifestyle activities. Income also offers the largest range of life insurance products online alongside its life insurance digital adviser, AskSage.
In connecting with customers, Income’s advertising is bold and thought–provoking. It often leverages current social issues affecting Singaporeans such as the protection gap in Singapore and dilemmas faced by the ‘Sandwich Generation’ to drive conversations and shed light on the importance of financial planning and insurance protection in Singapore, leveraging particularly social media. Examples of its recent awareness and public education campaigns include the “True Care” and “Best Gift for Your Child” campaigns.
