Financial app Revolut has partnered with SNACK by Income, established in 1970 to provide affordable insurance for workers in Singapore.
The idea is to incorporate lifestyle-based insurance offerings on Revolut’s app to provide more flexibility and boost customer empowerment in money management.
SNACK told Next Money that its modular approach to insurance allows it to meaningfully customise and seamlessly integrate products and solutions into partners’ platforms.
Both platforms see customer empowerment and digitally enabled collaborations as key in supporting customer needs in today’s climate, where money is increasingly being managed in digital ecosystems.
The pair hope to embed SNACK into Revolut’s Spare Change Round Up feature from their Savings Vault which will give customers the option to purchase insurance coverage on SNACK.
Through bite-sized premiums of $0.30, $0.50 and $0.70 – linked to daily lifestyle activities such as dining, taking public transport, and spending using their Revolut Visa debit card as well as clocking steps on Fitbit – Revolut customers will have the full flexibility to purchase insurance products such as Term Life, Critical Illness and Personal Accident, from accumulated spare change in their Savings Vault on the Revolut app.
Revolut and SNACK Income’s collaboration is intended to provide users with more options and flexibility on what they can do with their money and digitally deliver the experience in low cost and seamless ways.
James Shanahan, CEO of Revolut Singapore said: “With the pandemic and economic downturn, people are more mindful of how they are spending their money. With Revolut, our customers enjoy excellent exchange rates, instant peer-to-peer transfers, rewards and cashback offers on e-commerce spend, real-time spend updates and smart analytics that provide useful predictions that help them manage their expenses.
“Our partnership with SNACK layers insurance protection over our existing money management features and allows our customers access to micro-insurance products that are underwritten by NTUC Income. With premiums from as low as $0.30, our customers can build up coverage by linking their daily activities to the purchase of Life, Personal Accident and Critical Illness insurance. In addition to this partnership, our customers can also look forward to further new products in the coming weeks and months.
Peter Tay, Chief Digital Officer of Income said: “SNACK’s unique proposition of integrating insurance seamlessly into a customer’s lifestyle almost invisibly, with bite sized premiums linked to daily lifestyle activities complements Revolut’s business model as a personal financial app. SNACK’s modular approach to bite-sized insurance reimagines how people obtain and consume insurance. This provides tremendous flexibility in tailoring solutions based on the needs of customers and integrating it with partners’ platforms to create a unique experience, just like how SNACK can be incorporated into Revolut’s Round Up feature, giving customers greater convenience and freedom in managing their financial needs at their fingertips.”