HIVE By Income Makes a Difference Among the Underserved Communities Through Inclusive Digital Insurance Innovation
Launched an insurance product to bridge protection gaps of variable income workers.
Insurance plays an important role in providing financial protection and bridging protection gaps. Often, it can make a big difference between having no protection at all to having some form of basic protection to provide a minimal safety net in times of unforeseen circumstances, especially for the more vulnerable segments of society.
HIVE by Income, the Insurance-as-a-Service platform of Income Insurance, one of the leading composite insurers in Singapore aims to break down the complexities obstructing digital literacy, affordability, accessibility, and usability – a goal realised through its innovative insurance product, JupViec Care.
JupViec Care is a pay-as-you-earn micro-insurance product that allows domestic helpers of JupViec, a Vietnam-based helper agency to gain insurance protection which would otherwise be challenging for gig workers with low variable income. These domestic helpers are often sole breadwinners aged between 28 to 52 years old and seek housekeeping job opportunities with customers across different cities in Vietnam via the app. With every housekeeping job completed, they can seamlessly embed different micro-premiums of up to S$0.28 per job for personal accident coverage, stacking and accumulating up to S$6,000 in personal accident coverage over time.
Beyond the innovative product design, the platform has simplified the registration process. Enrolment takes three simple steps: insurance premium selection, an auto-fill information page, and a submission button. Premiums are auto deducted post job completion, with a live dashboard available so domestic helpers have the flexibility and control to view and manage their accumulated coverage over time.
Unlike traditional insurance products where a user searches through in-app banners via the app’s homepage, JupViec Care's smart tech integration also saves time and boosts engagement. It minimises search time and enables effortless protection for less tech-savvy users.
“HIVE's commitment to drive financial inclusion and greater accessibility to protection through innovation aims to shatter more barriers, and financially empower the underserved in the community. Amidst Vietnam's digital transformation, HIVE remains laser-focused on supporting the insurance industry by creating simplified, impactful digital experiences for users and businesses alike by way of technological capabilities and proven customer-centric solutions that are data-driven,” Edlyn Khoo, VP and Head of Regional Business, Income Insurance.
In three months after the launch of the product, JupViec Care achieved an impressive 40% conversion rate in the initial target segment of domestic helpers, translating to more than 25,000 policies and over VND20b in total coverage. More importantly, the product is able to meet the needs of these variable income workers to close protection and build more inclusive communities.
To drive awareness and adoption amongst domestic helpers, HIVE offers a variety of workshops, brand ambassador programmes, and bite-sized educational content which are specially curated to provide accessible educational resources to domestic helpers to better navigate and grow in their insurance journey.
From its inception, JupViec Care has held a unique vision: to extend insurance coverage to underserved segments that are often not prioritised by traditional competitors. This alignment showcases how our innovation serves as a catalyst for meaningful change.
HIVE’s success in the development of JupViec Care has proved to be fruitful as it bags the Inclusion and Diversity Award - Vietnam and the Digital Inclusion Award - Vietnam at the ESGBusiness Awards. The prestigious awards programme honours businesses that demonstrate outstanding commitment and achievement in environmental, social, and governance (ESG) practices, as well as those leading the way in building a sustainable future.
The ESGBusiness Awards is presented by ESGBusiness. To view the full list of winners, click here. If you want to join the 2024 awards programme and be acclaimed for your company's outstanding commitment and achievement in environmental, social, and governance (ESG) practices, please contact Julie Anne Nuñez at [email protected].
