Insurance plans are traditionally bought online or via the assistance of a financial consultant. However, digibanks are making it easier than ever to get yourself insured.
Insurance products on our digibank apps are hard to miss. Oftentimes, they command our attention due to its prime spot — right beneath our account balance.
Now you may be wondering, “Why is insurance popping up everywhere lately?” Even your favourite ride-hailing app is not spared from this. Well, it could all chalk up to the fact that your banking details are all locked and loaded in the app, which shortens the steps to sign up for an insurance plan. If you’re a stickler for convenience, this might be the short-cut you’re looking for.
But all this talk about easily-accessible insurance plans then brings us to ask: Could I count on it to protect me as well as a traditional insurance plan?
To find out if they stack up against their more traditional counterparts, we’ll take a deeper look at the in-app insurance offerings from the following banks:
#1 UOB Mighty app
Type of insurance available: Cancer insurance
|Allows you to buy directly, wihout assistance of a financial planner||Lack of options as there’s only one insurance product available|
Log into the UOB Mighty app and you’ll spot the unmistakable blue umbrella. Under the name SimpleInsure, UOB’s in-app insurance offering gives users an opportunity to snap up a single product: Prudential’s PRUCancer360.
How it compares
A cancer insurance plan by Prudential, you’ll find the same plan on the insurer’s website and even right here on SingSaver. Even as the sole insurance product, it packs a real punch. It boasts wide coverage on multiple aspects, such as age (includes one-year old infants up to 100-year old retirees) and cancer stages, so you can expect a 100% payout of your sum assured — whether you’re diagnosed early or late.
The buying journey through the app is where it differentiates. Instead of going through extra steps submitting a ‘Get In Touch’ form, the app allows you to skip ahead and apply. All you need to do is choose one out of the three plans (Enhanced, Beyond basic or Great start) and click ‘Apply now’ to start. As promised, buying insurance is, well, simple.
#2 OCBC Bank app
Type of insurance available: Endowment, personal accident, health, life, travel, home, mortgage, car and maid insurance
|Diverse range of insurance products in one app|
Your personal details in the contact form is pre-filled
|Besides home insurance, other insurance products can’t be bought directly|
Found right below ‘What You Owe’, OCBC’s range of in-app insurance products is unmatched. With everything from endowment to maid insurance, all you need to do is fire up the OCBC app to browse insurance plans.
How it compares
Options, options and more options. The other apps in this list pale in comparison to the sheer number of insurance products OCBC offers on one app. If you prefer buying directly without the “get us to contact you” spiel, you won’t find it here. With the sole exception of home insurance, you will only be met with a contact form that is — thankfully — automatically filled in with your personal details. This will save you a few extra minutes.
To compare coverage to its traditional counterpart, let’s zero in on one insurance plan: GREAT SupremeHealth. Underwritten by Great Eastern, GREAT SupremeHealth basically mirrors the coverage and benefits of the insurer’s Integrated Shield Plan (IP) that shares the same name.
In this article, we found that GREAT SupremeHealth B Plus offers the highest annual claim limit despite its low premium. However, signing up through OCBC has an added perk — child discount. Enjoy 15% child discount for GREAT SupremeHealth and 10% child discount for GREAT Total Care if one parent is currently insured under the IP.
#3 POSB digibank app
Type of insurance available: Cancer, endowment and travel insurance
|Buying journey allow you to customise plan|
Wealth of information in one glance
|Can’t buy TravellerShield Plus directly through the app|
Similar to the other digibanks on the list, you’ll be able to find the insurance option in a blink of an eye. There’s three products to choose from: CancerCare, SavvyEndowment and TravellerShield Plus.
How it compares
The POSB digibank app provides a seamless experience when it comes to fine-tuning the insurance policy according to your financial means and preferences, right down to the preferred single premium amount, total maturity value and death benefit. This is important when it comes to buying insurance as you may run the risk of being over-insured if you’re not careful.
#4 SC Mobile app (Standard Chartered Bank)
Type of insurance available: Travel, life, home, personal accident, mortgage, legacy, retirement, children’s education, health and car insurance
|Wide range of insurance products to choose from|
Qustionnarie that helps you choose an insurance plan
|No auto-fill feature when purchasing travel insurance|
Similar to OCBC, SC Mobile offers many types of insurance products that will suit every need. Options aside, the app stands out as it is able to help users pinpoint the type of insurance they need through a nifty questionnaire. If you’re casually browsing and not sure where to start, you’ll find this feature useful.
How it compares
Underwritten by Allianz, the coverage of the in-app insurance plans does not differ from the same ones offered by the insurer. Time and time again, what distinguishes in-app insurance purchase from traditional means is its ability to spare you from the monotony of repeatedly filling in personal details.
That being said, one shortcoming of the Standard Chartered app is that its travel insurance option does not offer that shortcut.
Final verdict: Should we buy insurance plans through digibank apps?
Yes, you might want to consider buying insurance through digibank apps if you love the convenience it brings — that is, if you’ve done plenty of research on the exact plan you’re keen on.
However, it’s worth noting that these digibank apps are not immune to failure. As with all apps, they are susceptible to crashes, bugs and glitches that may disrupt your buying journey.
Another downside to buying insurance through digibank apps is that you can’t compare plans across different insurers in one glance. This is where SingSaver could come in handy.
Read these next:
Digibank Apps: Which Bank Has The Best All-In-One Experience?
Online Banking: Easy Tips To Prevent Cyber Attacks And Safeguard Your Money
Travel Insurance Promotions and Discounts
Home Insurance Promotions And Discounts To Protect Your Home
How To Avoid Overpaying Your Insurance
By Marissa Saini
Your friendly neighbourhood cat enthusiast who enjoys not being broke. Spend less, save more is the name of the game. Firm believer that being financially savvy is not about the destination, but the friends you make along the way.