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Making Insurance Accessible

Income, a social enterprise under NTUC Enterprises, sought to enhance insurance accessibility and expand coverage. Tasked with this mission, Monstarlab developed a mobile app designed to transform perceptions of insurance and seamlessly integrate it into consumers' lifestyles through innovative experiences.

Introducing SNACK by Income

Conceived to create a positive digital experience, SNACK was designed to feel like a lifestyle application. After ten months of intensive development and iteration, it launched in April 2020. The app enables users to build their insurance coverage simply by living their lives.

Addressing Market Challenges

Despite many digital natives in the market, certain consumer segments still perceive insurance as \"hard to reach\" with \"high barriers to entry.\" Common perceptions include:

• Insurance is difficult to understand.
• It is seen as an unnecessary cost beyond essential living expenses.
• It often requires fixed monthly or yearly financial commitments.

Innovative Mobile Solutions

To appeal to these segments, Income and Monstarlab considered two key insights:

• Digital natives are mobile-first, with 159% mobile penetration.
• They exhibit high usage of contactless payment methods.

Based on these insights, they developed a unique mobile app experience to make insurance more accessible and engaging.

Results

• Developed a working prototype in 2 months.
• Delivered App v.1.0 in just 3 months.
• Achieved a 4.6-star rating on the App Store.

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About SNACK

SNACK is an innovative app developed by Singapore's NTUC Income, blending micro-insurance with everyday lifestyle activities.

How It Works

Users earn small increments of term-life, critical-illness, and accident coverage, or ETF units, ranging from S$0.30 to S$0.70. These increments are triggered by everyday actions such as:

• Tapping a subway card
• Buying coffee
• Achieving step goals

Launch and Expansion

Since its launch in 2020, SNACK has issued millions of micro-policies. The app is expanding through partnerships with regional e-wallets.

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