Introducing Millenials to Insurance Through A Unique Mobile Experience

Income is one of the social enterprises under the umbrella of NTUC Enterprises that provides insurance products to the market. They were looking to increase accessibility to insurance and expand insurance coverage in the market. Monstarlab was tasked to create a mobile app that revolutionises the way people view insurance and seamlessly integrate into consumers’ lifestyles via innovative experiences. SNACK by Income was thus conceived to create a positive digital experience and made to feel like a lifestyle mobile application, and after an intensive development and iteration of 10 months, it was launched in April 2020. The app lets users build up their coverage just by living their lives.

Finding the Solution That Appeals to the Millennial Segment

Despite a large population of the market being digital natives, specific segments of consumers still view insurance as “hard to reach” and are of “high barriers to entry.” A common mindset is that they find insurance hard to understand and see it as an unnecessary cost on top of their “essential” living expenses as it often entails fixed monthly/ yearly financial commitment. Income engaged Monstarlab to explore possible solutions that will appeal to the segment. The team took into account two important pieces of information. Digital natives are mobile-first, with 159% mobile penetration, and they exhibit high usage of contactless payment methods. Monstar Lab and Income opted for the development of a unique mobile app experience.

The App

This initial idea was turned by us into a mobile application prototype. The app was tested among attendees of the Singapore FinTech Festival, the country’s largest tech festival, for initial feedback and to gauge interest. Positive customer feedback prompted Income to give the team the go signal to bring the mobile application to production. SNACK by Income is a mobile application that can be downloaded for both Android and iOS. The app has a wide selection of partner merchants and brands integrated into the system that fit the lifestyles of the target demographic. It is designed to educate and, at the same time, allow easier access to their first insurance coverage. Key features include:

Easily Set-Up an Account

Users can easily create an account on the app in less than 3 minutes (via SingPass). They can then choose from a selection of relevant activities from partners that SNACK works with to link their lifestyle activities to the purchase of products on the app.

Convenient Payment Schemes

Users can link their lifestyle activities to the purchase of insurance products on the app. For every activity performed, they will automatically contribute their selected bite-sized premium (e.g. $0.30) to purchase chosen coverage.

Get Multiple Coverages at the Same Time

Users can benefit from multiple varied 360-day insurance coverage simultaneously. For instance, for every cup of coffee purchased, a user gets deducted a certain amount for accident insurance coverage, while for every deduction from fitness goals will go to life insurance coverage.

• 2nd Place Winner Singapore Financial Institution Category, Singapore Fintech Festival 2021
• 3 months' delivery time of App v.1.0
• 4.6 stars App Store rating