Singlife will pay up to SGD150 to travellers whose single trip plans are disrupted by heavy rainfall. All countries and regions globally are included in the Rainfall Protection coverage, with the exception of certain countries in the Middle East and Africa.
Singlife with Aviva, a homegrown financial services company, has introduced Rainfall Protection cover for travellers, in partnership with Arbol Inc, a global climate risk solutions platform. Singlife is the first insurer in Singapore to offer this innovative parametric insurance product designed to help consumers manage the impact of unexpected weather conditions in an increasingly volatile environment.
Pan Jinglong, Head, General Insurance, Singlife with Aviva, said: “We are pleased to be the first insurer in Singapore offering this innovative Rainfall Protection coverage, which adds another dimension to our comprehensive and award-winning travel insurance portfolio. Singlife has taken a significant step in advancing the next generation of sustainability-centric insurance solutions, leading the way for our industry to prepare our customers for evolving climate conditions during their travels.”
This solution is underwritten in collaboration with Arbol. The company leverages cutting-edge technologies such as smart contracts and artificial intelligence underwriting so customers can look forward to a simple, transparent and competitive pricing model, as well as hassle free, contactless payments without delay.
Hong Guo, Chief Insurance Officer, Arbol, said: “We are excited for the Arbol platform to be powering the first Rainfall Protection solution in Singapore for travellers. This cutting-edge programme leverages Arbol’s industry leading pricing tools and dedicated data infrastructure to provide travellers with a novel solution for managing climate risks. We look forward to working with Singlife with Aviva together in the future to deliver more data-driven, climate resilience insurance products to meet the needs of customers and businesses globally.”
Singlife’s travel insurance policies are designed to cater to the evolving needs of the modern traveller. In May 2021, when minimum medical cover limits were imposed by certain countries, Singlife increased its limits for overseas medical expenses due to COVID-19, up to S$200,000, in addition to unlimited medical evacuation cover offered. These policies put customers at the heart of the business and provide peace of mind for any last-minute changes to their travel plans.
Singlife was recently recognised as Domestic General Insurer of the Year for its comprehensive travel insurance offering at the Insurance Asia Awards 2022.
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