NTUC Income offers usage-based coverage for electric vehicles, Banking News & Top Stories
SINGAPORE (THE BUSINESS TIMES) – NTUC Income is expanding its coverage on electric vehicles (EVs) by offering new usage-based motor insurance (UBI) to EV owners.
Drivers can choose from three types of UBI plans and need only pay the insurance premium pegged to the mileage of their EVs, the insurance cooperative announced on Thursday (June 24).
The move is part of the company’s aim to insure all EVs in Singapore and accelerate EV adoption amid the Singapore Green Plan 2030. The inter-ministerial Green Plan, announced in February, included aims such as reducing carbon emissions by transitioning to EVs from internal combustion engine vehicles.
Income chief digital officer Peter Tay said: “For Income, we are keeping our pulse on developments in this area and are staying agile to respond to evolving needs and to scale demand, where necessary.”
The UBI can cater to EV owners with different lifestyles, including weekend drivers, new drivers, stay-at-home parents and those who work-from-home often, which may use their vehicles at different rates, Income said.
It also noted that its customers “want control and the ability to track and monitor their mileage and corresponding motor insurance premiums at their fingertips”.
Hence, the cooperative will partner automotive marketplace Carro to integrate its artificial intelligence-enabled pricing system with the latter’s in-vehicle telematics technology, for the calculation of its insurance premiums.
Launched on a new self-service platform Covered, the UBI allows EV owners to choose from three types of usage-based motor insurance plan – comprehensive, third-party, and third-party with fire and theft. Customers can also receive accident assistance by Income’s accident response team Orange Force, while choosing to go to their preferred motor workshops for servicing.
Mr Tay said Income is committed to insure all EVs in Singapore.
“As such, we are also looking to sharpen our innovative approach to pricing risk by incorporating new safety and technology features that take into consideration a driver’s behaviour, such as impact on brakes and speed limits, to enable more personalised offerings,” he added.