To start, Singtel and Great Eastern will be introducing Singtel Home Protect, a home insurance that provides coverage for both telco bills and home contents.
The plan reimburses Singtel broadband expenses besides covering renovation, furniture, appliances, valuables and personal effects.
The combination is a natural partnership as home owners typically sign up for or re-contract their broadband services when they shift or renovate their homes, say both companies in a statement on August 26.
The plan will be offered to Singtel’s broadband customers when it is first launched, and to the rest of Singtel’s customers at a later date. It covers reimbursement of Singtel bills of $280 per month for up to three months, and up to $80,000 for home contents and renovations.
In the coming weeks, both companies will also be releasing motor insurance for car owners, and subsequently, travel insurance with mobile-related benefits once travel restrictions have been lifted.
The latter includes benefits such as reimbursement of mobile bills under Singtel during hospitalisation due to an accident. The policy will also cover additional Singtel mobile data expenses incurred due to travel delays, as well as repair or replacement of mobile phones in case of loss.
“With the shift to work from home since the onset of COVID-19, many people have made home improvements to create a more conducive environment. This makes protecting their homes with Singtel Home Protect more important than ever,” says Yuen Kuan Moon, CEO of Consumer Singapore at Singtel.
“On top of better coverage for home belongings, we want to give our customers additional peace of mind by providing extra protection for their telco bills,” Yuen adds.
Ryan Cheong, managing director of digital for business at Great Eastern says, “To provide value-added protection to augment Singtel’s existing customer offer, we leveraged data insights to develop affordable, relevant general insurance solutions with unique benefits to help protect their everyday needs.”
“Through continuous engagement and a seamless consumer purchase journey, we are making customised protection solutions easily accessible to Singtel customers to lifeproof their assets through home, and later motor and travel insurance,” he adds.
As at 3.42pm, shares in Singtel are trading 1 cent higher, or 0.4% up, at $2.31, while shares in Great Eastern are trading 3 cents lower, or 0.2% down, at $18.99.
