|- The first free in-flight insurance that includes up to S$50,000 in personal accident coverage|
- Provides coverage upon three hours flight delay with an add-on of just S$4, across all flights
- Allows instantaneous travel claims encashment via PayNow
SINGAPORE, Mar 23, 2018 - (ACN Newswire) - Etiqa, Singapore's leading online insurer, launched Singapore's first free in-flight insurance service for travellers today, bringing them peace of mind while on vacation. It also introduced a flight delay add-on - for just S$4, travellers can receive benefits upon a flight delay of just 3 consecutive hours, less than half the industry average of 6 to 12 hours.
Eligible for all Singapore Outbound Travellers, the free in-flight insurance solution includes up to S$50,000 in personal accident (inflight accidental death) coverage. In addition, the flight-delay top-up, allows travellers to claim up to S$300 for flight delay. This complements Etiqa's existing ePROTECT travel policy coverage, which currently also include coverage for both in-flight and flight delays, customers will receive coverage across all airlines and flights.
"According to a survey conducted by the Singapore Tourism Board, about 10% of consumers have never purchased travel insurance despite being aware of the importance of a policy," said Sue Chi Kong, Chief Executive Officer of Etiqa Insurance Singapore. "With our extended service offering of a free inflight insurance service, we hope to educate travellers on the value and importance of travel insurance coverage, encouraging them to consider protecting themselves - even when the cost is kept to a minimum, or absolutely free."
According to FlightStats, 20,671 flights were cancelled and 177,352 delayed in Asia-Pacific alone during a 30 day period from 10 February to 12 March 2018. Globally, this number rises to over 60,000 flights cancelled, and over 630,000 flights delayed during the same period. Last year, Etiqa processed more than 1,500 travel claims within one day following the launch of its straight-through claims processes in July 2017 - Out of which 17% were processed due to travel delays. A real-time flight monitoring system was also implemented at the same time to enable auto-flight delay claims for its customers.
From now till 31 March 2018, travellers can simply apply for the free inflight plan and flight delay benefit via Etiqa's website and stand a chance to win a $250 Changi gift card. Following the application, Etiqa will monitor their flight status, updating travellers of delays via SMS. To enjoy full protection, travellers can simply purchase any of Etiqa's comprehensive ePROTECT travel plans.
eWallet on TiqConnect
Claims are seamlessly processed through eWallet on TiqConnect, Etiqa's online portal that allows customers to manage their claims and policies. As a personal account for customers, the eWallet balance can be used to purchase new policies, renewals, or encash claims. From 19 March, existing customers can also enjoy instantaneous encashment via PayNow, along with the current encashment via IDEALRAPID (bank transfer).
Etiqa Insurance, one of Singapore's fastest-growing brands
Etiqa was formally ranked among Singapore's 1000 corporations and SMEs based on solid financial performance in the 2018 Singapore 1000 rankings. The insurer was also recognised as Singapore's Most Innovative Finance Firm in the 2018 World Finance Markets Awards. In 2017, Etiqa saw record 505% annual growth in online revenues from its financial products. Last year, Etiqa helped more than 70,000 customers purchase products online, and successfully approved more than 90% of submitted claims within one day.
For more information around ePROTECT travel, click here (http://bit.ly/2GaAXHN) or visit www.etiqa.com.sg.
To access the TiqConnect homepage, click here (http://bit.ly/2lqx5cl).
 All Singapore citizen(s), Permanent Resident(s) of Singapore or Foreigner(s) with valid Work Pass, Student Pass, Dependant's Pass or Long-Term Visit Pass.
 Customers can claim $50 for every full three consecutive hours of flight delay, with a limit of up to S$300, across all countries except Singapore. For flight delays that occur in Singapore, customers can claim a maximum of S$50 for every full three consecutive hours of flight delay.
 Encashment is instantaneous via FAST transfer
Etiqa Insurance Pte. Ltd. is a licensed life and general insurance company registered in the Republic of Singapore and regulated by the Monetary Authority of Singapore (MAS). In July 2017, Fitch affirmed the company's "A-" rating for its financial strength and stable outlook.
Etiqa has been protecting Singaporeans since 1961 with a range of general insurance solutions that constantly evolve to meet their ever-changing needs. As the appointed insurer for the Housing Development Board (HDB) Fire Insurance Scheme in Singapore, we have been protecting homes since 2009. In August 2014, we added a comprehensive suite of life insurance solutions to our stable of products.
Etiqa is owned by Maybank Ageas Holdings Berhad, a joint venture company that combines local market knowledge with international insurance expertise. The company is 69% owned by Maybank, one of Asia's leading banking groups with more than 22 million customers worldwide in 20 countries; and 31% by Ageas, an international insurance group with 33 million customers across 16 countries and a heritage that spans over 180 years, with a focus to provide world class insurance solutions to consumers in Europe and Asia through market leading joint ventures.
At Etiqa, we believe in our brand promise of humanising insurance, by placing people over policies in everything we do. We are passionate about helping Singaporeans protect themselves and their loved ones today and helping them plan for a financially secure tomorrow.
Manager, Brand and Communications
Etiqa Insurance Pte. Ltd.
Tel: +65 6690 4309
PRecious Communications for Etiqa
Tel: +65 3151 4760
Mar 23, 2018 10:00 HKT/SGT
Topic: Press release summary
Sectors: Cards/Payments, Retail/eCommerce, Daily Finance, Travel & Tourism, Daily News, Banking, Local Business
From the Asia Corporate News Network
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