PolicyPal is in the MAS FinTech Sandbox – Our Message to You
We announced our seed fundraising and MAS approval on FinTech Regulatory Sandbox this week. You can read about our press here.
How would we spend our seed funding money?
We’ll continue to invest in helping individuals to understand their insurance coverage and empower you to make an informed decision on your protection needs. On top of that, we are taking a holistic approach and using cutting edge technology to redesign insurance experience. We will continue to improve our product and innovate with the latest technology to help you with your insurance matters as we enter the Monetary Authority of Singapore (MAS)’s FinTech Regulatory Sandbox.
What is a FinTech Regulatory Sandbox?
This is a live environment where financial institutions and FinTech startups can test new products and services.
We know that many of you are not sure of your insurance coverage and only realise the importance of it during times of emergencies. PolicyPal was created to keep you on top of your insurance coverage so you don’t have to wait until it is too late. Believing that transparency is one of the core benefits of simplifying the language around insurance policies, we aim to empower you to understand your protection needs better.
We started in April 2016 with this vision to empower individuals like you to understand and manage all your insurance policies. Insurance is good – for people and communities. But every individual has to deal with messy paperwork and manual processes.
What does it mean to be in the MAS Fintech Sandbox?
As of 2nd March 2017, you can get new insurance policies from NTUC Income and Etiqa Insurance via PolicyPal app. For a start, you can get DPI Life insurance, Mobility insurance and Mosquito insurance.
Yes, you can apply for these policies on PolicyPal mobile app and get it on the go!
DPI Life insurance
Direct Purchase Insurance is sold without financial advice, no commission is charged and you pay lower premiums than comparable life insurance products.
The amount of coverage you can get ranges from $50,000 to $400,000 with each insurer. It covers death, terminal illness and total and permanent disability before age 65. For a start, we offer NTUC Income Life insurance, and will be adding more insurers over time.
Free Term Life insurance
Our partner, Etiqa offers one year free term life insurance to Newlyweds and New Parents for a sum assured of $25,000 upon death of the insured.
Personal Mobility insurance
To provide coverage in the event of any accidents when using personal mobility devices such as bicycles, roller blades, kick scooters etc.
It covers accidental death, permanent disablement, medical expenses incurred and third party personal liabilities.
The premium for 1-month policy: S$26
The premium for 3-month policy: S$39
The premium for 9-month policy: S$59
The premium for 12-month policy: S$78
Mosquito (MozGuard) insurance
A way to protect yourself against expenses incurred due to mosquito-borne disease infection such as Dengue Fever and Zika.
It covers medical expenses caused by: Dengue fever, Zika, Chikungunya fever, Malaria and Yellow fever.
Depending on the dengue alert level of your residence and the sum assured, you may pay premiums between $31 and $58 for an annual coverage.
How do you get insurance from us?
Many people have been asking us how is the purchase process like?
Just speak with Kate, our Artificial Intelligent in-app Chatbot. It’s that simple!
How do you claim your insurance?
Finally, I would like to personally thank you for your patience with us. We’re taking your feedback seriously to enhance your experience with PolicyPal. Thank you once again, it’s an honour for us to assist you with your insurance matters.
Have any burning questions about insurance or looking for some useful insurance tips? Learn, ask and share with PolicyPal Insurance Community today!