Revolut Singapore and SNACK by Income to provide insurance offerings

By Edil Corneille

Today, the partnership between Revolut and SNACK by Income has been announced which entails the incorporation of lifestyle-based insurance offerings on Revolut’s app. This is expected to provide more flexibility and boost customer empowerment in money management.

James Shanahan, CEO of Revolut Singapore apprised, “…Our partnership with SNACK layers insurance protection over our existing money management features and allows our customers access to micro-insurance products that are underwritten by NTUC Income. With premiums from as low as $0.30, our customers can build up coverage by linking their daily activities to the purchase of Life, Personal Accident and Critical Illness insurance. In addition to this partnership, our customers can also look forward to further new products in the coming weeks and months.”

A key aspect of the collaboration will be to explore embedding SNACK into Revolut’s Spare Change Round Up feature from their Savings Vault which will give customers the option to purchase insurance coverage on SNACK. Through bite-sized premiums of $0.30, $0.50 and $0.70, linked to daily lifestyle activities such as dining, taking public transport, spending using their Revolut Visa debit card as well as clocking steps on Fitbit, Revolut customers will have the full flexibility to purchase insurance products such as Term Life, Critical Illness and Personal Accident, from the accumulated spare change in their Savings Vault on the Revolut app.

Peter Tay, Chief Digital Officer of Income stated, “…SNACK’s modular approach to bite-sized insurance reimagines how people obtain and consume insurance. This provides tremendous flexibility in tailoring solutions based on the needs of customers and integrating it with partners’ platforms to create a unique experience, just like how SNACK can be incorporated into Revolut’s Round Up feature, giving customers greater convenience and freedom in managing their financial needs at their fingertips.”

Launched just under 1 year ago in Singapore, Revolut has reached over 70,000 signups in Singapore. Revolut has been expanding its footprint this year with launches in the US, Australia and Japan. In the coming weeks, Revolut will be introducing fast and free top-ups using bank accounts and Revolut Junior – a prepaid debit card for children aged 7-17 to teach them to better manage money digitally.