In its bid to drive greater financial inclusion, Singtel has partnered with insurance firm Etiqa to bring about an additional digital insurance savings plan inside the Dash e-wallet itself.
The new personal finance management tool is called Dash PET (Protect, Earn, Transact).
Dash PET allows Singtel Dash users to start saving with a starting premium of S$50, and earn interest of up to 1.7 per cent on their first $10,000 balance (for the first policy year, terms & conditions apply), on top of 1.2 per cent interest for amounts above $10,000. Top-ups and transfers can be made to and from Dash PET to the Dash e-wallet, and vice versa.
"We saw a gap we could fill amid the uncertain climate to help our customers grow their money smarter and faster. Using insights gleaned from the success of Dash EasyEarn, our first insurance savings plan, Dash PET is a new product with greater flexibility and a lower entry point," Singtel's International Group CEO Arthur Lang said.
"We not only want to give customers the option to take full control of their finances but also allow them the flexibility of managing their insurance protection coverage while continuing to transact for their everyday needs. This is the essence of PET (protect, earn, transact), done in a fun and engaging way," he added.
More specifically, Singtel conducted a survey amongst Dash EasyEarn users and found that 76 per cent of respondents liked the capital guarantee aspect of the savings plan, and 69per cent enjoyed the flexibility of savings with no lock-in period. Dash PET will incorporate more features and coverage types to help its users better plan for other financial uncertainties and life goals.
Outside of Dash, Singtel also partnered with Great Eastern to bring general insurance products to both Singtel and GE customers.
The new feature was the result of a Memorandum of Understanding between Singtel and Etiqa International Holdings that was officiated in January 2021.
"Our partnership with Singtel gives us a precious opportunity to add to the already flourishing Singtel Dash ecosystem, with high-value insurance solutions to their customers’ everyday needs. With the end consumer in mind, we have designed Dash PET to be an innovative all-in-one insurance plan with a savings component and on-demand protection," Etiqa Insurance Singapore's chief executive officer Raymond Ong said.
"After the launch, we plan to progressively improve and enhance the product based on emerging insights and customer feedback, such as introducing new lifestyle protection riders in the near future," he added.
More information on Dash PET can be found here.
This article was first published in hardwarezone.