PolicyPal Leads InsurTech Scene as the First to Digitise Group Employee Benefits in Singapore
The first startup to graduate from MAS FinTech Regulatory Sandbox now offers a one-stop solution for Employee Benefits on a single portal.
SINGAPORE, April 16, 2019 /PRNewswire/ -- Singapore's InsurTech startup PolicyPal has rolled out a first-of-its-kind Employee Benefits digital portal, PolicyPal Business (www.policypal.com/business) dedicated to offering direct group insurance online. The digital portal aims to mitigate the shortcomings of traditional Employee Benefits processes. More than 1,500 employees in small and medium Enterprises (SMEs) and startups are targeted to benefit from this platform.
HR and business owners can utilise the 100% online platform to streamline the Employee Benefits purchase process in three straight-through steps: selecting a base plan, selecting add-ons, and proceeding to purchase. Upon payment verification, employees will receive immediate provisional coverage after checkout.
"As a digital broker, we realised that the SME business is underserved in the insurance space, hence we want to revolutionise the current outlook of business insurance that requires time-consuming manual processes. It is an impeccable milestone to be the first to offer direct group employee benefits in Singapore," spoke Ms Val Ji-Hsuan Yap, CEO and Founder of PolicyPal.
"One too many businesses encounter roadblocks and delays in direct group insurance. EZCare was developed with the intention to override the manual mode of business insurance purchases. PolicyPal's technological solutions will facilitate our goal to revolutionise the insurance landscape - starting with business insurance," shared Mr Colin Chu, Partnerships and Placements Senior Vice President of Liberty Insurance.
EZCare PAL is a collaboration between PolicyPal and Liberty Insurance in conjunction with the launch of PolicyPal Business. PolicyPal uses its front-end web and app technologies to facilitate EZCare, a group employee benefits plan offered by Liberty Insurance. EZCare boasts coverage from an extensive range of over 500-panel clinics available in Singapore and Malaysia with coverage ranging from $15,000 to $250,000.
The online management dashboard provides convenience for both HR and employees to access their Employee Benefits within the PolicyPal app.
Founded in 2016, PolicyPal offers personal insurance such as travel, personal accident, motor insurance and business insurance such as group employee benefits, cybersecurity, directors liability insurance. PolicyPal enables users to buy insurance instantly at affordable premiums with rewards points.
In addition to its own B2C business, PolicyPal has also been operating a second business line, PAL Network, blockchain protocol for the insurance industry since 2017.
Logo - https://photos.prnasia.com/prnh/20190410/2432117-1LOGO-a
Logo - https://photos.prnasia.com/prnh/20190410/2432117-1LOGO