OCBC Bank in Singapore claims that it is the first bank in the market to start selling health insurance online and on mobile.
Typically, health insurance plans like critical illness, disability, hospitalization and surgical are not sold via online channels as they require a health check-up to evaluate the applicant’s medical condition. However, with Early Cancer Care, eligible OCBC Bank customers simply need to make a health declaration with the click of a button.
Early Cancer Care is the first health insurance product to be rolled out on OCBC Bank’s mobile and internet banking channels, with more non-general insurance plans to be added over time. Underwritten by Great Eastern, it is a cancer insurance plan that provides coverage in the event early or major cancer is detected.
Depending on the plan purchased, upon diagnosis of major cancer, the insured will receive a cancer recovery benefit of up to S$3,000 ($2,200) monthly for six months, and a lump sum benefit of up to S$150,000, which can be used to cover treatment costs. If early-stage cancer is detected first, the insured will receive 40% of the sum assured, cancer recovery benefit for six months, and all future premiums will be waived. The remaining 60% of the sum assured will be paid out if major cancer is diagnosed subsequently.
OCBC Bank has simplified the purchase of health insurance by offering Early Cancer Care via the bank’s mobile and internet banking channels, while keeping the process private and confidential in a secured environment unlike unsecured webpages touting similar products. Once the customer has logged in via two-factor authentication, their personal information will be pre-populated on the insurance product application form, and they can make payment from their OCBC Bank accounts or credit cards.
Aditya Gupta, Head of E-Business Singapore, said: “This is a game changer. So far, our customers in Singapore have had to contend with general insurance products being available for purchase online. By offering our customers access to directly buy insurance solutions like Early Cancer Care via our digital channels, we have upped the ante in meeting their insurance needs simply, quickly and securely.” He refers to this as the ‘democratization of insurance’.
First published in Fintech Innovation