Great Eastern to offer 'bite-sized' insurance products to Samsung Pay users

GREAT Eastern has tied up with Samsung to offer "modular" or bite-sized insurance plans to Samsung Pay users, the insurance arm of OCBC Bank announced on Tuesday.

The products comprise a personal accident plan (Great Smart Cover), that offers up to S$50,000 coverage for death and permanent total disablement resulting from an accidental injury; as well as a home insurance plan (Great Smart Home) that protects home contents and personal effects against incidents such as fire, a burst water pipe or burglary, the company said.

Users will have the option to select the coverage period for each plan, ranging from three, five, seven or 14 days depending on their needs, and may purchase the plans directly via Samsung Pay.

To access these products, Samsung Pay users will have to launch the Samsung Pay application on their mobile phones, and click on the Great Eastern icon within the new 'Discover' tab.

Ryan Cheong, managing director of digital for business at Great Eastern, said: "Our goal is to offer everyday insurance solutions to new segments of customers more conveniently and seamlessly. Samsung Pay users can look forward to the availability of a wider range of lifestyle-related modular products in the coming months," Mr Cheong added.

As at 3.21pm on Tuesday, Great Eastern shares were trading unchanged at S$26 apiece.