Singlife, GXS partner to embed insurance in digital bank’s first investment product
The collaboration will allow eligible bank customers who invest in the offered fund to receive complimentary group personal accident insurance coverage
[SINGAPORE] Financial services company Singlife announced on Wednesday (Jul 16) a partnership with GXS Bank to embed insurance coverage for the bank’s first investment product on its GXS Invest platform.
The collaboration will allow eligible customers who invest in the offered fund through GXS Invest to automatically receive complimentary group personal accident insurance coverage underwritten by Singlife.
GXS Invest is the digital investment platform of GXS Bank, and is available on its digital bank app.
At the platform’s launch on Tuesday, the digital bank offered the Fullerton Singapore Dollar Cash Fund (Class G), which is a money market fund for low-risk investing. The fund is managed by Fullerton Fund Management, a fund house part of an independent asset management group owned by Temasek Holdings.
In a Tuesday statement, GXS Bank noted that a money market fund also addresses the needs of three in five of its customers who say that they are seeking a more conservative risk approach to investing.
The Singlife policy provides coverage for accidental death and total permanent disability, to protect customers from income disruption and keep their financial goals on track without the need to sign up for a separate insurance plan. Eligible GXS customers will be covered for up to three times their investment amount, capped at S$100,000, said Singlife.
The joint venture builds on the local insurer’s ongoing efforts to embed insurance protection into digital experiences, such as healthcare subscriptions and employee wellness programmes, to make protection more accessible and relevant to consumers.
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