Singtel and Etiqa launch new insurance savings plan to boost interest on savings and offer more protection
Singapore, 8 February 2021 – Singtel and Etiqa have joined forces to launch the new Dash PET (Protect, Earn, Transact) digital insurance savings plan that enables Dash customers to grow their savings faster, purchase additional protection riders and manage spend on their daily and lifestyle needs all with the Dash app. The launch of Dash PET follows a partnership Memorandum of Understanding between Singtel and Etiqa International Holdings signed last month.
Dash PET is designed to be accessible to everyone from all walks of life and across all ages1, furthering Singtel and Etiqa’s goal to drive greater financial inclusion. Customers can start saving with Dash PET from a low starting premium of just S$50 and earn interest of up to 1.7%2 on their first $10,000 balance, with a 1.2%3 interest rate accorded to the amount above S$10,000. They have full flexibility to manage and transfer funds between their insurance savings plans and mobile wallets any time using the Dash app. Top-ups and withdrawals can be made to and from Dash PET via the Dash wallet or bank account directly. In addition, Dash PET customers also be protected from life’s uncertainties, with death coverage of 105% of account value and Financial Assistance Benefit for COVID-19.
Mr Arthur Lang, CEO of Singtel's International Group says, "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. 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."
The new Dash PET incorporates the most popular and highly valued components that customers look for in an insurance savings solution. An earlier consumer survey by Singtel of more than 2,000 respondents found that what appealed to them in the Dash EasyEarn policy was the capital guarantee (76% of respondents), flexibility of funds with no lock-in period (69%) to cater to their lifestyles and high rates of returns (60%) amidst a low-interest rate environment. Moving forward, Dash PET will incorporate more features and insurance coverage to help customers provide for life’s uncertainties or to help customers better plan for specific life goals.
The Memorandum of Understanding between Singtel and Etiqa International Holdings serves as a springboard for a long term, strategic collaboration for both companies to jointly develop more digital insurance products aimed at an even wider pool of digitally savvy customers. Expanding beyond Singapore, Singtel and Etiqa are also partnering to bring the benefits of insurance savings solutions to other Singtel Group customers in the region.
Raymond Ong, Chief Executive Officer of Etiqa Insurance Singapore, says, “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. 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. The success of our collaborative efforts so far rests on the strength of common values, organisational agility and foresight. With the launch of Dash PET, we are excited to see where this partnership will take us.”
More details on Dash PET can be found at http://bit.ly/dashpet_media. Dash PET is underwritten by Etiqa Insurance Pte. Ltd. Terms apply. Protected up to specified limits by SDIC.
Since its launch, Dash has expanded beyond payments and mobile remittance to include lifestyle services like restaurant bookings, airtime and data top-up and a rewards programme. Dash, which counts over 1 million registered users, is available to everyone regardless of telco or banking relationship, and can be downloaded on any mobile platform. More information on Dash is available at www.dash.com.sg/.