Singlife Partners with GXS Bank to Embed Insurance Coverage in Investment Product

Strategic Insights -

Singlife, a leading financial services company, has partnered with GXS Bank to offer complimentary group personal accident insurance coverage to customers investing in the Bank's first investment product, GXS Invest. Eligible customers will automatically receive coverage for accidental death and total permanent disability, up to three times the investment amount, capped at S$100,000. This innovative collaboration bridges a gap in Singapore's financial landscape, providing customers with a single product that combines investment and protection.

Key Takeaways:

  • Singlife has partnered with GXS Bank to embed insurance coverage in GXS Invest, the Bank's digital investment platform.
  • Eligible customers who invest in the Fullerton SGD Cash Fund through GXS Invest will receive complimentary group personal accident insurance coverage underwritten by Singlife.
  • The Singlife policy provides coverage for accidental death and total permanent disability, up to three times the investment amount, capped at S$100,000.
  • The collaboration aims to bridge a gap in Singapore's financial landscape, where traditional investment and insurance products are often offered separately.
  • Varun Mittal, Head of Innovation & Ecosystem at Singlife, emphasizes that protection is not an afterthought, but a fundamental aspect of enabling customers to invest with confidence.
  • The partnership represents a shift in how insurance and investment can work together, leveraging GXS's digital-native infrastructure to deliver protection at the exact moment customers take action toward their financial future.

Statistics:

  • Up to three times the investment amount is covered, capped at S$100,000.
  • The partnership aims to provide protection to customers investing in the Fullerton SGD Cash Fund through GXS Invest.
  • 19-75 years old (Age Next Birthday, inclusive) is the age range for eligible customers.
  • Eligible customers must be a Singapore citizen, Singapore Permanent Resident, or a holder of a valid Singapore Employment Pass (excluding Work Permit holders).

Sources:

  • Singlife original press release, dated July 17, 2017.