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FINANCIAL SERVICES | Staff Reporter, Singapore

HSBC Insurance rolls out digital insurance platform

It currently offers two life insurance solutions.

HSBC Insurance unveiled a digital platform called HSBC Insurance Online which offers term-based life insurance products. Customers can complete the onboarding process within minutes by answering three simplified underwriting questions. 

The platform currently has two term life insurance solutions. HSBC Insurance Online Protector provides coverage of up to $1m and $560,000 critical illness (CI) coverage. It also offers an unemployment benefit which gives the insured the option to defer premium payment without interest for a maximum of one year. It also features guaranteed policy renewability every ten years. 

DIRECT-Value Term, on the other hand, provides protection cover of up to $400,000 as well as the flexibility to choose the policy term from five years, 20 years or up to age 65.

“HSBC Insurance Online will appeal to time-sensitive, digital-savvy customers who are receptive to investing or buying insurance products online,” said Carlos Vazquez, CEO of HSBC Insurance (Singapore).

The platform also offers certain premium discounts to customers who answer four additional lifestyle questions to incentivise healthy living amongst its users. HSBC Insurance Online is also equipped with LiveChat capability that can lend support to customers throughout the sale or claims journey.

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