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Great Eastern and Sembcorp Power are collaborating to provide a home insurance and electricity bundle to homeowners across Singapore.
With the partnership, Sembcorp Power customers will receive a complimentary 12-month home contents protection plan underwritten by Great Eastern General Insurance. It covers renovations and household contents against loss or damage caused by perils such as fire and theft, for up to SG$2,000.
The move follows a successful pilot phase that began in April 2018 and targeted households in Jurong. Singapore’s Energy Market Authority (EMA) is rolling out the open electricity market programme, which aims to foster competition in the energy sector and allowing customers wider choices among power retailers.
A statement from Great Eastern claims that this is the first partnership in Singapore to offer a bundled electricity and home insurance plan.
“Our aim is to be an everyday insurer for our customers and we are pleased to be able to offer home protection which many households may not be adequately insured for,” said Ryan Cheong, managing director for strategy and transformation, Great Eastern. “We are excited to be the first insurer to partner one of Singapore’s most established energy providers.”
“To deliver greater value and convenience to our customers, we constantly look for complementary products and services to bundle with our electricity plans that our customers may find useful,” said Lim Han Kwang, vice president for retail at Sembcorp Power. “We are delighted to partner with Great Eastern to be the first OEM retailer to offer such bundled plans in Singapore.”
