Singaporean insurer NTUC Income has launched a new insurance product that covers fluctuations in airfare prices.
The product, known as Pinfare, was created by Digital Income, the company’s in-house digital transformation office (DTO). Pinfare seeks to address one of the most common pain points for travellers – the pressure of having to purchase a desired flight itinerary on-the-spot, or be subjected to unpredictable price fluctuations and pay a higher fare on the same flight itinerary later – a statement by the insurer said.
Income cited data from Skyscanner, shows that Singaporeans can lose out on as much as 15% to 31% of savings on air travel as they often book flights at the last minute. By offering price assurance while allowing time for coordination and decision-making, travellers now have greater flexibility in planning travel schedules with their families and friends, without losing out on value.
“Singaporeans are one of the most travelled citizens in the world,” said Peter Tay, chief operating officer of income and head of digital income. “This prompts us to assess the customer journey, starting from when travellers begin to plan their journey, to determine opportunities where we can improve their experience with insurance offerings and services. As one of the leading travel insurers in Singapore, we are excited to have reimagined traditional travel insurance with Pinfare to offer our customers peace of mind even before they embark on their travels.”
Pinfare’s digital platform provides real-time flight itineraries and prices every time when a traveller uses it to pin flights. Once pinned, the flight itineraries are insured by Pinfare for seven days and the traveller is protected should the price of any of the pinned itineraries increase at the point of purchase within the insured period. When this happens, an insurance claim can be made.
Initially, Pinfare will cover economy-class flights to six Asian destinations – Malaysia, Indonesia, Thailand, Vietnam, the Philippines, and Hong Kong – with more countries to be added before the year ends.
