Singaporean insurtech firm PolicyPal has rolled out its fully online employee benefits digital portal, which seeks to benefit around 1,500 employees in small and medium enterprises (SMEs) and start-ups.
PolicyPal Business was created by the first start-up to graduate from the Monetary Authority of Singapore’s fintech regulatory sandbox in order to mitigate the shortcomings of traditional employee benefits processes, the firm said in a statement.
Through the new portal, HR and business owners can access a streamlined Employee Benefits purchase process with three steps: selecting a base plan, selecting add-ons, and proceeding to purchase. Upon payment verification, employees will receive immediate provisional coverage after checkout. An online management dashboard makes it convenient for both HR and employees to access their employee benefits within the PolicyPal app.
“As a digital broker, we realised that the SME business is underserved in the insurance space, hence we want to revolutionise the current outlook of business insurance that requires time-consuming manual processes,” said Val Ji-Hsuan Yap, CEO and founder of PolicyPal. “It’s an impeccable milestone to be the first to offer direct group employee benefits in Singapore.”
Alongside the launch of PolicyPal Business, PolicyPal and Liberty Insurance partnered to create a group employee benefits plan called EZCare PAL. The product has a panel of over 500 clinics across Singapore and Malaysia, with coverage ranging from SG$15,000 to SG$250,000.
“One too many businesses encounter roadblocks and delays in direct group insurance,” said Colin Chu, partnerships and placements senior vice president of Liberty Insurance. “EZCare was developed with the intention to override the manual mode of business insurance purchases. PolicyPal's technological solutions will facilitate our goal to revolutionise the insurance landscape - starting with business insurance.”
