In response to the increasing unpredictability of weather conditions, Singlife, a Singapore-based insurance company, collaborated with Arbol, a global climate risk solutions platform, to offer a parametric rainfall product. This policy –the first of its kind in Singapore – provides travel coverage for travelers disrupted by excessive rainfall. As of March 31, 2023, this novel initiative has seen broad acceptance, covering over 100,000 travelers.
When asked to describe the process that led Singlife to choose Arbol, Jinglong Pan noted that “We saw there was an untapped business opportunity that can create a unique insurance solution to improve customer experience and operational efficiency. There are other options, but Arbol’s solution is more sophisticated and easy to use.”
The collaboration between Arbol and Singlife brought about an efficient and data-driven insurance solution. By using Arbol's dedicated data infrastructure and online claims verification platform, Singlife was able to provide rapid payouts to travelers whose trips were disrupted by heavy rainfall, ultimately catering to the needs of its insured individuals.
In the late summer of 2022, Singlife unveiled a unique solution to the unforeseen challenges travelers encounter due to heavy rainfall during their trips. With traditional travel insurance policies often failing to address such disruptions efficiently, Singlife seized the opportunity to provide a user-friendly product that responds swiftly to weather-related claims.
Jinglong Pan, Head of General Insurance at Singlife, acknowledged the need for innovative insurance solutions, commenting, "Singlife has taken a significant step in advancing the next generation of sustainability-centric insurance solutions, leading the way for our industry to prepare our customers for evolving climate conditions during their travels."
Arbol's Parametric Rainfall Insurance Solution: Singlife leveraged Arbol's industry-leading tools and technology infrastructure to provide Rainfall Protection coverage.
Global Coverage: This insurance product covers travelers globally, with exceptions for certain countries in Africa and the Middle East.
Transparent Payout Conditions: Payouts are triggered and processed when travelers encounter more than 6.4mm of daily rainfall at their destination for more than half of their trip’s duration.
Singlife's partnership with Arbol led to the creation of the first parametric Rainfall Protection solution in Singapore, offering quick financial assistance to travelers affected by excessive rainfall. This product has found wide acceptance with over 100K insured travelers as of March 2023, thus not only streamlining the claims process but also reinforcing Singlife's commitment to sustainable and innovative insurance solutions.
As a result of the partnership with Arbol, Singlife was able to launch a product that extends beyond traditional travel insurance, meeting the needs of its wide customer base. This product has positioned Singlife as a trailblazer in offering insurance solutions attuned to the needs of today’s consumers.
By implementing Arbol’s parametric rainfall insurance solution platform, Singlife has set a new industry standard for travel insurance. This collaboration demonstrates Singlife's dedication to addressing climate risks, ensuring that its customers can rely on their insurance coverage amidst increasing weather volatility. Through the use of data-driven solutions, Singlife continues to lead in offering genuinely useful insurance products.