HIVE by Income (HIVE), an Insurance-as-a-Service (IaaS) platform by one of Singapore’s leading composite insurers, Income Insurance, enables insurers and digital platforms to launch innovative embedded insurance propositions with speed and agility.
With pre-built InsurTech integrations and seamless customer journeys, HIVE brings innovative product offerings to new segments of digital-first customer segments across the region, empowering greater financial well-being for all.
Recently, HIVE collaborated with Vietnam's leading housekeeping service, JupViec.vn, and third largest non-life insurer, Post and Telecommunication Joint Stock Corporation (PTI), to launch a pay-as-you-earn microinsurance product that addresses the needs of vulnerable gig economy workers - domestic helpers.
Empowering Lives Through Stackable Microinsurance: Protecting The Underserved, One Policy At A Time
JupViec.vn is a mobile app that connects domestic workers with customers for on-demand housekeeping services. Known as the “Uber for maids,” its objective is to provide regular jobs and skills upgrading necessary for these women to earn a higher income and improve their lives and social status.
HIVE launched “JupViec Care” with the gig platform and PTI to provide a pay-as-you-earn personal accident microinsurance product that is embedded into every successful job completed. Designed to be simple and flexible even for tech illiterates, premiums are adjustable starting from as low as S$0.12. These domestic helpers can stay protected against death and disability, with a sum assured of up to SGD6K.
“Helpers are at high risk of getting injured while working such as climbing as they are cleaning. In the event of injuries, treatments would mean a financial loss which could take away their humble income. JupViec Care cleverly fits as a perfect solution, by allowing the helpers to purchase insurance with an amazingly small, affordable amount and making coverage stackable, giving them extra confidence and protection as they carry out their shifts.” —Mr. Phan Minh, Founder & CEO of JupViec.vn
The availability of this innovative microinsurance model allows informal gig economy workers access to relevant financial services, putting them on a path toward greater financial security and social mobility. HIVE's approach to financial inclusion prioritizes customer-centric partnerships and allows for flexibility and customization to address the specific needs of different communities.
HIVE InsurTech offerings, which are compatible with any insurance core system and adaptable to multiple customer channels, allow new embedded insurance propositions to be launched in as short as 3 months. HIVE integrated with PTI and JupViec wallet within 3 months to serve the needs of the domestic helper segment.
Together with like-minded partners, HIVE aspires to transform the insurance industry and create a fairer and more sustainable economy, embedding insurance into our lifestyle activities, one activity at a time.
HIVE By Income won a Gold Stevie Award for Innovation in Business-to-Business Services in the 2023 Asia-Pacific Stevie Awards.