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Singlife’s challenges were threefold.
One, Singlife previously did not cater to all its customers’ preferred payment methods. American Express (AMEX) was highlighted as a key missed credit card opportunity, as its cashback structure rewards customers for Singlife insurance payments. The cashback is particularly significant for higher-premium policies like motor insurance.
Two, Singlife faced technical integration difficulties, and without a dedicated payment gateway provider on board, Singlife’s tech team experienced a knowledge gap that slowed their speed to market.
Three, although Singlife had made provisions for Instalment Payment Plans (IPP) since 2016, they required Singlife to maintain separate negotiations with individual banks such as DBS and UOB.
To resolve its multipronged challenge, Singlife was looking for:
- A solution to increase its range of payment methods
- A means to reduce the knowledge friction to go to market faster
- A way to implement IPPs with all major banks
