Revolut partners Income to embed micro-insurance offerings on its app

DIGITAL payments firm Revolut has partnered with NTUC Income's micro-insurance platform, SNACK, to incorporate flexible insurance offerings on Revolut's app.

A key aspect of this latest tie-up will be to explore embedding SNACK in Revolut's "Spare Change Round-Up" feature in the "Savings Vault", which will offer customers the option of purchasing insurance coverage from SNACK, said the fintech in a statement.

Revolut's "Savings Vault" function is a sub-account in the app to help customers save spare change by rounding up card transactions.

Through bite-sized premiums of S$0.30, S$0.50 and $S0.70 linked to daily activities such as dining and public transport, Revolut customers will be able to purchase SNACK insurance products such as term life, critical illness and personal accident from accumulated spare change in their savings vault.

The partnership aims to provide customers with more options and flexibility on money management in a low-cost and seamless manner, said Revolut.

From Oct 7, Revolut customers will receive a S$500 one-time complimentary insurance coverage when they sign up for an account on the SNACK app. This is part of a wider line-up of initiatives to be rolled out later this year in collaboration with SNACK.

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Revolut Singapore chief executive James Shanahan said: "Our partnership with SNACK layers insurance protection over our existing money-management features, and allows our customers access to micro-insurance products that are underwritten by NTUC Income."

Peter Tay, chief digital officer of Income, added: "SNACK's unique proposition of integrating insurance seamlessly into a customer's lifestyle almost invisibly, with bite sized premiums linked to daily lifestyle activities, complements Revolut's business model as a personal financial app."