The Asian Banker Wednesday, 13 November 2024

Trust Bank launches TravelShiok in collaboration with Income Insurance

5 min read

Trust Bank today announced the launch of a new travel insurance product, TravelShiok, in collaboration with Income Insurance Limited.

The bank aims to deliver a new level of banking experience to its customers, offering fast and convenient ways to protect against unexpected events. When Trust Bank first launched, it introduced an affordable family personal accident insurance in partnership with Income Insurance Limited, one of Singapore’s leading composite insurers.

Since then, Trust Bank has rolled out a broad suite of policies in collaboration with Income Insurance, covering areas of importance to customers, including travel, domestic helper, home, car, and motorcycle insurance. The response has been strong, with 13% of the bank's active customer base having purchased a policy through these collaborations.

As a bank known for its zero foreign exchange fee proposition, travel insurance remains the most popular type of coverage for its customers, accounting for nearly half of all policies purchased since the bank’s launch.

Customers aged between 30 and 49 make up the majority of travel insurance policyholders, reflecting their preference for using the Trust card with its zero foreign exchange fee for trips abroad.

Taking customer feedback into account, Trust Bank has launched TravelShiok, an exclusive travel insurance product for Trust customers. Developed in collaboration with Income Insurance, TravelShiok offers more than standard travel coverage.

Among its unique benefits, TravelShiok includes coverage for unused entertainment tickets to theme parks, concerts, or sporting events booked using a Trust card, in cases where specified unforeseen circumstances arise. The product also offers purchase protection of up to SGD 3,000 ($2,265) for accidental damage to items bought with a Trust card within 30 days, and up to SGD 8,000 ($6,040) in coverage for loss or damage to baggage, mobile devices, and laptop computers.

Additional benefits include higher coverage for trip postponements, trip disruptions, loss of travel documents, overseas hospital allowances, rental vehicle excess cover, and more. With a simple sign-up process taking just two minutes, TravelShiok allows customers to purchase single-trip insurance plans within a day of leaving Singapore, eliminating the need for last-minute arrangements. Customers can pay for TravelShiok using any Trust credit card or the Trust savings account, all within the Trust app.

Tiffany Teo, head of Bancassurance, said: “Customers have told us that the Trust card has become their go-to travel card with its zero foreign exchange rate proposition. With the holiday season around the corner, there is no better time to offer our customers an enhanced travel insurance product that’s easy to apply for, all within the Trust app—even after they’ve left for their trips.”

Aditya Gupta, chief product officer, added: “We have been rapidly expanding our range of insurance products to provide the best coverage for things that matter to our customers. With TravelShiok, customers can access an exclusive and comprehensive travel insurance solution, giving them peace of mind while travelling.”

Re-disseminated by The Asian Banker

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