NTUC Income

NTUC Income
Private company
Industry Insurance
Founded 1970
Headquarters Singapore
Area served
 Singapore
Key people
 Stephen Lee (Chairman)
Ken Ng (CEO)
Products Insurance
Savings and Investments
Revenue SGD 2.8 billion
Total assets SGD 31.3 billion
Website www.income.com.sg
Footnotes / references
[1]

NTUC Income is a life, general insurance, and health insurance company based in Singapore. It is one of the "Big Three" insurers with a significant share of the local motor insurance market.[2] Its current Chief Executive Officer is Ken Ng, who took over from Tan Suee Chieh in August 2013.[3]

History

NTUC Income Insurance Co-operative Limited was established in 1970 by the National Trade Union Congress to provide insurance coverage for the low and middle income groups.[4]

The company had a large proportion of Singapore’s insurance market due its close relationship with the large labour movement, but was losing market share due to heavy competition from foreign insurance companies.[5] In 2007, Tan Suee Chieh, the newly appointed CEO, restructured the company to strengthen management, operations and staff engagement.

In 2012, the company was awarded the Singapore’s Best Car Insurer by the AsiaOne People’s Choice Award, and was recognised as the best in health and medical insurance, life insurance and motor insurance in the Customer Satisfaction Index of Singapore.[5]

Policies

Orange Aid

Orange Aid was introduced in 2010, which was introduced to provide assistance to children and youth in disadvantaged circumstances.[6] NTUC Income will commit 1% of its annual insurance operating profits to adopted charities.[7]

Orange Revolution

The Orange Revolution is a 1,500-day campaign which will be completed over 4 years. The campaign, which was started in October 2011, aims to position the company as simple, honest and different, and changing practices in the insurance industry of Singapore. The campaign includes Orange Force, Orange Speak and Orange First.[5]

References

  1. ↑ "2013 Financial Statements". NTUC Income. 2013.
  2. ↑ "DirectAsia.com eyeing 5% of motor insurance market". Motoring.asiaone.com. 2010-07-02. Retrieved 2010-10-03.
  3. ↑ "Ken Ng appointed NTUC Income chief executive". 30 August 2013.
  4. ↑ "NTUC Income: Managing Social Mission and Business Goals in a Market–Driven Economy". Asia Case. 2001. Retrieved 19 December 2014.
  5. ↑ 5.0 5.1 5.2 "Membership campaign case study: NTUC Income". The News. April 9, 2014. Retrieved December 18, 2014.
  6. ↑ "A New Partnership With NTUC Income’s OrangeAid". SPD. November 22, 2013. Retrieved 18 December 2014.
  7. ↑ "NTUC Income Launches OrangeAid to Boost Help to Disadvantaged Children". 22 October 2010. Retrieved 18 December 2014.

External links