Great Eastern strengthens sustainability push with Singapore’s first Green Life Insurance product
Leading insurer Great Eastern is deepening its commitment towards being a sustainability-driven company in the financial services sector with the launch of the first green life insurance product in Singapore – GREAT Green SP.
Available from today, this industry-first short-term endowment policy invests its portfolio assets to achieve significant positive environmental impact.
Our green investments finance projects in climate change mitigation, and support global and local initiatives across diverse areas such as renewable energy producers, green buildings and the deployment of electric vehicle (EV) charging stations, which contribute to a better environment for all.
Group Chief Executive Officer Khor Hock Seng said: “This initiative is part of our overall sustainability approach to achieve a low-carbon economy, improve people’s lives and drive responsible business practices. We note there is a growing group of customers who are environmentally conscious and seek to contribute towards sustainability outcomes through their purchasing decisions, including financial products. We are pleased to provide customers with access to such green insurance solutions, starting with GREAT Green SP, which enables them to make a positive difference to the environment with their financial decisions.”
Great Eastern will also be helping Singaporeans better understand how they can play a role in protecting the environment by donating S$1,000 for every S$1 million raised from the proceeds of GREAT Green SP to a local charity, Zero Waste SG. This donation will support programmes to educate and advocate for the mindful usage of natural resources, driving towards a zero waste future and embracing the circular economy.
“As we make GREAT Green SP commercially available, we also want to commemorate our 113th anniversary by supporting education and advocacy around zero waste to encourage social consciousness and change our daily behaviours at home and at work to support environment-friendly practices,” Mr. Khor added.
About GREAT Green SP : Singapore’s first Green Life Insurance product
GREAT Green SP is a three-year single premium endowment plan with 1.55% p.a. guaranteed yield upon maturity. (Death and Total and Permanent Disability (TPD) benefit is equivalent to 105% of single premiums paid.) Customers may invest a minimum amount of S$5,000 up to a maximum of $100,000. The plan offers protection against death and total permanent disability, with no medical underwriting needed. Customers may purchase the endowment plan from Great Eastern’s website, via its financial representatives, or through OCBC Bank. The offer is available for a limited period only.
Mr Paul Ho, chief officer at iCompareLoan, said, “GREAT Green SP is useful as Singapore’s first Green Life Insurance product as it will improve people’s lives and drive responsible business practices.”
Great Eastern has also launched services on digital platforms progressively since 2018 as part of its digital transformation strategy to provide better customer engagement, at the same time empowering its financial representatives to deliver quality service.
Customers can already purchase various general insurance solutions via Great Eastern’s digital affinity partners, and access policy information or perform selected transactions via Great Eastern’s E-Connect web portal.
Great Eastern’s two apps, GETGREAT and UPGREAT, empower and reward customers and the community to live healthier and better. GETGREAT is the first-of-its-kind wellness platform with a wellness coach powered by artificial intelligence, which offers personalised coaching 24/7 to nudge users towards their personal wellness goals. UPGREAT provides a single mobile platform where customers can seamlessly enjoy all their loyalty benefits and rewards digitally anywhere, any time.
The company has accelerated its roll-out of digital tools for customers and financial representatives amid the COVID-19 pandemic. Since as early as February, Singapore-based residents have been able to purchase certain life insurance products online. Great Eastern customers have also been able to engage with its financial representatives through non face-to-face channels through video calls to provide remote or tele-advisory services since March.
Its Great Digital Advantage platform first rolled out in 2019 to digitally empower its financial representatives to provide a better advisory experience to customers – offers interactive life storyboards and planning tools which help customers map their insurance needs to every stage of their life. This platform also allows financial representatives to better manage their customer relationships, monitor their sales activities and performance outcomes, thereby improving their productivity and efficiency with digital innovations.
In July last year,Great Eastern Singapore launched a new mobile app to give its Singapore customers 24/7 access to and one-glance overview of all their insurance and investment-linked policies anytime anywhere. This is a significant boost in the insurer’s digital transformation and innovative customer-centred solutions to provide greater visibility and convenience with enhanced security features, for customers to actively manage their insurance portfolio from their mobile devices.
With the Great Eastern App, customers can now actively manage their investment-linked policies with more agility and simplicity through their mobile devices. With the ability to track and view fund values, customers now have the ability to track investment performance, make fund switches, fund withdrawals and premium apportionments at any time.
Instant access to comprehensive policy information, such as aggregated wealth and protection value where monthly or annual premium amounts as well as the instant viewing of maturity or expiry dates of policies and payments, can help facilitate easier policy administration for customers.
To provide better visibility for customer claims, key policy information such as benefits can be viewed easily across categories – for example death, disability, critical illness, hospitalisation, personal accident, travel, motor and home. A customer with Dependents’ Protection Scheme, Great Family Care and Great Life Advantage policies can now find out the total benefits or sum assured of all the three life policies in one overview, instead of going through policy documents one by one.
With the Great Eastern Singapore app, you’ll have 24/7 access to:
- Access details of all your Great Eastern Singapore insurance policies.
- See the aggregated wealth and protection value of all your Great Eastern Singapore policies.
Make a service request:
- Submit investment-linked product service requests for fund switch, fund withdrawal and premium apportionment.
- Update your mobile number, email address and mailing address via MyInfo and SingPass.