Pay2Home Logo
Send MoneyShop@Pay2HomeRegister
Page Cover Image Small

Press Releases

We are always excited to share our success with you.
Stay up to date on how we are relentlessy making Pay2Home even better for you!

Page Cover Image
< Back

Local FinTech Pay2Home partners with Chubb Insurance Singapore Limited to offer free insurance cover for foreign workers

SINGAPORE, 27 October 2020 — Foreign workers in Singapore can now receive free insurance cover of up to SGD2,500 for accidental death and total permanent disability benefits, with a simple opt-in when sending money home.

Priority2Protect, a collaboration between Pay2Home and Chubb Insurance, is a micro-insurance product tailored for this important and essential group of our workforce — low-wage earners, working in challenging environments, away from home, with limited access to financial services and low confidence with English.

For these foreign workers, Priority2Protect provides easy access to personal accident insurance that provides 24-hour protection during and outside of work and complements the basic mandatory medical cover that employers are required to purchase for them.

Underwritten by Chubb Insurance, Priority2Protect has two broad plan types available:

  1. A free 30-day plan with coverage for accidental death and total permanent disability. The free plan is available to all Pay2Home users when they make a remittance of at least SGD100.
  2. A paid monthly plan with higher sum assured for accidental death and total permanent disability as well as additional benefits such as hospital income, medical leave allowance and ambulance and mobility aids. The paid plan is available from SGD2 per month and premium payment can be made through various payment channels such as: cash over the counter, NETSPAY, FAST bank transfer or Money Transfer Machine.

“Financial security is a top priority because they are often the sole breadwinner of their families,” says Pay2Home co-founder David Hulme.

“Especially at this time, when the impact of the pandemic on hundreds of thousands of our foreign workers has heightened their awareness of the fragility of life.”

A recent Pay2Home customer survey found that their top financial worry was if they could no longer work due to illness or injury. The survey also found that many did not have an insurance policy in their home country; and wanted a policy that financially protected them in the event of an accident and loss of income.

The reported trend for workplace safety in Singapore, showed there were 14 workplace deaths recorded in April 2020, up from 9 over the same period in 2019[1]. Major injuries rose by 5.5% between 2018 and 2019, from 596 to 629; while minor injuries climbed 7.7% from 12,173 in 2018 to 13,111 in 2019[2].

Scott Simpson, Country President of Chubb in Singapore said, “In order to address the foreign worker’s protection gaps, we needed to first reduce the barriers to entry. Given the foreign worker’s familiarity and trust in Pay2Home, we hope that they are able to gain easy access to micro-insurance solutions that can support them through short periods of incapacity so they enjoy peace of mind before they return to work.

He added, “Priority2Protect was also designed to eliminate the need for paperwork or medical underwriting, thus making the opt-in or application process fuss free and convenient. For individuals who are looking for more comprehensive protection, they also have the option to increase their policy coverage and receive additional benefits with the paid plan.”

As Singapore’s only full omni-channel remittance operator, Mr Hulme said: “Micro-insurance is a natural progression in providing value to our customers. We’re delighted that Chubb Insurance has chosen to take this journey with us.”

1The Straits Times, 14 workplace deaths in Singapore this year, up from 9 over same period in 2019, 27 April 2020.
2Today, Workplace deaths at 16-year low, but major non-fatal injuries up in 2019, 11 March 2020.

About Pay2Home

Pay2Home bridges the gap between the FinTech world and the established payment infrastructure, producing innovative cross-border payment solutions within the supporting regulatory framework.

A homegrown financial institution, formerly invested in by the Economic Development Board of Singapore and a SE Asian bank, Pay2Home has received multiple entrepreneurship and break through business awards. It has been repeatedly ranked as a top 1,000 SME and holds financial services industry licenses in Singapore, Hong Kong and Australia.

Founded in 2001 and now with 90 employees, Pay2Home has a history of industry firsts, being the first remittance company to receive regulatory approval to operate online and the first to pioneer purpose built multilingual self-service Money Transfer Machines. It is the only full omni channel remittance operator in the country, defining it as a FinTech with a successful and proven track record.

About Chubb Insurance Singapore Limited

Chubb is the world’s largest publicly traded property and casualty insurer. Chubb Insurance Singapore Limited, via acquisitions by its predecessor companies, has been present in Singapore since 1948. Chubb in Singapore provides underwriting and risk management expertise for all major classes of general insurance. The company’s product offerings include Financial Lines, Casualty, Property, Marine, Industry Practices as well as Group insurance solutions for large corporates, multinationals, small and medium-sized businesses. In addition, to meet the evolving needs of consumers, it also offers a suite of tailored Accident & Health and Personal & Specialty insurance options through a multitude of distribution channels including bancassurance, independent distribution partners and affinity partnerships.

Over the years, Chubb in Singapore has established strong client relationships by delivering responsive service, developing innovative products and providing market leadership built on financial strength.

For more information, contact:
  • Media Relations at Pay2Home
  • T: (65) 6372 2474
  • E: press@pay2home.com
  • Media Relations for Chubb Insurance Singapore Limited
  • Juliana Lim
  • E: juliana.lim@chubb.com