Mobile technology can facilitate steep digital perks and group incentives, but it takes corporate innovation and inclusivity to package it attractively.

Do you find your insurance premiums too hefty? What if you could pay in bite-sized amounts as part of your digital lifestyle, and even have the flexibility to start and stop paying premiums any time?

Mobile technology can definitely enable such flexibility, and one insurance firm in Singapore has taken up the challenge due to its affiliation with a broad range of businesses there as well. How does it work?

Users of the mobile app called SNACK will have to link their credit card as an activity source, turn on their “lifestyle activities” benefits comprising transportation, retail or food-and-beverage expenses.

Now, every time users take public transport, purchase an item from a retail store or buy food from participating eateries, they will be seamlessly contributing a minimum of S$0.30 in premiums towards one or more of four core products on the platform: Term-Life, Personal Accident, Critical Illness and an Investment-link plan, including three micro-insurance products.

This way, in their usual day-to-day activities, users can make bite-sized contributions to their insurance and investment portfolio. A rewards program also dishes out “cashback” via lifestyle merchants of food delivery and F&B directories. The cashback comes in the form of insurance coverage and investment units that help user to build up the insurance and investment portfolio in a faster and gamified way.

By leveraging mobile technology and digital lifestyle engagement, the firm behind SNACKIncome Insurance, is upping the ante in the insurance and investment sector, giving users more flexibility and control over their portfolios and finances, while lowering the barrier of entry to underserved segments such as “first jobbers” (people starting on their first-ever job).

This is reflected in the SNACK user base, with 50% being students, young working adults and gig-workers.

Now that such innovative and inclusive use of technology has raised customer expectations, expect to see similar or even more ambitious programs from more insurance and investment firms vying for your money!