Digital financial solutions provider eRemit Singapore has partnered with Hong Leong Assurance Singapore (HLAS) to offer a new insurance scheme for migrant workers in Singapore. The collaboration marks eRemit Singapore’s entry into the insurtech space, making it the first player in the country to provide an insurance package that covers migrant workers during and outside of work for the majority of occupations.
As part of its growth focus, eRemit Singapore is also expanding its remittance services to businesses, particularly small and medium-sized enterprises (SMEs). Registered businesses in Singapore can now transfer up to S$250,000 (US$185,640) to six countries in the Asia-Pacific region, namely Malaysia, Indonesia, the Philippines, Thailand, Sri Lanka, and Australia.
“Access to healthcare and financial coverage is a basic necessity that should be available to all. We are proud to work with HLAS to bring this salary protector scheme to life, and we hope this will give migrant workers some peace of mind in ensuring that they and their families are provided for,” says Srihari Sikhakollu, eRemit Singapore chief executive officer.
“The pandemic has brought to light the hardships and risks that the migrant worker community face every day. In May this year, we waived our service fee to all 13 countries so that workers who use our service can send more money to their families, and we hope to continue supporting them with our debut entry in the insurtech space.”
The company’s salary protector scheme, underwritten by HLAS, is designed to meet the unique coverage needs of migrant workers in the city state. It covers on- and off-work hours for the majority of occupations and provides critical financial support in the event of accidental death or permanent disability. A first of its kind, the scheme is provided free to all eRemit Singapore customers who have made a successful remittance transaction through its digital platform.
HLAS CEO Kelvin Lim says: “Everyone deserves to be covered regardless of where they come from or what they do, especially in these challenging times. It is innovative to add this service to our extensive portfolio of insurance packages. This salary protector insurance covers up to 12x their monthly salary with a maximum cap of S$12,000 (US$8,917). eRemit Singapore’s extensive fintech experience and wide adoption among the migrant worker community makes them an excellent partner to ensure that our insurance is accessible to them and addresses their needs.”