K-Pop Craze Boosts Demand for Income Insurance’s Hourly Travel Cover

Income Insurance is counting on K – pop – loving Millennials and Gen Zs to boost demand for its expanded hourly travel insurance plan. The plan now covers over a dozen more Asian destinations, including South Korea. Annie Chua, vice president and head of Key Accounts Management at Income Insurance, told Insurance Asia that many young Singaporean K – pop fans are traveling overseas for concerts, and the insurer wants to capitalize on this trend.

The insurer noticed more travelers from these age groups booking trips just days in advance and believes its FlexiTravel Plus policy fits them. Chua said, “There’s a growing trend of last – minute, spontaneous travelers, so we developed a flexible product.” The new destinations were chosen as they’re popular among Singaporeans for short trips like concerts. This product replaces the previous one limited to certain areas.

The plan now spans various countries and regions. Chua noted many in these generations don’t buy travel insurance for short getaways. Income Insurance offers six – hour blocks starting at $1.35 (S$1.80), with additional hours at $0.22 (S$0.30), capped at $2.25 (S$3) daily. Singapore’s travel insurance industry is growing. Millennials and Gen Zs seek more than safety in insurance. Many buy it just days before trips and value convenience. Income Insurance’s hourly plan allows adjustments, like hourly parking. It can be bought eight hours after leaving Singapore. Chua also said emerging technologies like AI will shape the industry, helping with claims and enabling hyper – personalization.

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