Bank enhances DBS Multiplier and healthcare insurance plans to safeguard customers’ interests during these challenging times
Singapore’s gig workers and self-employed individuals can now better manage their savings and healthcare costs with DBS’ recently launched savings and healthcare insurance solutions, aimed at helping this growing segment tide through the crisis.
The solutions include enhancements to DBS’ popular bank-and-earn programme, DBS Multiplier, which makes it easier for those who are self-employed to earn higher interest on their balances. DBS has also boosted its healthcare insurance plans, available on its new healthcare portal, to offer better coverage and benefits to gig economy workers and customers without access to traditional employment benefits or corporate insurance coverage.
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These solutions are aimed at bolstering the financial and social protection of self-employed individuals and gig workers, who have been hard hit by the economic uncertainty stemming from Covid-19. DBS has found that only one-third of customers identified as gig economy workers have more than three months’ worth of emergency savings. It also found that only 10% of this segment have purchased any form of insurance – whether via DBS or any other financial institution.
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Jeremy Soo, Head of Consumer Banking Group at DBS Singapore, said: “Covid-19 has disrupted the livelihoods of many in the gig economy, and it is crucial that we at DBS provide accessible solutions to financially-vulnerable customers that help safeguard their financial and healthcare interests during these challenging times. By tapping on our financial management expertise and working with our healthcare partners, we hope that these solutions will be able to help gig economy workers to continue to save, be protected and have greater peace of mind.”
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