NTUC Income is the first insurer in Singapore to provide Qoo10 customers with a three to six-month insurance coverage against defective or malfunctioned electronic goods that are worth a minimum of $100.
Launched on 26 July 2017, Purchase Guard gives customers peace of mind when purchasing electronic goods online.
“Such a policy not only gives protection to consumers who make purchases online but also provides a leg up for online retailers who may not be able to offer an international manufacturer’s warranty. Purchase Guard, thus, levels the playing field for online retailers as the insurance cover gives consumers a greater sense of confidence about their purchases.
“The launch of Purchase Guard underscores Income’s commitment to continuously innovate and offer customer-centric solutions as consumers’ purchase patterns become increasingly digital. It is important that our insurance offerings continue to meet real consumers’ needs,” said NTUC Income Personal Lines Head Annie Chua.
In 2015, Singapore’s e-commerce market was valued at US$1 billion, with online shopping making 2.1 per cent of retail sales. This is expected to hit about 6.7 per cent in 2025.
Ease of Mind
As of today, customers have the option to add on Purchase Guard as a product warranty for over 250,000 electronic items on Qoo10 Singapore.
To make a claim on the insurance policy, customers must first seek compensation from the seller and Purchase Guard will pay the sum insured for the main item or sum insured minus any compensation the customer may have received from the seller or manufacturer.
“Qoo10’s partnership with Income is significant in shaping the online retail landscape in Singapore. Customers often find it difficult to recover monetary losses should their purchase turn out defective, as they may not be able to seek compensation from Qoo10 sellers," said Qoo10 Country Manager HyunWook Cho.
