NTUC Income’s Digital Transformation Journey with Modern Analytics

NTUC Income, a leading digital and multi-channel insurer in Singapore, was facing challenges in managing and analyzing large volumes of data. The actuarial team at Income deals with data extensively on a daily basis, covering all aspects of data extraction, data preparation, data visualization, and data modeling. They relied on tools such as Microsoft Excel and Access, as well as some programming languages such as SQL, VBA, or R. However, data came from many different sources and in various sizes and formats. They used multiple tools to converge the data, which often created many silos of data processes. This resulted in data reconciliation issues in their end analysis and reports. Another problem they faced was that some of the data processing tools they used were not effective in handling huge volumes of data and required significant time for their analysts to manually customize the data to serve insights to multiple stakeholders. They were lacking in audit trail and documentation logs, which made it difficult for a new analyst to trace data errors or make enhancement to the existing data processes.

NTUC Income was established in 1970 with the singular purpose of making essential insurance accessible to all Singaporeans. As the only insurance co-operative in Singapore, Income has remained committed to providing meaningful and relevant protection to the community. Today, Income is a leading digital and multi-channel insurer serving over two million people in Singapore who look to them for trusted advice and solutions when making their most important financial decisions. Their wide network of advisers and partners provide life, health and general insurance products and services to serve the protection, savings and investment needs of customers across all segments of society.