SNACK by Income is a micro-insurance platform app that redefines the way our customers consume insurance. We ideated the concept in 2019 and challenged the status quo of customers having to pay huge lump-sum premiums and holding long coverage terms of 20 - 30 years via traditional insurance plans.

We identified that some customer segments, especially the millennials, being less affluent and therefore resistant to pay high premium, found themselves losing out on important insurance coverage such as Life, Critical Illness and Personal Accident.

Hence, we created SNACK to allow customers pay “bite-sized” premium (at 30, 50, 70 cents) and start contributing to their insurance coverage. SNACK is designed to be seamlessly integrated digitally into customers’ daily expenses and lifestyle activities such as taking the MRT via ez-link card, or buying a cup of coffee via their Visa credit card.

After 1-1 interviews with our target segment - the millennials - we found that they are mindful of insurance protection but resistant to large premiums due to their desire for instant gratification and the YOLO mindset (“Spend now, why save”) as well as a lack of fear (“bad things won’t happen to me”).

Millennials appreciate the “bite-size” premium that is aligned to their YOLO desire of living / spending “for the now” and “worry later / can wait”. The concept is akin to a “savings jar” where they can drop their spare change to get insurance coverage, without overthinking.

So, we created our SNACK brand story about bite-sized contributions - can “explore” getting coverage over time with their spare change, with minimal stress, conscious or otherwise! We want to deliver a value proposition to them - to enjoy flexibility without upfront financial commitment through affordable small & bite-sized premiums.

Anchored by yellow (#FFD100) and teal (#00BBB4) – which keep things lively and vibrant for our target audience, SNACK empowers Millennials to start their insurance journey flexibly, without being intimidated by the bugbear of upfront financial commitment. The “S” in the SNACK brand logo signifies a stacked hamburger while the SNACK name evokes our bite-sized premium concept with stackable insurance policies, and how it adds to the goodness in their lives, like a yummy snack.

“Astro” – SNACK’s mascot, is an astronaut who lives on Earth. He’s all about “being an explorer on Earth”. Although he “sometimes doesn’t fit in” (like Millennials who are still discovering themselves), that’s really ok as he’s on a “never-ending exploration” to discover the goodness of life.

UX journeys are optimised to allow customers to enjoy seamless payment with their credit cards and to view & track their SNACK transactions at their fingertips.

Since June 2020, 60,000 customers downloaded the app and 21,500 customers have signed up for a SNACK user account to build up insurance coverage. Also, more than S$20 million sum assured has been accumulated by SNACK customers just by going about their daily lives abd activities, spending on everyday expenses such as groceries, shopping and dining!

The design direction has indeed attracted our target audience, the millennials - 68% of our SNACK customers are in the 18-32 age range. In fact, 20% of our customer base are students, their Top 3 lifestyle spends being Food and drinks, Transport and Retail (Shopping). The validation from SNACK customers informs us that our initial value proposition truly resonates with them – to enjoy full flexibility to start their insurance journey without the barrier of upfront financial commitment (and the stress that comes with it) through affordable, bite-sized insurance premiums!