United Overseas Insurance aims to increase technology investments by almost 50% by 2029

United Overseas Insurance (UOI), the general insurance arm of UOB, will increase its technology investments by almost 50 per cent from 2023 levels by 2029.

This will involve rolling out digital initiatives designed to enhance customer journeys and upgrading the insurer’s core technology infrastructure, it said on Wednesday (Aug 13).

“These enhanced capabilities will enable the company to scale operations, improve service delivery, and respond more effectively to evolving customer expectations.”

A digital intermediary portal launching in August will enable intermediaries to reach a broader customer base, especially those underserved by traditional channels.

Motor and travel insurance now have fully digitalised product journeys, offering customers greater convenience and accessibility. UOI plans to extend this digital experience across all products by 2026.

UOI will also streamline customer engagement and service feedback through messaging apps such as WhatsApp.

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On Wednesday, the group further said that it plans to increase talent acquisition by more than 60 per cent by 2029 in Singapore and across the region. This will support the insurer’s accelerated growth and help it implement succession planning.

UOI also said it is expanding its insurance products to meet the needs of its customers.

For instance, it partnered UOB to launch InsureCruise, Singapore’s first dedicated cruise insurance to address specific risks such as missed port departures, itinerary changes due to weather, and on-board medical emergencies.

“Unlike standard travel insurance plans, this plan helps customers avoid paying for benefits that are unnecessary for a cruise trip, such as rental vehicle excess or flight misconnection coverage,” UOI said.

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