Singapore’s Trust Bank is taking travel insurance to new heights with its latest product, “TravelShiok,” developed in partnership with Income Insurance. This new insurance offers a wide range of coverages that extend beyond standard policies, including protection for entertainment tickets, baggage, and even certain purchased items.
Unused Ticket Coverage: A Unique Perk for Travelers
Trust Bank’s TravelShiok has introduced an unusual feature that stands out: coverage for unused entertainment tickets. This benefit offers a safeguard for tickets to theme parks, concerts, or sports events if a trip falls through. Travelers booking these events with a Trust card can now have peace of mind, knowing that they won’t lose the value of these experiences if plans change unexpectedly.
In Singapore, where theme parks, international concerts, and major sporting events are popular, this added layer of protection caters directly to the lifestyles of modern travelers. Unexpected events that disrupt a trip won’t necessarily mean lost money on entertainment tickets—a unique addition that few insurers in the region currently provide.
Comprehensive Baggage and Purchase Protection
Beyond tickets, TravelShiok also comes with baggage coverage that addresses the pain points many travelers face. With up to S$8,000 in protection for lost or damaged baggage, including mobile devices and laptops, Trust Bank aims to provide a hassle-free experience in the event of misfortune on the road. For many, the loss of a laptop or phone during travel can be both stressful and costly, making this benefit particularly valuable.
The policy also covers shopping purchases. If customers make purchases with a Trust card, they are entitled to up to S$3,000 in repairs or replacement coverage if they accidentally damage items within 30 days of purchase. This level of purchase protection is a boon for travelers who enjoy shopping while abroad, offering them the reassurance that their new buys are safeguarded, even after they’ve left the store.
- Key coverage highlights:
- Entertainment ticket protection: Unused tickets for events booked with the Trust card are covered.
- Baggage and gadget coverage: Up to S$8,000 for items like laptops and phones.
- Purchase protection: S$3,000 for accidental damage within 30 days.
Enhanced Benefits for Trip Disruptions and Medical Needs
Another crucial part of TravelShiok is its comprehensive trip disruption benefits. Coverage for trip postponements, interruptions, and other travel-related inconveniences is offered at higher limits than typically seen. This includes financial protection for events like last-minute trip cancellations, providing customers with a financial safety net if their travel plans are interrupted by unforeseen circumstances.
Beyond disruptions, TravelShiok includes an overseas hospital allowance, which may be critical for travelers requiring emergency medical attention abroad. The policy also covers loss of travel documents, an event that can easily derail a trip but is now more manageable with this additional coverage.
Trust Bank has also included rental vehicle excess cover, appealing to those who prefer the freedom of exploring destinations by car. This coverage takes care of extra costs in case of damage to a rental vehicle, helping customers avoid unexpected charges that may come with accidental damage.
Popularity Among Singapore’s Digital Bank Customers
Since its launch, about 13% of Trust Bank’s active customers have opted for some form of insurance from the bank. The launch of TravelShiok aligns with Trust Bank’s strategy to offer more versatile and customizable financial products, expanding its footprint in the insurance space.
Most TravelShiok policyholders fall within the 30 to 49 age range, a demographic known for frequent travel, particularly for work and family vacations. Trust Bank aims to meet the needs of this group by offering coverages that resonate with their travel habits and potential risks. For a generation that values convenience and all-in-one solutions, TravelShiok’s coverage model offers precisely the kind of peace of mind they seek.
