Firm aims to re-affirm commitment not to maximise profits, to engage using a more energetic and modern approach
By UMA SHANKARI
By UMA SHANKARI
NTUC Income yesterday launched a rebranding campaign in a bid to make itself more relevant to younger Singaporeans.
NEW LOOK, SAME PURPOSE
NTUC Income will remain focused on its social purpose and provide affordable, accessible, sustainable insurance.
There are two aims, said Income chief executive Tan Suee Chieh. First, to re-affirm the co-operative's commitment to be different from insurance companies that maximise profits for shareholders. And second, to engage the new generation through a more energetic and modern approach to business.
The brand change marks the latest milestone in a process of transformation and modernisation that began in 2007 when Mr Tan was appointed Income's CEO.
He said that even as it modernises, it will remained focused on its social purpose - the basis of its founding about 40 years ago - and provide affordable, accessible and sustainable insurance for Singaporeans.
Income's rebranding will be launched through a new logo and an advertising campaign. The company changed its logo in 2002 in a rebranding exercise, but Mr Tan said the latest exercise is more significant.
The new logo and tagline will be unveiled at the finale of Income's new flagship sponsorship programme, the NTUC Income Kite Festival 2009, today and tomorrow.
A giant four-metre wide kite will take to the sky to dramatically launch the new logo. Income says that it chose the kite festival to showcase its rebranding because the evolution of kite-flying reflects the insurer's own transformation: 'Both are rooted in rich tradition but continue to embrace fresh and new ideas to stay relevant to the times.'
Income also gave an update yesterday on its business for the first half of this year. Weighted premium income fell 14 per cent year-on-year to $99.5 million - from $115.6 million a year back - as the entire industry took a beating amid the economic downturn. Figures provided by Income show weighted premium income for the industry fell 44 per cent to $588 million, from $1.05 billion in H1 2008.
But Income had one good news item to share - because its business contracted less than the overall industry, it increased its market share to 16.9 per cent in H1 2009, from 11 per cent in H1 2008. And Mr Tan said that he is optimistic about the rest of the year.
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