NTUC Income (Income) has launched Pinfare, a travel-inspired lifestyle insurance, in collaboration with airfare search engine Skyscanner. Pinfare seeks to safeguard travelers from the pressure of having to purchase a desired flight itinerary on-the-spot, or be subjected to unpredictable price fluctuations and pay a higher fare on the same flight itinerary later. According to Skyscanner, Singaporeans can lose out on as much as 15% to 31% savings in air travel as they often book flights at the last minute. Pinfare’s price assurance aims to allow travelers greater flexibility for coordination and decision-making. Powered by Skyscanner, Pinfare provides real-time flight itineraries and prices every time when a traveler searches the platform to pin flights. Pinfare allows a traveler to pin up to three sets of preferred flight itineraries at their respective prices on its platform. Once pinned, the flight itineraries are insured by Pinfare for seven days and the traveler is protected should the price of any of the pinned itineraries increases at the point of purchase within the insured period. When this happens, an insurance claim can be made. To be eligible for Pinfare, the traveler must purchase the policy at least three weeks from the flight departure date to mitigate against the probability that airfares increase nearer to the departure date. Pinfare’s premiums, which start at S$5, will vary according to variables such as the number of pinned flight itineraries, proximity to departure date, travel destination and dates, choice of airlines and flight class, as well as, departure timings. This means that travelers who purchase Pinfare closer to their intended departure date, or have chosen peak holiday season to travel, are likely to pay a higher premium. When insured by Pinfare, the traveler receives a daily update on the price of each pinned flight itinerary via email. To ensure that the traveler purchases the pinned flight itinerary, Pinfare links the traveler directly to airline websites from its platform seamlessly so as to mitigate the potential of the traveler selecting and purchasing a flight itinerary that is different from the pinned and insured one. Purchasing a flight itinerary that is identical to the pinned one, albeit at a different price, is essential for claim validity. The Pinfare 7-Day Flight Price Index is the benchmarked price which claims are based on in the event of unexpected price surge and the pinned itinerary is purchased at a higher airfare than the Index. The latter is defined as the lowest price of each pinned flight itinerary daily as stipulated by Skyscanner during the coverage period, plus 10%. Typically, if a traveller’s claim falls within the Index, the price difference between the purchase and pinned price of the chosen flight itinerary can be claimed, subject to a $10 co-payment. Those insured by Pinfare can make an e-claim by submitting the confirmed flight itinerary, original receipt which states the breakdown of costs and proof of identity for validation on the Pinfare website. While the traveller has up to twenty-one days to make a claim from the date of the policy purchase, a pay-out via PayNow can be expected within three business days from the day of a claim submission. Pinfare currently insures economy flights to six countries including Malaysia, Indonesia, Thailand, Vietnam, Philippines and Hong Kong, and will extend coverage to more countries by the end of 2019.
Singapore insurer service provider and airline comparison site Skyscanner have launched premium , a premium insurance product which allows travellers to insure flight itineraries at certain price points . Pinfare can insure up to three itineraries against price fluctuations for 180 days , with customers able to claim the premium if prices increase . Customers will have to purchase the policy at least three weeks prior to a flight ’s departure date , for premiums as low as SGD5 ( $ 3.70 ) . Pinfare is available for flights to Malaysia , Indonesia , Thailand , Vietnam , Philippines and Hong Kong , with plans to expand by the end of 2019 .