NTUC Income, DBS PayLah! are most favourably perceived insurance and payment brands in Singapore: New ranking
Great Eastern and Visa are the next most favourably viewed brands, according to the Singapore study by YouGov.
SINGAPORE – NTUC Income and DBS PayLah! have taken the lead in YouGov's annual BrandIndex – a syndicated brand tracker which continuously collects data on thousands of brands around the globe every day – as the most favourably perceived insurance and payment brand respectively for consumers.
The insurer and payment service provider were viewed most positively by consumers over the past 12 months, in terms of overall brand health, ad awareness and purchase consideration.
In a statement on Wednesday (24 January), YouGov said that NTUC Income achieved the highest Index score (26.5) among major insurance companies in Singapore. Great Eastern is the next most favourably viewed insurance brand (23.6), followed at some distance by AIA (16.9) and Prudential (16.2), SingLife (9.8) and Manulife (8).
Index scores are an overall measure of brand health – calculated as an average of Impression, Quality, Value, Corporate Reputation, Customer Satisfaction and Recommendation scores.
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The Index also showed that more than one in four (27.5 per cent) consumers, on average over the past year, recalled seeing ads of NTUC Income. In comparison, around a fifth were aware of ads by Great Eastern (19.3 per cent) and a sixth for AIA (16.2 per cent).
Similarly, when asked about which providers they were considering their next insurance purchase with, more than one in four (26.5 per cent) consumers, on average over the past year, selected NTUC Insurance.
In comparison, over a fifth say they were considering Great Eastern (22.2 per cent), followed by AIA (18.2 per cent) – ahead of Prudential (16.9 per cent), SingLife (9.6 per cent) and Manulife (8.3 per cent).
Most favourable perceived payment service provider
Among major payment providers in Singapore, DBS PayLah! was viewed most positively and achieved the highest Index score (27.5).
Visa is the next most favourably viewed payment provider (25.3) by consumers, followed by Mastercard (23.6), American Express (9.9) and UnionPay (1.3).
In terms of purchase consideration, on average over the past year, about two in five (41.4 per cent) of consumers said they were considering DBS PayLah! for their next purchases.
In comparison, around a quarter say they were considering Visa (26 per cent) and Mastercard (24.5 per cent), while less than a tenth said the same for American Express (8.9 per cent) and UnionPay (1.8 per cent).
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