Singlife with Aviva Collaborates with CO2 Connect (CO2X)to Develop New Green Motor Insurance for Electric Vehicles
Singapore, 1st November 2022
Singlife with Aviva, a leading homegrown financial services company, today announces that it is partnering CO2 Connect (CO2X), an inclusive one-stop sustainability platform for carbon emissions tracking, to develop new green motor insurance for electric vehicles.
Singlife will leverage CO2X’s data tracking and analytics capabilities to publish policyholders’ sustainability reports on ESGpedia, which powers the ESG Registry of the Monetary Authority of Singapore's (MAS) Project Greenprint, built by Hashstacs Pte Ltd (STACS). Using this information obtained with consent from insurance policyholders, Singlife will be able to efficiently develop and better structure new motor insurance policies by accurately assessing and monitoring environmental impact and costs.
ESGpedia tracks data including fuel consumption, carbon emissions, and carbon intensity. It also provides benchmarkings against industry standards, as well as overall levels of carbon savings, which provide enhanced visibility to companies who are looking to track their sustainability performance and carbon footprint. Financial institutions will also be able to access this data and use it to develop greener capital financing solutions which can help in the formulation of data-driven emission reduction strategies.
As part of this initiative, Singlife will insure a fleet of six electric vehicles under EVFY Pte Ltd, an environmentally friendly, last-mile logistic solutions company and subscriber to the CO2X platform in the initial phase. Singlife will independently assess all captured carbon data and monthly emissions reports for each insured vehicle, as it looks to expand its motor insurance offering to other electric vehicle fleet operators.
Chia Ko Wen, Head of Sustainability, Singlife with Aviva, said: “Announcing our collaboration with cutting-edge industry partners such as CO2 Connect and ESGpedia is testament to the hard work that many have undertaken to transform the transportation and logistics industry into one that is sustainable, ethical, and aligned with Singapore’s wider environmental goals. Our ambition is not just focused on helping our valued clients find better ways to manage their financial and sustainability targets ethically, but to do so in a data-driven and seamless way.”
Benjamin Soh, Managing Director at STACS, Co-Founder at CO2X said: “The transportation sector's overall carbon footprint is about 15% of the country's carbon emissions. With the Singapore Green Plan 2030 envisioning a cleaner and greener Singapore as well as the drive to Net Zero by 2050, there is a dire need for the sector to make drastic cuts to its current GHG emission levels. We are excited to partner with Singlife and Aviva via CO2X and ESGpedia platform to jointly enable businesses in the transportation sector to transit to carbon neutrality with better data, carbon reporting, and lower insurance rates.”
Angie Koh, Chief Operating Officer, EVFY PTE LTD said: “EVFY specialises in green logistics, and we recognise that it may not be easy for companies to do so. While we are adept in infusing EV deliveries, Green Warehouses and other sustainable practices into their operations, it is encouraging to have Singlife and CO2X support us in quantifying our impact. For instance, utilising CO2X data reports on our EV usage to pilot Singapore’s first green motor insurance program by Singlife will go a long way to prove that sustainable mobility is financially and operationally feasible in Singapore.”
The collaboration follows the signing of a Memorandum of Understanding in October 2021, between industry and association leaders in the financial services, transport and logistics sectors, with support from the MAS, Enterprise Singapore and the Singapore Logistics Association.
The partnership between Singlife, CO2X, and ESGpedia will establish a precedent for cleaner, greener products in the transportation and logistics sector. This will pave a clear path forward for companies looking for a better way to sustainability.
For more information, please contact:
Business Development Manager
Tel: +65 9772 5950
Corporate Communications Manager
Singlife with Aviva
Tel: +65 9652 7098
Business Development Manager
Tel: +65 8163 7856
About Singlife with Aviva
Singlife with Aviva is a leading homegrown financial services company, offering consumers a better way to financial freedom. Through innovative, technology-enabled solutions and a wide range of products and services, Singlife provides consumers control over their financial well-being at every stage of their lives.
In addition to a comprehensive suite of insurance plans, employee benefits, partnerships with financial adviser channels and bancassurance, Singlife offers investment solutions through its dollarDEX and Navigator platforms. The mobile-first Singlife Account – with a Singlife Debit Card – allows customers to save, spend, earn and be insured all in one app.
First announced in September 2020 and valued at S$3.2 billion, the merger of Aviva Singapore and Singlife was the largest insurance deal in Singapore then and created one of the largest homegrown financial services companies in the republic. Singlife is an official signatory of the United Nations Principles for Sustainable Insurance, affirming its commitment to finding a better way to sustainability.
About CO2 Connect
CO2X is founded by 3 innovative multi-award-winning Singapore-based companies with a shared passion for technology for sustainability. By merging our proven expertise in the IoT, Data Analytics and Blockchain space, we bring ready solutions to address real world challenges within the sustainability space. CO2X aims to be the world’s most inclusive sustainability platform where businesses, technology and finance meet to drive sustainable change, accelerating the adoption of data-driven sustainability solutions across businesses of all sizes, across all sectors.
Learn more about CO2X and register your interest: www.co2connect.com
EVFY is the first-mover in decarbonising Singapore’s last-mile logistics ecosystem. Armed with one of the largest EV fleets in Singapore and a network of Green Warehouses, EVFY is dedicated to building a green economy for all. EVFY offers attractive EV leasing packages that empower its Driver-Partners to be agents of change for the environment. EVs are clean, powerful and cheap to refuel; email us at firstname.lastname@example.org for leasing enquiries, or join our Telegram community to be part of our EV movement today!