NTUC Income, DBS PayLah are SG’s most favored brands for insurance, payments

SINGAPORE: Data from YouGov BrandIndex shows that NTUC Income was viewed most positively by consumers in Singapore in 2023 among the major insurance companies, followed closely by Great Eastern. Among payment providers, meanwhile, DBS PayLah! and Visa ranked the highest.

The YouGov BrandIndex is a tracker collecting data concerning thousands of brands across the globe daily. It examines which of them has the strongest brand equity, which is defined as the commercial value coming from consumer perception of a brand itself, rather than its products or services.

For the YouGov index, brand health is measured based on average scores of the following criteria: Impression, Quality, Value, Corporate Reputation, Customer Satisfaction. and Recommendation.

Among insurers, NTUC Income emerges as number one, achieving the highest score, 26.5. Great Eastern, with a score of 23.6, came in second.

Here are the scores of other insurance companies: AIA, 16.9; Prudential, 16.2; Singlife, 9.8; and Manulife, 8.

NTUC Income scored the highest marks when it comes to Advertising Awareness across major insurance brands in 2023, with over one out of four (27.5 per cent) consumers saying they had seen its advertisements.

Top marks for Purchase Consideration went to NTUC Income as well, with 26.5 per cent of consumers saying they are considering the brand for their next insurance purchase.

Top Payment Providers

As for the payment providers for 2023, DBS Paylah! scored the highest index score, 27.5, showing that consumers viewed it the most positively among its competitors.

DBS Paylah! was followed very closely by Visa, 25.3; and Mastercard, 23.6, with American Express, 9.9, and UnionPay, 1.3 lagging far behind.

DBS Paylah! also saw the largest year-on-year improvement in Index scores (+0.5), ahead of UnionPay (+0.4).

DBS Paylah! showed top scores across all the categories on the Index. It has the biggest year-on-year improvement in Index scores and the highest Advertising Awareness score among payment providers in Singapore for 2023. It is, in fact, the only leading payment provider that saw a year-on-year improvement in ad awareness for the year.

In the category of Purchase Consideration, DBS PayLah!is also in pole position, with over two in five consumers (41.4 per cent) saying they would they consider the brand to process their next purchases.

Talking about high-performing brands in Singapore, in June of last year, YouGov highlighted French sporting goods retailer Decathlon as having the biggest boost in word-of-mouth (WOM) exposure in the country. Cosmetic company Sephora and Apple’s iPhone also did well during that time.

Last January, the company’s BrandIndex showed that Charles & Keith, Sheng Shiong Supermarket, and NTUC FairPrice had the biggest boost in the number of people who are talking about them that month. /TISG

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