What's New in the Market - Week 46

| 16 Nov 2018

It is week 46 of 2018, here's the low down on everything that's happening within the Insurance industry. Whether it's a new product launch, talent movements, new initiatives or collaborations with the most likely/unlikely partnerships- this is where you stay updated and relevant.

So, what’s new in the market?

As we’re approaching rainy season, let us kick off with an insurance that’s tied to the weather in Singapore- Droplet, from NTUC Income (Income).

Singapore: “Rainsurance” against unpredictable surge pricing on ride-hailing platforms when it rains

NTUC Income (Income) has launched Droplet, an insurance by Digital Income- its in-house Digital Transformation Office (DTO).

Droplet offers insurance to consumers who book a ride via ride-hailing platforms such as Grab (and other ride-hailing services in the future).

In Singapore, where an average of 167 days of rainfall can be expected a year, consumers can now be covered by Droplet as it offers a pay-out when prices on ride-hailing platforms surge due to rain.

When it rains

Consumers covered by Droplet can expect a pay-out of up to 60% of their trip fare and/or cancellation fee when they hail a ride in Singapore if it was raining at the point of pick-up.

Droplet must be purchased at least one day ahead of their rides. For a premium of no more than $9.60, consumers can submit as many ride receipts for claim, up to a maximum of $50 on the same day.

Using Robotic Process Automation (RPA) Technology, each receipt submission can be easily and quickly verified for rain at the time and location of the ride book.

Premium pricing will fluctuate

A real-time weather forecast is made available at the point of purchase on www.droplet.sg with premium pricing dynamically pegged to rain forecast.

This means, Droplet premiums will vary according to when consumers purchase the “rainsurance”. Consumers, who purchase Droplet closer to the days that forecast rain are likely to pay a higher premium compared to those who purchase the cover in advance.

For more information on Droplet, please visit here.

Hong Kong: HSBC Ruby Global Life Insurance launches

Ruby Global Life Insurance Plan (“HSBC Ruby Global Life”) is designed to meet the needs of small and medium enterprises (SMEs) and startups seeking affordable keyman protection, business succession and employee benefits all under one single product.

The product is offered to businesses in Hong Kong. The keyman insurance not only addresses the critical need for running a successful business but also includes long term savings component for potential wealth appreciation.

Other key features of the product include:

- Affordable premium and entry level: full protection with a sum insured as low as USD400,000.

- Potential growth: Realises potential capital growth from Guaranteed Cash Value and a non-guaranteed Special Bonus;

- Short breakeven period of approximately seven years

- Surrender benefits: offers a competitive early year surrender value in the event of emergency liquidity needs

For more information about the product, please visit here.  

 

Singapore: NTUC Income recalibrates insurance underwriting for seniors

NTUC Income (“Income”) has introduced a health underwriting questionnaire that targets seniors who are above 50 years old.

The questionnaire has been recalibrated based on findings from a Nielsen study commissioned by Income in 2017 to understand senior’s perceptions, attitudes and challenges towards insurance and purchase.

The senior- focused questionnaire differs from the standard health underwriting questionnaire in three main areas:

1. Requesting only for health declarations that are most relevant to seniors.

 2. Streamlining declaration of key medical conditions such as diabetes, heart attack, stroke, or cancer, to minimise excessive request for information.

3. Declaration for severe health conditions only if they have been actively managing them within the past 5 years. 

(a) Medical leave and/or on medication for two consecutive weeks and beyond;

(b) Hospitalisation;

(c) Regular follow up with a medical practitioner;

(d) On regular medications;

(e) Use of assistance device or help from another person to carry out daily activities.

As a result, the recalibrated underwriting process for seniors removes the ambiguity of having to declare medical conditions, which took place a long time ago, especially when they were one-time occurrences.

Positive reactions

It was reported that the Nielsen study showed 93% of the respondents agreed it was easier to declare their health conditions via the senior-focused questionnaire given the specified time frame. Majority were also clearer about the extent of information to provide and were less concerned about providing medical proof given the reduced scope of information required.

To read the press release, visit here.

 

Hannover Re and dacadoo join forces

Hannover Re, the world’s fourth-largest reinsurer, and dacadoo, the Switzerland-based healthtech- and insurtech company, have announced a select, multi-market working partnership. Together, they are offering insurers a combination of Hannover Re’s automated underwriting system and dacadoo’s digital health engagement platform in Europe and Asia.

During the initial phase, Hannover Re’s underwriting solution, hr|ReFlex, will be combined with dacadoo’s health engagement app, enabling life and health insurers to offer consumers a digital end-to-end solution. At a later phase, the partners aim to develop a fully integrated technical solution, as well as product concepts based on individual lifestyle and health engagement. This will enhance Hannover Re’s and dacadoo’s joint proposition for life and health insurers aiming to offer straight-through-processes, accelerated underwriting, and lifestyle-based insurance products along the pay-as-you-live concept.

Designed and developed by Hannover Re, hr|ReFlex is a modular automated underwriting system that provides immediate and risk-adequate decisions directly at the point of sale. It supports all sales channels and leverages the full potential of an all-digital business process, increasing turnover and profitability. Its unique flexibility allows an easy integration of new products or features.

You may read here for more details. 

 

Singapore: Aviva launches MyCoreCI for Type 2 diabetics

Around 30% of Singaporeans likely to have diabetes in their lifetime and latest statistics in 2017 showing that one in nine Singaporeans have diabetes. 

With diabetes on the rise, Aviva launched a protection plan tailored for Type 2 diabetics, to financially protect them against critical illnesses and diabetic complications. It is also designed for pre-diabetics and those with high Body Mass Index (BMI), high blood pressure and/or high cholesterol.

MyCoreCI Plan offers individuals with pre-existing health conditions the following:

• Coverage for 11 critical illnesses such as cancer, heart attack and stroke.

• Coverage for total and permanent disability, terminal illness, and death.

• Payout of 20% of the covered amount for 4 diabetes complications, such as limb amputation and

diabetic ketoacidosis.

• Advanced payout of 10% of the covered amount if angioplasty or other invasive treatment for

coronary artery is needed.

 

Key Benefits of MyCoreCI Plan:

 

For more information about MyCoreCI Plan, visit here. 

 

People on the Move

Brandon Carter Named Chair of LL Global Board of Directors for 2019

LIMRA and LOMA announced Brandon Carter president and chair, USAA Life Insurance Company, as chair of the LL Global board of directors for 2019.

The LL Global board provides oversight and guidance to LIMRA and LOMA to ensure the strategic direction continues to meet the evolving the needs of member companies.

 

Global: Mark Wang appointed as Chief Investment Officer, Group Insurance at HSBC

Mark Wang has been appointed Chief Investment Officer, Group Insurance at HSBC. Mr Wang will provide leadership to the Investment teams across HSBC’s life insurance manufacturing entities globally with responsibility for investment strategy, investment governance process and mandate management.

He will work closely with HSBC Global Asset Management to ensure delivery of optimal outcomes for policyholders and shareholders. Based in Hong Kong, Mr Wang will report to Katrien Verwilst, Head of Balance Sheet Optimisation, Group Insurance, and will also support balance sheet management initiatives for the insurance business globally.

 

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