As the Asian communities around the world usher in the Lunar New Year with tons of food, firecrackers and traditional lion dance, at Asia Advisers Network, we bring you the freshest news and updates in the insurance industry.
This week we report on a new co-pay rider implemented in accordance with Singapore Ministry of Health’s guidelines, along with AIA China’s expansion in Hebei, and two CEO appointments.
Singapore: AXA Insurance launches new co-pay rider
AXA Enchanced Care is a new co-pay rider for its AXA Shield Plan that is designed to provide comprehensive end-to-end coverage. This is part of the Ministry of Health (MOH) guidelines (announced on 7 Mar 2018) to incorporate co-payment features in new Integrated Shield Plan (IP) riders.
Available from 1st April 2019, policyholders with the new rider will co-pay 5% of the claimable amount of their hospitalisation bills. In addition to having zero deductibles when seeking treatments at the AXA Panel of Specialists, restructured and community hospitals, there is a co-payment cap of SGD3,000 per policy year to protect policyholders from large hospitalisation bills. Policyholders will also receive up to 365 days of post-hospitalisation coverage.
Other than the standard hospitalisation coverage, the new rider also includes outpatient coverage for the following:
- Fractures, dislocations, sports injuries, dengue, Hand Foot Mouth Disease (HFMD) and food poisoning.
Exclusive benefits and value-added services for policyholders:
- Access to a panel of over 340 GP clinics
- Access to a panel of over 400 Specialist clinics
- Letter of Guarantee (LOG) limits for hospitalisation bills
- Access to a 24/7 AXA Shield LOG Hotline
For more information on AXA Enhanced Care, visit https://www.axa.com.sg/our-solutions/personal/health/axa-shield/axa-enhanced-care
China: First pay-for-performance cancer insurance coverage launched
China's first pay-for-performance insurance for oncology has been launched, through which breast cancer patients can receive standardised treatment involving innovative therapies.
The programme, known as Bo'ai Xin'an — Patient Benefit Management Programme for breast cancer patients — is a result of collaboration among the Shanghai Branch of PICC Health Insurance, the Shanghai MediTrust Health and Pfizer China, reported China Daily.
Under the programme, breast cancer patients who qualify under the project can obtain insurance compensation within four months of successful application. The amount of compensation is based on 33.5% of already purchased Ibrance treatment, said Zhang Xiaodong, CEO of Shanghai MediTrust Health. Ibrance is used to treat locally advanced or metastatic breast cancer.
The programme currently covers 34 Chinese cities.
AIA China receives regulatory approval to prepare sales and service centres in Hebei
The China Banking and Insurance Regulatory Commission (CBIRC) has given approval to AIA China for the establishment of sales and service centres in Hebei.
The approval is in accordance with the existing regulatory policy and pilot programme on promoting insurance integration under the Beijing-Tianjin-Hebei Integration Plan.
AIA China will commence operations once the final regulatory approval on the completion of the preparation work is received.
People on the Move
QBE appoints new CEO of Asia
Photo from LinkedIn
Jason Hammond has been named CEO of Asia at QBE International. His responsibilities include QBE’s Asia operations in China, Macau, Hong Kong, Singapore, Malaysia and Vietnam. Based in Singapore, he reports to Richard Pryce, CEO of QBE International.
Mr Hammond’s appointment comes as part of a recent restructure to create a more aligned and customer-centric business across the QBE International Division comprising of Asia Operations and Europeans Operations.
Prior to this appointment, Mr Hammond was previously interim CEO for QBE North Asia.
NTUC Income appoints next CEO
The NTUC Income (Income) board of directors has appointed Mr Andrew Yeo as the company's next chief executive, effective 1 June 2019.
Mr Yeo will succeed Mr Ken Ng, who has been leading NTUC Income since 2013. Until his new role effects on 1 June 2019, Mr Yeo remains the executive vice-president and general manager of its Life & Health business, a position held since 2015.
Prior to NTUC Income, Mr Yeo held various leadership positions in global insurance companies and was based in various countries. He graduated from the University of Glasgow with a bachelor of engineering (first class honours) in naval architecture and ocean engineering.
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