What's New in the Market - Week 43, 2018

| 26 Oct 2018

It is week 43 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?

We kick off with FinAlly and their financial planning tools that are targeted at consumers.

Singapore: FinAlly launches user-centric financial planning tools

FinAlly has launched a series of user-focused tools that provide personalised recommendations based on needs and budget. With over 60 products and 5 Discretionary Investment Fund Portfolio, it states it provides the most unbiased and comprehensive range of insurance plans and fund solutions.

FinAlly’s financial tools were developed based on the research results gathered from both online and face-to-face interviews. Results from the research indicated that 90% of the customers desire a tool that provides unbiased financial recommendations suited to their needs and they are highly aware that they need different plans as they enter a new stage in life. And more than 75% of the customers are willing to do their own planning online if there are incentives involved.

With the introduction of Easy Bundles and Personalised Calculators, FinAlly aims to empower users to make informed financial choices as their financial goals evolve.

Once a user has shortlisted the plans that best suit their current needs, an experienced FinAlly financial adviser will provide recommendations and advice to help users get the most cost-effective or the highest-yielding solution according to their goals and right-sized to their current lifestyle.

 

India: Insurance for marathon runners

Symbo India Insurance Broking (“Symbo”), a digital insurance brokerage firm, in partnership with Reliance General Insurance and event ticketing company Goeventz, has launched Marathon Insurance.

The Marathon Insurance product covers accident and medical emergency during the event. The policy also offers runners cover in case of event cancellation by an organiser or if the participant cannot run due to health issues, accident or bereavement, along with a flight cancellation or loss of checked in baggage during transit. The expected claims settlement period is ten days.

To provide customers with a seamless digital experience, Symbo has achieved end-to-end integration with Goeventz to allow marathoners to purchase the insurance at the time of registration. Symbo’s technology platform will also handle all customer service and claims activity for policyholders.

 

Singapore: AXA launches new retirement plans

AXA Insurance has launched two new insurance plans, AXA Life Treasure and AXA Retire Treasure. Both plans offer customers the flexibility to customise their coverage according to their needs and priorities at different life stages.

AXA Life Treasure

AXA Life Treasure is a whole life insurance plan designed to provide comprehensive coverage for death, terminal illness and total and permanent disability, with a wide range of optional riders for enhanced coverage on critical illness for greater peace of mind.

This plan provides lifetime financial protection, where customers can choose from various premium payment options, from 10 to 30 years in payment terms and premium payment on a monthly, quarterly, semi-annual or annual basis, according to their financial circumstances.

A wide range of optional riders are available for enhanced protection.

It also offers a Guaranteed Insurability Option to increase coverage at key milestones in life, such as getting married or having a new born baby, with no medical underwriting required.

AXA Retire Treasure

With people living longer lives, the likelihood of spending more time in retirement increases. Financial planning and preparedness for retirement has become even more critical.

AXA Retire Treasure is a flexible endowment plan that provides a steady stream of guaranteed annual income to supplement retirement income or lifestyle needs up to age 120.

This plan helps customers reach their long-term savings goals and gives them the flexibility to decide the amount of guaranteed annual income they want to receive. Customers have a choice for their premium payment term, from Single Premium to 30 years. They can also choose an income payout period up to 120 years old to cater to their retirement needs, and have the flexibility to redeposit their Guaranteed Annual Income with AXA to earn 3 percent interest per annum if they do not need the money yet.

AXA Retire Treasure also offers an extra layer of protection with the option to add a waiver of premium rider, so that in the event of unforeseen circumstances such as disability, critical illness, or involuntary loss of employment, they do not have to worry about future premium payments.

Key benefits of AXA Life Treasure and AXA Retire Treasure:

AXA Life Treasure

Flexible premium payment term: Customers can choose to pay their premiums over 10, 15, 20, 25 or 30 years, and on a monthly, quarterly, semi-annual or annual basis.

Additional cover with no underwriting: As their protection needs increase, customers have the option to increase their coverage with eligible plans at key milestone events without medical underwriting.

Enhanced protection with optional riders: Customers have the option to select from a wide range of riders.

The multiplier benefit rider pays up to 7 times sum assured in case of death, total and permanent disability, terminal illness and critical illness.

The Early Critical Illness benefit rider covers up to 132 conditions for early, intermediate and advanced stage critical illness and provides additional payout for special and juvenile conditions. The Critical Illness benefit rider covers 40 advanced stage critical illnesses. Upon diagnosis of top common critical illnesses – major cancers, heart attack and stroke – customers will receive an additional 50 percent of rider’s sum assured.

With the accidental death benefit rider, customers can receive double indemnity payout of up to 14 times of the sum assured in case of accidental death.

Other optional riders are available to waive future premiums to eliminate disruption to a customer’s protection plan in the event of misfortune.

AXA Retire treasure

Flexible premium payment term: Customers can choose from single premium or pay premiums for 5, 10, 15, 20, 25 or 30 years and an income payout period of 10,15, 20, 25 years or lifetime (until age 120). 

Guaranteed annual income and capital: Customers will receive a steady stream of guaranteed income after premium payment term and accumulation period, with the option to not have to wait for retirement age. Customers also get back 100 percent of their premiums at the end of premium payment term and accumulation period (if any).

Enhanced protection with optional riders: Customers have the option to add an extra layer of protection for their savings with waiver of premium riders in case of unforeseen events such as disability, critical illness or involuntary loss of employment. 

Hassle-free application: No medical questions or examination is required. All applications for the basic plan will be accepted.

Sean Goh, Managing Director, Life, AXA Insurance, said, “We have introduced AXA Life Treasure and AXA Retire Treasure to give our customers the flexibility to tailor their insurance plans to suit their needs and budget as we recognise that there’s no one-size-fits-all solution. We want to empower them to live better lives by taking control of their protection needs, so they can achieve their financial goals and ensure long-term financial security for themselves and their loved ones at every stage of their lives.”

 

Manulife Malaysia CEO wins Outstanding Leaders in Asia by ACES Awards

Mark O'Dell, the Group Chief Executive Officer (GCEO) of Manulife Holdings Berhad (MHB) and Chief Executive Officer (CEO) of Manulife Insurance Berhad in Malaysia has been conferred the Outstanding Leaders in Asia award by Asia Corporate Excellence & Sustainability Awards (ACES Awards).

Joining Manulife in 2008 as the President and CEO of Manulife Taiwan and became Senior Vice President, South East Asia in November 2012, overseeing strong growth in Singapore, Malaysia and the Philippines.

As Group CEO and Executive Director of MHB since January 2013, he has been spearheading several significant milestones for Manulife Malaysia and its subsidiaries. Under his leadership, the acquisition of MAAKL Mutual Berhad (MAAKL) and the activation of the first exclusive bank partnership with Alliance Bank happened.

Strengthening MHB's history as an active and caring corporate citizen, Mark has partnered with a non-profit crowdfunding platform in a three-year contract. Since 2016, Manulife and its employees have been actively involved in various health and community-related initiatives. For this effort, Manulife Malaysia was awarded the CSR Malaysia Award 2018, Company of the Year in the Financial Services Category for Pioneering Community Health & Children Welfare Initiatives.

In winning this award, Mark said, "I am proud to be recognised by ACES for my body of work in Asia, spanning the past 24 years in 5 different countries. In particular because ACES promotes and recognises leaders who carry out significant CSR campaigns, demonstrate compassion for the community, recognise the importance of Human Resources as assets in addition to generating financial gains."

 

Asia: Pacific Life Re collaborates with P9 Ltd to develop interactive insurance ‘customer journeys’

Pacific Life Re has announced an exclusive partnership with P9 Ltd, a Hong Kong-based technology company which engages in the production of interactive films, animations and gamification, along with data collection and analysis.

This collaboration will focus on the development of interactive 'customer journeys' which provide education of life's risks, conveniently accessible solutions and simple fulfilment. In addition, customers will be able to personalise their experience and influence the nature of generic and risk education information provided to them.

This partnership extends across Asia Pacific and reinforces Pacific Life Re's commitment in bringing a new capability to insurer distribution of its life and health propositions. It combines the company's passion for driving innovation in products and services as well as P9 Ltd's digital capabilities and cross-industry understanding of customer motivations.

Joe Durkan, Regional Alternative Distribution Leader, Pacific Life Re Asia, said, " Through gamified education and our strengths in guaranteed and simplified issue product propositions, we bring holistic support to our insurance partners in engaging and protecting both new and existing customers with increasing effectiveness in this digital age."

"The digital revolution allows us to make any process more effective, efficient, and exciting. We are pleased to build simple and engaging client distribution tools, enabling a truly easy insurance sales experience for Pacific Life Re's clients", concludes Benjamin Tag, Co-founder and Chief Production Officer of P9 Ltd. 

 

Asia: MSIG Asia names William Song CRO and Rebecca Ang Lee CMO

General insurer MSIG Holdings Asia has promoted two senior Vice Presidents, Rebecca Ang Lee to chief marketing officer (CMO) and William Song to chief risk officer (CRO).

Before the promotion, Lee was overseeing brand and communications, along with business excellence across ASEAN, Hong Kong, Australia and New Zealand.  While Song led the actuarial department from 2010-2015, and managed the enterprise risk management from 2015-2018.

In both their new roles, Song will be responsible for risk management across the region including ASEAN, Hong Kong, Australia, and New Zealand. Lee will be in charged with driving the group’s key priorities on branding and sustainability as part of her expanded portfolio. She will also be leading the newly set up Sustainability Taskforce within the region. Currently, she sits on the committee of the brand and communications working group to provide strategic direction on the group’s international branding initiatives.

The key appointments are a bid to help drive the group’s medium-term management plan “Vision 2021”, announced in April this year. The plan highlights the company’s strategy to boost digitalisation, reform business and risk portfolios. This is while pursuing strengths such as in diversity, capital, human assets, customer base, and more.

 

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Do you have a new product or programme to share? Or perhaps you are keen to explore any collaborations with us or our partners?  Reach out to us at Connect@AsiaAdvisersNetwork.com