It is week 50 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?
MetLife Hong Kong Launches MetLife Precious Savings Plan
(In the photo: Eva Wong, Chief Agency Officer, and Vincent Chan, Head of Product of MetLife Hong Kong)
MetLife Precious Savings Plan is designed for wealth growth and legacy bestowal. The plan offers the flexibility to change the insured person an unlimited number of times, as well as guaranteed returns and protection up to age 120 of the initial insured person.
Key features of MetLife Precious Savings Plan include:
- Wealth growth up to age 120 of the initial insured person – Offers guaranteed cash coupons, guaranteed cash value and non-guaranteed dividends as well as protection- all up to age 120 of the initial insured person.
- Option to change insured person an unlimited number of times – Flexibility and ease of legacy transfer by allowing customers to change the insured person unlimited number of times.
- High cash liquidity – Cash coupons and declared annual dividends can be cashed out without having to surrender the policy.
- Flexibility to pay at own pace – Select from four premium payment periods: 2,10,15,20 years.
- Enhanced protection – Further premiums payable under the basic plan (up to USD$100,000) will be waived if the insured person becomes totally and permanently disable as a result of bodily injury due to an accident before the age of 65.
For further details about MetLife Precious Savings Plan, please visit: www.metlife.com.hk/en/customer/precious
Singapore: Etiqa Launches Tiq Travel Insurance With Coverage For Pre-Existing Medical Conditions And Optional Add-Ons
Tiq Travel Insurance is a plan that covers pre-existing medical conditions for travellers. It allows customisation with add-on coverages like pet hotel and child education cover.
There are three options under Pre-Ex to suit varying degrees of protection needs. The coverage includes overseas medical and hospital expenses of up to $150,000, and emergency medical evacuation and repatriation of up to $250,000 in the event a traveller suffers any illnesses due to a pre-existing medical condition during the trip.
In order to cater to changing travellers' demographics, travel style and party composition, Tiq Travel Insurance can be purchased for individuals, married couples, family of up to 6 adults, and group of up to 10 people. Individuals who are travelling together as a group can purchase different plans that cater to individuals' protection needs and preference under the group insurance.
To find out more about Tiq Travel Insurance, please visit: http://po.st/TiqTravel
Singapore: Great Eastern Targets General Insurance Business in Indonesia
Great Eastern General Insurance Limited entered a sale and purchase agreement to acquire 100% of shares in PT QBE General Insurance Indonesia (“QBE Indonesia”) from QBE Asia Pacific Holdings Limited and QBE Insurance (International) Pty Limited.
Group CEO of Great Eastern Holdings, Khor Hock Seng said, “The acquisition of QBE Indonesia is part of our broader business strategy to further build our general insurance operations into a significant business pillar for the Great Eastern Group and to deepen our footprint in Indonesia.”
The transaction is expected to be completed in the first half year 2019, subject to regulatory approval from Otoritas Jasa Keuangan and the Monetary Authority of Singapore.
People on the Move
Damien Green to lead Strategy and Transformation for Manulife Asia
Damien Green joins Manulife Asia as Chief Strategy Officer, and reports to CEO Anil Wadhwani. He joins the Asia Executive Committee, too.
With over 17 years of insurance industry experience, Green’s responsibilities include developing and executing the strategic priorities for Manulife Asia as well as ensure effective collaboration and alignment across the company to advance its transformation agenda of becoming a digital, customer-centric market leader.
He has held a number of key senior leadership and Board positions across multiple Asian markets and industry segments including life, pensions, and employee benefits across all distribution channels. Damien joins Manulife most recently from MetLife, where he was President and CEO of MetLife Korea and Regional Executive overseeing the Hong Kong, Malaysia and Vietnam businesses.
Before this, Damien’s leadership experiences include Asia executive roles for both AIA and Metlife and being the CEO of both AIA Australia and MetLife Australia. He also spent several years working in leadership roles in the Australian pension sector, in State Government and in Industrial Relations.
HSBC Insurance appoints Harpreet Bindra as Head of Strategy
Harpreet joins HSBC Insurance as Head of Strategy and will report to Dimitri Anghelakis, Group Insurance Global Head of Business Development.
His responsibilities will include financial planning, external strategic engagements, and the delivery of strategic projects.
With over 16 years of broad ranging financial services experience, Harpreet joins HSBC from Prudential Financial Inc. where he was Vice President, Business Development and Shareholder Management, with overall responsibility for Asia Pacific, overseeing regional strategy, business development, M&A/joint ventures/new partnerships, post-merger integration, digital and innovation initiatives.
Prior to that, he was also Head of the Asia-Pacific Financial Institutions Group at Daiwa Securities Group Inc.
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