So, what’s new in the market?
Hong Kong: HSBC Life Enhanced Annuity Plan features to meet evolving retirement needs
HSBC Life has announced the launch of the enhanced EarlyIncome Annuity Plan, offering customers the options to choose an annuity period up to age 99, as well as a 5-year premium period to reflect customers’ changing needs as longevity increases. EarlyIncome Annuity Plan is a deferred annuity plan which enables customers to pay in to their early retirement plan for a short period.
Key features include:
- The flexibility to opt for an annuity period of 20 years or up to age 99
- Various premium payment options – Pay monthly or annual premiums for 3 or 5 years or prepay the required premiums with a single payment
- Life cover with a lump-sum death benefit or in the form of monthly annuity payments for the rest of the annuity period
- Projected breakeven can be achieved soonest at the 8th policy year
- Extra protection embedded with no additional premiums: unemployment benefit, additional accidental death benefit and terminal illness benefit
To know more about the product details, please visit: https://www.hsbc.com.hk/insurance/products/life/early-income-annuity/
Hong Kong: Chubb launches Enhanced Business Travel Smart Insurance
Chubb has launched Enhanced Business Travel Smart Insurance to help companies provide relevant coverage for business travel while affirming their reputation as responsible employers.
These enhancements include:
- The waiver of the age limit for policy issuance and renewal.
- Inclusion of cover for travel delays caused by reasons beyond the airline's control.
- Coverage for hairline fractures caused by accidents.
- Extension of cover up to pre-32nd week for expecting mothers, and
- Extension of 100% unused medical limit for follow-up treatments for 12 months.
For more information about Chubb Corporate Business Travel Smart Insurance, please visit https://www.chubb.com/hk-en/business/group-business-travel-insurance.aspx.
Malaysia: MSIG Launches Home SafeGuard
MSIG has launched a new home protection policy- Home SafeGuard. Homeowners can obtain an estimated rebuilding cost for their property based on the current market rates for labour and materials.
Home SafeGuard works well with Persatuan Insurans Am Malaysia's (PIAM's) online Building Cost Calculator (BCC) tool. A Professional Quantity surveying company engaged by PIAM would provide credible building cost index data into the BCC on an annual basis.
Homeowners used to obtain a rebuilding estimate from a Registered Valuer which would be costly and/or time consuming. Because of the time and costs involved, many homeowners do not update their property’s ‘insured value’ regularly. This becomes a problem since rebuilding costs may rise every year, and some homeowners could find their home insurance pay-out not adequate enough to cover the increased costs.
To encourage consumers to use PIAM's BCC tool, MSIG is providing Home SafeGuard customers a significant up to 30% discount on their premiums, as well as other new benefits.
For more information, watch MSIG Home SafeGuard video here: https://www.youtube.com/watch?v=fnxYTHTDzxg
China: AXA and Allianz to become 100% foreign-owned insurance companies in China
AXA announced that it had entered into an agreement with the current domestic shareholders of AXA Tianping Property & Casualty Insurance Company Ltd to acquire the remaining 50% stake of the company.
AXA Tianping has a national footprint of 25 branches and 93 sub-branches, covering 20 provinces which together generate over 85% of China’s GDP.
Completion of the transaction and confirmation of Executive Chairman role are subject to customary closing conditions, including the receipt of regulatory approvals, most notably from the China Banking and Insurance Regulatory Commission.
On the completion of the transaction, AXA Tianping will be fully consolidated into the AXA Group’s financial statements.
Allianz has received the approval from the China Banking and Insurance Regulatory Commission (CBIRC) for the preparatory establishment of a 100% owned insurance holding company in China.
The holding company is expected to be established in 2019 and Allianz will work on the necessary preparatory work under the guidance and assistance of the regulatory authorities.
This holding structure will anchor Allianz Group’s long-term commitment to China by enhancing its strategic and financial flexibility to capture business opportunities and drive long-term success in the market. Allianz expects China to continue to set the pace for global insurance market growth, with premiums expected to rise 14% per annum in the coming decade.
MetLife Hong Kong Launches Income Plan and a Critical Illness Reimbursement Product
MetLife Retirement Enricher Income Plan
The plan is a flexible retirement solution that offers a steady stream of guaranteed retirement income up to age 120, along with adaptability and wealth growth potential.
Key features of MetLife Retirement Enricher Income Plan include:
- Monthly income up to age 120 -- The plan offers monthly income up to age 120. Throughout the income period, in addition to the guaranteed monthly income, customers may also receive additional, non-guaranteed monthly income.
- Flexibility to pay at own pace -- Four premium payment periods are available for customers' selection: 5, 10, 15 or 20 years. A premium prepayment option is available for the 5-year premium payment term.
- Greater control on retirement planning -- Customers may choose to start receiving the monthly income from age 55, 60 or 65. The Plan also allows customers to postpone the start date of receiving their monthly income to a later date than planned.
- Accumulation period for building retirement reserve -- The plan has built-in capability to grow the retirement reserve with guaranteed cash value and wealth growth potential with a terminal dividend (non-guaranteed).
MetLife Retirement Enricher Income Plan is available for customers aged 18 to 55. From now till December 31, 2018, customers who successfully apply for MetLife Retirement Enricher Income Plan can enjoy a premium discount of up to one month#.
Health Selection Critical Care Plan
The plan is designed to reimburse diagnosis costs, treatment and other eligible expenses up to a lifetime limit of HK$12 million for the most common critical illnesses: cancer (including carcinoma-in-situ), heart attack, stroke and kidney failure.
Key features of MetLife Health Selection Critical Care Plan include:
- First-in-market critical illness reimbursement plan that covers kidney failure -- The plan covers cancer (including carcinoma-in-situ), heart attack, stroke and kidney failure.
- Affordable premiums -- By paying as low as around HK$3 a day#, customers can receive reimbursement for eligible medical expenses of up to HK$2 million for each occurrence of a covered disease, subject to a lifetime limit of HK$12 million.
- Comprehensive reimbursement -- The plan reimburses expenses for diagnosis, traditional treatments and new treatments, recovery progress monitoring and other eligible items.
- Continued protection -- Claims for multiple covered diseases are allowed. The plan also replenishes the covered disease limit for persisting cancer every 3 years.
- Extended care -- The plan covers expenses for complete surgical excision of covered benign tumors^ and alternative treatments such as acupuncture and physiotherapy.
- 2-year premium waiver -- The plan waives premiums for 2 years upon diagnosis of a covered disease (including carcinoma-in-situ) for the first time.
- Guaranteed renewal -- The plan is guaranteed renewable up to age 100 of the insured person.
Singapore: Etiqa Launches ELASTIQ - New Universal Life Insurance with First-In-Market Features and High Guaranteed Crediting Rate of 2.02% p.a.
The plan ELASTIQ offers life coverage, high guaranteed crediting rate of 2.02%p.a. in the first 3 years, and a short 90-day lock-in period, after which customers enjoy the flexibility to top-up or withdraw their funds without any penalty charges or interest clawback.
With millennials making up 20% of the population in Singapore, the premium is kept at a minimum of $5,000 to provide accessibility to all.
Customers can manage their finances online such as performing ad-hoc and recurring top-ups, up to a maximum of S$200,000 in total premiums paid, or make partial withdrawals after a lock-in period of 90 days without penalty charges.
ELASTIQ also offers a projected non-guaranteed loyalty bonus of 0.3% of the policy's average monthly account value for the past 36 policy months in every 3 years interval if no partial withdrawal(s) has been made before.
People on the Move
Tokio Marine Life’s Singapore CEO resigns
James Tan, CEO of Tokio Marine Life’s Singapore (TMLS), resigns with effect 01 Dec 2018.
Prior to being CEO of TMLS since Jun 2016, Mr Tan was managing director for Friends Provident International in Hong Kong. He also held managerial roles in AIA, Standard Chartered Bank, and ING in the past.
While the board selects Tan’s successor, Chief Financial Officer Kenneth Chew will act as interim CEO during the transition period, and will oversee the company’s day-to-day activities.
“The Board thanks Mr Tan for his dedication and contribution to TMLS, and wishes him well for the future,” said Tan Cheng Han, chairman of the board of directors at TMLS.
Hong Kong: AIG Appoints Sachin N Shah as Chief Executive Officer Asia Pacific
American International Group, Inc. (AIG) appointed Sachin N Shah as Chief Executive Officer of Asia Pacific, AIG General Insurance. In this role, Mr. Shah will report to Christopher Townsend, Chief Executive Officer of AIG General Insurance International, and will be based in Singapore.
Prior to this appointment, Mr Shah was Chairman, President and CEO of MetLife Japan, a position he held since 2013.
In making the appointment, Mr. Townsend commented: “I am pleased to welcome Sachin Shah to AIG as CEO of our Asia Pacific business. I look forward to working closely with Sachin to deliver innovation and value to our customers and distribution partners in this dynamic region.”
GoBear latest appointments: Nelius Strydom and Marnix Zwart
GoBear welcomes Nelius Strydom as the new Chief Product Officer. He takes over the role from Marnix Zwart who would be moving to a full commercial role as Chief Commercial Officer.
Nelius Strydom has more than two decades of experience in the finance industry, including Chief Finance Officer (CFO) roles with Standard Chartered, where he was involved in their customer profitably platforms. Since 2011, he has been helping businesses bring meaning to their customer data, digitise the insurance process, and prepare business models for scaling and expansion.
Nelius will lead on the strategy, shaping and delivery to market of GoBear’s products, while Marnix will focus on GoBear’s business development strategy, overall sales, country performance and executing on product delivery across seven countries.
Marnix Zwart is one of four GoBear co-founders. Its CPO from GoBear’s inception in 2015, he developed and grew the company’s slew of product offerings from scratch to its stable of more than 1,500 products, over 100 partners and seven markets today. Marnix has close to two decades of experience in the financial services industry, conceiving, creating and successfully launching online businesses, building online B2B and B2C products, and expanding sales.
Both appointments are effective immediately.
To keep up with all the latest happenings at Asia Advisers Network, follow us on Facebook / LinkedIn.
Meanwhile, here are some links worth clicking to take the tension off the work stress ;)
If you want to improve your sales, learn how to be a better leader, or you just need some motivation to kick start your engine.
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