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.
AIA Singapore partners GovTech to launch new digital service
AIA Singapore launched a new digital service to enable SingPass users to authorise the retrieval of personal data from MyInfo via SingPass Mobile. Developed in partnership with Government Technology Agency (GovTech), this new digital service is one of the first in Singapore amongst insurers that facilitates faster and more secure transactions for customers. It will also increase operational efficiencies for the company.
AIA Singapore also launched, AIA Pay EZ, an online payment platform that allows customers to pay policy premiums securely and conveniently. As compared to existing payment options, the payment process using AIA Pay EZ has been made simpler and more seamless by enabling customers to pay directly via their digital devices – anywhere, anytime.
These initiatives are part of AIA Singapore's ongoing efforts to advance its customer-centric digital transformation, aligned with Singapore’s Smart Nation ambition which includes establishing a single, national standard for secure and seamless digital transactions.
Malaysia: MSIG designed a fire insurance product for Social Enterprises
MSIG Insurance (Malaysia) Bhd (“MSIG Malaysia”), has designed a fire insurance package specifically created for the Orang Asli homes built by Epic Homes. Epic Homes provides a platform for sponsors to fund homes for the Orang Asli and for people from different walks of life to work together to raise living standards for marginalised Orang Asli communities, bridging the urban and rural divide. Epic Homes has so far built over 140 homes around Malaysia.
To ensure MSIG Malaysia understood Epic Homes' building eco-system, 33 employees were sent to experience a home build first hand. By working closely with Epic Homes on the ground, MSIG Malaysia gained an understanding of Epic Homes' operations and insights into the potential risks and insurance needs of the three main stakeholders involved -- protecting the work of the Social Enterprise, the Orang Asli homeowner, and the sponsorship of the building cost by generous corporate / individual sponsors. The experience enabled MSIG Malaysia to design a dedicated fire insurance package to ensure the sustainability of the Orang Asli Homes built by Epic Homes.
Epic Homes is now offering the dedicated insurance package to corporate sponsors and partners, including those who assisted in the construction of its first 136 Orang Asli homes -- enabling them to sponsor the insurance for these homes that are currently uninsured.
Check the video of MSIG Malaysia’s first build with Epic Home here: https://www.youtube.com/watch?v=hlbrIHT0HCY&feature=youtu.be
Malaysia: Tune Protect upbeat on global business and insurtech partnerships
Photo: Loh Ben Jern, Chief Digital & Marketing Officer, Tune Protect Group Berhad
Tune Protect Group Berhad announced it remains committed in its digitisation journey at their 8th Annual General Meeting (“AGM”) of shareholders for FY18.
They unveiled a transformation pillar GAIN, in 1Q2019, which is aligned with its 3 strategic pillars of product innovation and differentiation; wider wider distribution reach; and exceptional customer experience. This commitment is further amplified with the introduction of the GAIN transformational pillars, namely 1) Global Business, 2) AirAsia Ecosystem, 3) Insurtech Capabilities and 4) National Business.
Global Business
Tune Protect looks to expand its global business from Travel reinsurance business to other retail and lifestyle lines of businesses, as well as market its insurtech solutions focusing primarily on Indonesia, Indochina and the Middle East markets.
In 1Q2019, Tune Protect signed a Memorandum of Agreement (‘MoA’) with PT Asuransi Buana Independent (‘ABI’) and the Association of Indonesian Tours and Travel Agencies (‘ASITA’) East Java. This MoA bestows Tune Protect the exclusive rights to provide digital travel protection for ASITA East Java.
AirAsia Ecosystem
Tune Protect’s Dynamic Pricing optimisation initiative has started to yield positive results since going live in several key markets in 1Q2019. Post the integration and stabilisation phase, real time optimisation of Travel insurance on AirAsia’s booking platform commenced on a staggered basis in Indonesia, Thailand, Singapore and Malaysia during the first quarter of 2019. While it is still early days, preliminary results have been encouraging.
Insurtech Capabilities
Tune Protect continues to invest in its InsurTech capabilities through the development of digital solutions and platforms which has opened doors to new business opportunities in the region.
The Travel insurance business generated from the ABI and ASITA strategic partnership is powered by Tune Protect’s scalable B2B platform. With this solution, up to 7,000 travel agents of the East Java ASITA chapter can promote and distribute Travel insurance through a fully digital channel.
Leveraging on its homegrown InsurTech capabilities, the group will also be further expanding its B2B footprint to the Middle East and Indochina.
National Business
Newly appointed CEO of Tune Protect Malaysia, William Foo, has 25 years of experience and a solid track record, having helmed various key roles within the general insurance industry including Distribution Management, Marketing, and Operations. Prior to joining Tune Protect Malaysia, William was the Chief Operating Officer for the Malaysian operations in a multinational insurance company.
For the general insurance business in Malaysia, the focus moving forward is on building sustainable underwriting profit. As such, the desired portfolio shift is towards retail non-motor and small medium enterprise (SME) / small medium industry (SMI) businesses.
A new product, Business Shield, would provide business owners with complete protection as it would be a packaged product which covers common risks such as Fire insurance, Burglary, and Public Liability protection for the business premise and owner, as well as provide optional additional cover to suit the demanding needs of any business.
Markel appoints head of personal accident, contingency and entertainment in Asia
Markel International has appointed Rajesh Sinha as head of personal accident, contingency and entertainment (PACE) in Asia.
Rajesh has 20 years’ experience as a regional underwriter with AIG and subsequently as Regional Director for A&H with Fairfax Asia. Most recently he was with Chubb Asia Pacific as a senior underwriter for A&H.
Based in Singapore, Rajesh will be responsible for driving the development of new product concepts across different product lines, as well as further developing a profitable and sustainable PACE portfolio across Asia.
Re-appointments to the MAS Board of Directors
The Monetary Authority of Singapore (MAS) announced that Mr Lim Hng Kiang, Special Advisor, Ministry of Trade and Industry, has been re-appointed as member and Deputy Chairman of the MAS Board, for a further term of three years.
Mr Ong Ye Kung, Minister for Education, has been re-appointed as member of the MAS Board for a further term of three years. And, Mr Ravi Menon has been re-appointed as a member of the MAS Board and as Managing Director of MAS, for a further term of two years.
TGIF, Let's unwind with these:
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