What's new in the market - 16 Aug 2019

| 16 Aug 2019

Welcome to what's new this week. Bringing you insights and updates from 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.

Prudential Singapore launches plan that protects retirement funds against market volatility

Image: Mr Goh Theng Kiat, Chief Customer Officer, Prudential Singapore

Prudential Singapore (“Prudential”) has launched an insurance savings plan that enables its customers to protect their retirement funds against the ups and downs of financial markets. 

PRUActive Retirement is designed to help Singaporeans plan for their retirement with greater confidence as their lifespans increase.

PRUActive Retirement offers:

1. A steady cumulative retirement income throughout one’s retirement years.

  • It protects customers’ retirement funds against the ups and downs of financial markets
  • It provides a higher retirement income when the market performs and does not cut payout when the market underperforms


2. Flexibility, where retirement plans are tailored to customers’ needs and aspirations. It-

  • allows customers to determine how long they want to save for, the age at which they want to start receiving their first payout, and for how long they want the monthly payout.
  • offers a flexible payout period: minimum of 10 years to maximum of age 110 with the option to vary payout period later
  • provides a choice of payout age: any age between 50 and 90


Hong Kong: HSBC Life launch two insurance plans to meet health and wealth needs

As part of its effort to help increase Hongkongers’ health and wellness, HSBC Life has launched two insurance solutions to meet customers’ health and wealth needs- the new HSBC Health Goal Insurance Plan (“HGIP”) and HSBC EarlyIncome Annuity Plan (“EIAP”) with new Dementia Protection rider.

HGIP is a whole-of-life insurance plan, which helps customers strengthen protection against three major critical illnesses, while offering growth potential for their wealth. Putting focus on the top three diseases that kill in Hong Kong – cancer, heart disease and stroke, the plan offers cash benefit for up to three times additional claim payments, without affecting the policy value.

To provide customers with extra support, HGIP also comes with Global Medical Care Services, which provide customers with personalised care management and privileged access to leading Harvard-level specialists and hospitals in the US.

HGIP offers: 

3X critical illnesses benefits – Receive an additional lump sum payment for the diagnosis of cancer, heart disease or stroke up until age 80, up to three times2 (once for each type of disease and subject to a one-year waiting period from the last claim). Policy value will remain unchanged after these claims.

New value-added service to provide extra customer care – The Global Medical Care Services consist of a world-class personal care manager, diagnosis verification and treatment plan, doctor-to-doctor dialogue with Harvard-level specialists and US care management services3.

Wealth accumulation – Pay in a single premium or over a few years to reap the rewards of potential long-term wealth growth with projected returns of 4.3% p.a.6 over 30 years.

Benefit transfer – Customers can transfer both the ownership and coverage of the policy to their loved ones which offers customers flexibility in legacy planning.

Wealth protection – Upon reaching the 20th policy year, HGIP allows customers a policy value management option8 to lock in part of their prevailing policy value to prevent against future fluctuations in the investment market.


In addition, with the aim of providing long-term care solutions to customers to alleviate their eldercare burden, HSBC Life has added a new Dementia Protection rider to EIAP, one of HSBC Life’s most popular annuity plans.

Dementia Protection offers an additional 100% in monthly guaranteed annuity payment to customers who are diagnosed with severe dementia, payable until age 99 or the death of the life insured. Customers can also designate a beneficiary in their policies (such as a caregiver) to receive the Dementia Protection rider benefit. 

This initiative demonstrates the Bank’s continuous effort to provide market-leading dementia friendly services.


FWD Singapore appointed as insurer for HDB Fire Insurance

Digital insurer FWD Singapore (“FWD”) has been officially appointed the new insurer for fire insurance for sold Housing & Development Board (HDB) flats.

The contract, which was clinched in partnership with Singapore-based insurance brokers, AVA Insurance Brokers (“AVA”), will provide insurance to sold HDB home over the next five year period, until 15 August 2024.

The contract is expected to provide fire insurance coverage for about 440,000 sold HDB households over the course of five years.

During this time, eligible HDB homeowners who need to buy or renew their fire insurance will be notified by HDB.

The HDB Fire Insurance does not insure, in case of fire or theft, flat contents, personal possessions or improvements made to HDB flats (renovations, etc.) Such coverage needs to be purchased separately.


Asia: Prudential, MyDoc to launch online doctor consultations, telemedicine services for Asian consumers

Prudential Corporation Asia (“Prudential”) announced its partnership with telemedicine provider MyDoc to offer consumers access to value-added health services on their mobile phones, including doctor consultations, electronic prescriptions and electronic medical certificates.

MyDoc’s services will be integrated into Pulse by Prudential, a healthcare mobile app that features self-help health and wellness tools, a symptom checker, along with other value-added services. The Pulse app can be downloaded for free and will be launched in 11 markets across Asia.

MyDoc's panel of doctors and pharmacy partners are all selected using stringent standards. The consulting doctors are required to have at least three years of private practice experience, additional clinical and product training, and must pass test consultations prior to certification.

Access to physicians remains a challenge for many communities across Asia. According to World Health Organisation data, Southeast Asia has fewer physicians on average, at 6 for every 10,000 people, compared to developed economies such as Germany, which has 37.

With more than 2.8 billion people or 67% of Asia's population owning mobile phones, there is an opportunity for communities to take control of their own lives and their own health through digital healthcare. Using the digital services provided by Pulse and MyDoc, medical care, health monitoring and health management will be at peoples' fingertips.


Indonesia:Life insurance premiums fall by 10% in 1H

Life insurance premiums fell by 10.3% in the first six months of this year to IDR85.65tn ($6bn), according to data from the Financial Services Authority (OJK).

OJK chairman Wimboh Santoso said the decline was due to the insurance industry undergoing restructuring.

Mr Riswinandi, executive head of Non-Bank Financial Institutions Supervision at the OJK, said, "We are reviewing life insurance products that we know provide for a guaranteed return.” The OJK has asked several insurance companies to stop selling products with guaranteed yields, according to local media reports.

Mr Riswinandi added the total premiums collected in the general insurance sector in the first six months of this year amounted to IDR50.93tn. The reinsurance industry contributed premiums of IDR10.79tn, up 14%.


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