What's new in the market? - 04 Oct 2019

| 04 Oct 2019

Ever heard of playing a game to score a retirement plan ? Read more in this week's of What's new in the market.

Singapore: Manulife launches new campaign, Manulife Vault Game

Manulife has launched a digital gamification contest called the Manulife Vault Game to get people to play for retirement. Rewarding with a never-before prize, the campaign is an intentional step away from the ‘gloom and doom’ approach to insurance, instead engaging customers to get their game on for one month and unlock a Manulife retirement plan worth up to $250,000.

The Manulife Vault Game runs from 4 October to 31 October, and will culminate with a Grand Finale playoff at Jewel Changi Airport, where the top 32 players with the highest accumulated score through the month will be invited to compete.


The game is a digital challenge played across three difficulty levels of vaults. In the game, the players would need to repeat from memory a sequence of lighted buttons displayed randomly. And to win, the player would have 10 seconds to repeat the right sequence in order to unlock the vault and collect the virtual currency- Manulife Dollars.

For more details on how to play the game, visit here.  


Malaysia: AIA Bhd launches A-Plus MedCare rider

From L to R:  Heng Zee Wang, Chief Marketing Officer of AIA Bhd.; Tan Hak Leh, Regional Chief Executive of AIA Group; Sigal Atzmon, President and Chief Executive Officer of Medix; Ng Keng Hooi, Group Chief Executive and President of AIA Group; Ben Ng, Chief Executive Officer of AIA Bhd.; and Leong Chee Soong, Chief Agency Distribution Officer of AIA Bhd. at the launch of A-Plus MedCare.

AIA Bhd. launched its A-Plus MedCare rider today, a solution that provides its customers with exclusive access to Personal Medical Case Management (PMCM) service. When diagnosed with a serious or complex condition, AIA customers will be supported by a dedicated 24/7 case team which will provide guidance and support throughout their entire medical journey from diagnosis, through treatment, monitoring progress, and recovery.

Through A-Plus MedCare, AIA customers will gain access to a holistic medical assessment, re-evaluation of their condition, referral for additional diagnostic testing – where needed, ongoing multi-disciplinary consultations with renowned medical experts from around the globe, full care coordination, ongoing guidance and emotional support provided by a dedicated case management team which will support them every step of the way.

Additionally, in the event that overseas medical treatment is recommended due to a lack of local expertise in relevant fields, A-Plus MedCare will reimburse the cost of return flight tickets for the customer and one companion up to a combined limit of RM10,000 per lifetime.

All customers who purchase AIA’s flexible investment-linked plans A-LifeLink 2 and A-LifeJoy 2 and AIA PUBLIC Takaful’s A-LifeLink-i, A-LifeJoy-i and A-Life Fleksi will be able to add this rider to their policy/certificate. They will then be able to have their medical case reviewed by an expert team of 300 in-house physicians and a global quality accredited network of over 3,000 world-leading and independent medical specialists, ensuring they have the tools to make educated, quality-driven decisions and receive the best possible care throughout their medical journey, anywhere in the world.

This benefit will also be available to AIA Employee Benefits corporate clients through Group MedCare

The new PMCM service is provided exclusively by Medix, a company that specialises in quality global medical management services. This has come off the back of AIA Group’s recent strategic partnership with Medix in a number of markets including Malaysia, in its bid to deliver a differentiated proposition that optimises care and improves medical outcomes for AIA’s customers across the Asia-Pacific region.


Philipines: Strategic partnership between a non-life insurer and an Insurtech firm

From L to R: Mr Eric Bataga (Country Manager for Axinan Philippines), Mr Wei Zhu (Founder and CEO, Axinan), Mr Mel Mallillin (President of Mercantile Insurance Philippines) and Mr Justin Liu (Vice President of Mercantile Insurance Philippines)

Singapore-based insurtech firm Axinan has announced their expansion into the Philippines, starting with their strategic partnership with leading non-life insurer Mercantile Insurance Co. (Mercantile). The partnership marks one of the first in the country between a non-life insurer and an insurtech player.

Underwritten by Mercantile, the insurance solutions introduced will be in the area of mobile phone protection through Axinan’s consumer brand igloo. The first product to be rolled out will be Mobile 360 that enables consumers to enjoy can comprehensive mobile phone protection for its screen, camera, battery, accidental and liquid damage protection.

A global study by SquareTrade in November 2018 revealed that 66 percent of smartphone owners damaged their phones in the past year. Cracked screens were the most common type of damage (29 per cent) while scratched screens (27 per cent) and non-working batteries (22 per cent) took second and third place respectively.

According to the International Data Corporation’s report in 2018, there has been a shift in the Philippines smartphone market, where Filipinos are moving towards mobile phones with higher specifications and better features. In the same study, it was revealed that this trend is coupled with a higher average selling prices of mobile phones, with a 13 per cent year-on-year increase in 2017. As mobile phones become increasingly important for Filipinos, Axinan’s solution comes at an opportune time.

Through this collaboration, Axinan as one of the first movers in Southeast Asia in the space of digital insurance solutions, will offer its proprietary tech capabilities while Mercantile’s niche in non-life insurance gives both parties a competitive edge.

Axinan is in Indonesia, Malaysia, Hong Kong and Australia and now in Philippines with plans to grow into Thailand and Vietnam. The firm also has its tech centres in China and Taiwan.



Lloyd’s blueprint for the future

Lloyd revealed plans to become the most advanced insurance marketplace in the world. They launched the Future at Lloyd’s Blueprint One which includes Lloyd’s strategy and details of the initiatives that will be delivered for customers and market participants during 2020.

The publication of Blueprint One follows the unveiling of the Future at Lloyd’s prospectus on 1 May 2019, and marks the first in a series of updates which will be issued at least annually. This first blueprint sets out six ideas of improved ways of working, underpinned by a heightened focus on digital, data and technology to deliver greater benefits to customers.

The document describes the solutions and, importantly, the way in which the ambition set out in the Future at Lloyd’s will be delivered by strong transition and execution planning, followed by a series of phased deliveries.

The Lloyd’s ecosystem will be the global marketplace to buy and sell insurance, offering a one-stop shop of high-quality, cost-efficient products and services to cover even the most complex risk needs. It will comprise six integrated solutions that together provide exceptional value for customers and market participants. For more details of the Ecosystem, download the Blueprint One here.

This is interesting:

Only 50% of Singaporeans feel fulfilled in Life:AXA Better Life Index

Hong Kong parents keen to support their children's life milestones face HK$3.4 million savings shortfall - Prudential Survey


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