Amidst the bad spotlight that two financial practitioners have recently shone on the industry, there are still tons of good, honest practitioners putting their client's needs and interests foremost. The constant update of new products, services and collaborations is proof that the industry is working hard together to improve everyone's lives. Streamlining processes in the back end may sound irrelevant to consumers, but little would they know that these neatened up processes are to make their lives easier and simpler to understand complex situations.
This week, we feature a new chatbot launch, a partnership into Vietnam’s insurance market, talent movements, and a message from IFPAS’s president.
Singapore: FWD launches chatbot for travel insurance claims
Faith- FWD’s chatbot which is available 24/7, will be guiding customers through the entire process of submitting a travel insurance claim.
Customers who have questions about FWD’s wide range of life and general insurance products can also get answers to their queries through Faith. As Faith operates 24 hours daily, customers who require assistance outside the insurer’s operating hours can now have their queries and claim requests attended to immediately.
FWD collaborated with Active.Ai - a Singapore FinTech start-up that specialises in helping financial institutions process and understand unstructured customer data through its proprietary AI enterprise platform.
Singapore: IFPAS reminds members of collective responsibility in sustaining and raising the standing of fellow practitioners
In Singapore, a chiropractor and two insurance agents were recently taken to court after the three had allegedly worked together to cheat Manulife Singapore of more than $14,000 through false personal accident claims by 12 people who were covered by the insurer.
The trio allegedly conspired with one another to persuade patients with pre-existing medical conditions to purchase personal accident insurance policies. They were then said to have cheated the insurer through false claims for treatments received at the Chiropractor’s clinics in Tampines and Tanjong Pagar.
Mr Leong Sow Hoe, President, Insurance and Financial Practitioners Association of Singapore (IFPAS) has issued a statement on the matter. The message clearly condemned such actions and reiterated to members the need to continue to uphold strong ethical standards while remaining client-centric.
Read his full message here.
Allianz partners FPT Group to enter Vietnam’s General Insurance Market
Allianz has announced that it plans to enter the general insurance sector in Vietnam through a digital joint venture with FPT Group as their strategic technology partner.
The FPT Group will develop digital insurance products and services to support Allianz in the insurance market in Vietnam. Other than developing products and services, they will also provide access to its distribution channels and affiliates, advise and assist Allianz with local market knowledge, and connect them with FPT’s subsidiaries and partners.
In the Memorandum of Understanding (MOU), Allianz will provide expertise and advice on best practices in insurance product customisation, financial technology, and asset management. The MOU states both Allianz and FPT Group’s intention to enter into a joint venture for the establishment of a newly incorporated general insurance company in Vietnam. In line with local regulations, regulatory approval will be sought at the appropriate time.
People on the move
MetLife announces new CEO for Australia
Richard Nunn, the current CEO of Statewide Super will be appointed as MetLife’s next CEO in Australia come 1st May 2019.
He has over 30 years’ of financial services experiences across wealth management (including life insurance and retail advice) and banking in Australia and Asia.
Mr Nunn’s appointment is timely as MetLife won the multi-million dollar Tasplan tender and continues to expand into the retail market in Australia.
Prior to joining Statewide Super, Mr Nunn has taken up management roles in a range of the industry’s best known organisations such as, Commonwealth Bank of Australia, AXA, National Australia Bank and Financial Investment management company (IOOF).
Vince Watt, MetLife Australia’s CFO will continue as Acting CEO until Mr Nunn commences in May.
Asia Pacific: Columbia Threadneedle Investments appoints new Head of Asia Pacific
Photo by Columbia Threadneedle Investments
Jon Allen has been appointed Head of Asia Pacific at Columbia Threadneedle Investments. Mr Allen joined the firm in Singapore in January 2010 and has since played an important role as part of Asia Pacific senior leadership team, as well as contributing to the development of the firm’s global institutional business.
Prior to his promotion, Mr Allen was Head of Distribution, Asia Pacific, with additional responsibility for Distribution and Product Development. He also held senior roles at Prudential Asset Management and Royal & Sun Alliance Investments.
As Head of Asia Pacific, he will work closely with Raymundo Yu, Chairman of Asia Pacific, to focus on key client and regulatory relationships in the region.
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