What's new this week - 24 May 2019

| 24 May 2019

It's been a great week for us, and we hope you had a great one, too!

Last week, we announced 54 finalists of the 4th Asia Trusted Life Agents and Advisers Awards 2019. They edged out over 400 entries and gave the panel of judges a hard time deliberating over their qualities for each category.

This week, the judges gathered and voted by secret ballot for all 13 categories of the Awards. The Awards has strict criteria for each category, and its transparent judging process is independently-audited by EY.

Even the judges don’t know who the winners are now as they will only be revealed at the gala awards dinner on 18 July 2019 in Bangkok. Till then, stay in suspense with us! Better yet, come join us at the dinner as we celebrate and honour the achievements and wonderful people of the industry.

For more details on the Judging, read this and check the photo album out. For the full list of finalists, check them out here.


Tobacco company launches life insurance product in the UK

Philips Morris International, a tobacco company, has launched a new insurance provider reviti with life insurance that will get cheaper as people improve their lifestyle. One of the healthier lifestyle habits they are promoting is to quit smoking. For someone who smokes today, the single biggest improvement they can make is to quit tobacco and nicotine altogether.

The company recognises that people’s lives change over time and is on board to help them on their journey of positive change. For customers who make better, healthier choice through improving their lifestyle, reviti will reward them.

For smokers, quitting tobacco and nicotine can reward them up to a 50% discount on their premiums. reviti is working with Lloyds Pharmacy to help these customers and will also offer a discount for smokers who stop smoking cigarettes and switch completely to a science-backed smoke free alternative.

The premium starts at £5 a month to make life insurance affordable. reviti plans to launch a range of insurance policies that incentivise better lifestyle choices, such as improving diet, cutting down on alcohol or getting fit. Every reviti customer will also be offered the chance to work through a programme via the new reviti life app, which provides them with 120 activities and programmes designed to support lifestyle changes.


Singapore: Great Eastern launches GREAT Family Care

GREAT Family Care is a critical illness term plan that protects three generations in a family within a single policy.

With a fast-ageing population in Singapore, the Sandwich Generation face financial and emotional strain as they care for their ageing parents and young children. One in every four working adults is part of the Sandwich Generation, and their time and resources are spread over the needs of their family, which impacts their savings and financial planning. Thus, many Singaporeans are not sufficiently insured against critical illness, particularly the elderly.

Almost one in every five Singaporeans is at risk of developing cancer in their lifetime, and 60% of new cancer cases diagnosed are those aged 60 and above. Furthermore, one in 10 aged 60 and above will suffer from dementia, while three in 1,000 aged 50 and above will suffer from Parkinson’s Disease. Despite the statistics, the 2017 LIA Protection Gap Study findings revealed that Singaporeans and permanent residents are covered on average for only 20% of their critical illness protection needs.

Features of GREAT Family Care:

  • Includes complimentary coverage for all current and future children of the life assured till the age of 18, with each child covered up to $100,000 against 53 CI and 25 juvenile conditions such as severe asthma and epilepsy without any medical underwriting required.
  • Has an optional Parent Protect rider that provides coverage against major cancers, Alzheimer’s disease or severe dementia and Parkinson’s disease for the parents of the life assured without any medical underwriting. A Lump sum payout will help to ease the financial strain on these families and enable them to provide the necessary care for their parents. Each parent can be covered up to $100,000 till the age of 100 with no questions asked.

Exisiting Great Eastern policyholders, including those who only hold Dependents Protection Scheme or ElderShield plans, will be able to purchase GREAT Family Care without any medical underwriting.


Asia: Insurers gearing up for digitisation

A recent report from Capco Digital states that Asia is the next catalyst for the insurance industry’s transformation. Highlights of the report include how Asian insurers had spent a total of $35bn on tech enhancements across the industry as of Q3 2018.

Smartphone users in APAC have potentially surpassed 1.8b+ in 2018.

The report concludes that rising millennial generation fuels innovation and the tech-savvy population increases propensity for early and easy adoption of digital solutions. The demographic composition of Asian countries is also rapidly changing. With the purchasing power growing for the middle-class in urbanised areas with relatively low market penetration for insurance as a powerful growth driver in Asia.

For report, download here.

Congratulations to Ping An for moving China into pole position on global insurance stage

With its brand value up 93% to US$50.5 billion, Ping An is the world’s strongest and most valuable insurance brand, according to a report by Brand Finance.

To attract China’s more than 500 million internet users, 1% of the insurance group’s annual revenue has been spent on Research & Development. Last year, it is said, 36% of 40million new insurance customers came to the company through online services. InsurTech and FinTech solutions remain an integral part of Ping An’s ongoing strategy. Ping An is also the fourth most valuable brand in China.


Global success for China

The total brand value for all insurance brands in China, according to this year’s Brand Finance Insurance 100 report, is US$98.2 billion. This earns it pole position in the global insurance market. The US drops to second place with a brand value of US$78.1 billion.


Cross-sector spotlight

The top 3 positions in the life insurance sector’s top 10 are held by Ping An, China Life, and AIA. Munich-headquartered Allianz is snapping at their heels in 4th position and Prudential (UK) in 9th place reports strong performance from its Asian business activities.

Ping An, also tops the table in the P&C Insurance sector, but this time Allianz is in second place with a brand value of US$11.9 billion. 3rd, 4th and 5th places are held by US companies GEICO, Allstate and Progressive. GEICO’s brand value has risen 34% to US$8.8 billion, leaping four places to join this year’s top ten for the first time. The brand’s competitive offering for auto insurance has helped it stay ahead of its competitors.


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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