What's new in the market- 7 Jun 2019

| 07 Jun 2019

Welcome to what's new this week.

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.

 

Asia: Prudential X Tictrac to provide personalised digital wellness services

Prudential Corporation Asia announced a strategic partnership with UK-based health technology and services company Tictrac to provide personalised wellness services to consumers in Asia.

Tictrac is one of Prudential’s partners in Pulse by Prudential, a digital health app that offers health management to Asian consumers. Using AI-powered self-help tools and real-time information, the app serves as a 24/7 health and wellness partner to users, helping them prevent, postpone, and protect against the onset of diseases.

Recently previewed in Malaysia, Pulse by Prudential will soon be available across the region, supported by a growing suite of regional and local service providers such as Babylon Health (symptom checker and health assessment), DoctorOnCall (online consultation in Malaysia), AIME (dengue tracker in Malaysia) and Boost (e-wallet in Malaysia).

 

 

Hong Kong: HKFI sets cut-off date for registration, consumer council releases private health insurance study

A few pointers were covered in the May issue of the Hong Kong Federation of Insurers (“HKFI”).

It is reported that the Insurance Authority (“IA”) will take over from the three Self-regulatory Organisations (“SROs”) and commence the direct licensing regime (“DLR”) starting 23 Sep 2019. As part of their efforts to support IA, HKFI has set 26 Aug 2019 as the cut-off date for receiving registration applications and accepting online renewal services to ensure all registration and renewals will be completed before the commencement of the DLR.

Private Health Insurance

A study “Creating sustainable value for private health insurance market in Hong kong” was released by the Consumer Council.

The Consumer Council made a few suggestions on enhancing transparency, promoting good market practices and strengthening public and intermediary education. In areas like standardisation of policy terms and conditions, improving the format and content of application forms and enhancing public and intermediary education, they felt the industry has done substantial work and made considerable progress.

For the full newsletter, visit here https://www.hkfi.org.hk/data/files/pdf/mb-2019/e_201905.pdf

 

 

Singapore Reinsurers’ Association announces EXCO line-up for 2019/2020 term

Photo: Marc Haushofer, CEO, Asia Pacific & Executive Vice President of Validus Reinsurance Company

The Singapore Reinsurers’ Association (“SRA”) announced its Executive committee (EXCO) line-up for 2019/2020 term with Mr Marc Haushofer, CEO, Asia Pacific & Executive Vice President of Validus Reinsurance Company as SRA Chairman.

Here’s the line-up of the SRA EXCO for the 2019/2020 term:

Chairman: Marc Haushofer, Validus Reinsurance Ltd

Deputy Chairman: Kenrick Law, Allianz SE Reinsurance Branch Asia Pacific

Honorary Secretary: Theresa Wee, Singapore Reinsurance Corporation Ltd

Honorary Treasurer: Desmond Tan, Asia Capital Reinsurance Group Pte Ltd

 

 

New Chief Partnership Distribution Officer for AIA Singapore

Photo: Mr Richard Wyber, Chief Partnership Distribution Officer, AIA Singapore

AIA Singapore has appointed Mr Richard Wyber as Chief Partnership Distribution Officer. Previously Head of Vitality where he established the company’s healthcare business model and led AIA Singapore’s health and wellness efforts, Mr Wyber has forged strategic partnerships and developed AIA Vitality into an award-winning wellness programme.

With 25 years of financial services experience under his belt, Richard took on numerous leadership roles including Head of Accident and Health at AIA Singapore, followed by spending several years with AIA Group Partnership Distribution. At AIA Group, Richard and his team were responsible for securing the exclusive AIA-Citibank bancassurance partnership across Asia-Pacific, which continues to drive the ongoing success of AIA Group's distribution network across the region.  

He also led the Life Insurance Association (LIA) Working Group in Singapore to implement recommendations put forth by the Health Insurance Task Force in October 2016 through collaborations with multiple stakeholders including government agencies, life insurers and healthcare providers.

 

New CEO at AIA Insurance Lanka and AIA Group CEO, Group Partnership Distribution

Photo: Nikhil Advani, CEO, AIA Insurance Lanka

AIA Insurance Lanka has appointed Nikhil Advani as their new CEO. He succeeds Pankaj Banerjee, who would be relocating to Hong Kong to become AIA Group CEO, Group Partnership Distribution.

With more than 24 years of experience in the insurance and financial industries, Nikhil presently leads the functions of Customer Strategy, Transformation and Marketing of the company. As part of his current role, he is also responsible for Product and Customer Management, Brand and Communications, Channel and Digital Marketing, Analytics and Corporate Solutions.

He has been a part of AIA Insurance Lanka since 2016 and was responsible for the Company’s new life insurance product portfolio and expanded footprint in the health market. His achievements on behalf of AIA Sri Lanka include the successful growth and expansion of the AIA Vitality program in the country and overseeing the implementation of a variety of initiatives to substantially raise awareness of the AIA brand and increase engagement with customers in Sri Lanka.

 

Photo: Pankaj Banerjee, AIA Group CEO, Group Partnership Distribution

Since becoming CEO of AIA Insurance Lanka in November 2016, Pankaj has led the development and execution of a set of strategic priorities in terms of building a Premier Agency and establishing a strong foundation in Bancassurance.

He has been instrumental in building AIA’s brand in Sri Lanka, driving AIA Insurance Lanka’s transformation initiatives and solidifying Company’s business focus. Under Pankaj’s leadership, AIA Insurance Lanka was inducted into the Hall of Fame by the Sri Lanka’s ‘Great Place to Work Institute’ after winning their top award for the sixth consecutive year.

The achievements that the Company has made under the leadership of Pankaj ensure that AIA Insurance Lanka is exceptionally well placed to continue its transformation journey and achieve sustained growth in the time ahead.

 

TGIF, Let's unwind with these:

17th APLIC:"Work with Mission, Serve with Passion"

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Each pill costs $5,000 - Multiple Sclerosis treatment option

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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