What's new in the market? - 27 Sep 2019

| 27 Sep 2019

In what's new this week, check out what your peers are doing in China, and we've got some developments on InsurTech firms to share.

China: Manulife-Sinochem partners with Haodf to bring better healthcare solutions

Manulife-Sinochem Life Insurance has reached a long-term strategic partnership with Haodf, China’s leading online medical platform.

The partnership will provide MSL’s customers with access to the highest quality medical resources in China and further enrich the “health ecosystem” that MSL is committed to offer.

At the same time, Manulife Financial Corporation, the shareholder of MSL, also completed its strategic investment in Haodf.com.


Haodf has 210,000 registered doctors, which makes it one of the largest, most respected medical professionals service online network in China.

87% of the doctors registered on the platform are experienced doctors with medium-grade or advanced professional titles, and 73% of the doctors are from first-class state hospitals.

MSL’s customers and their family members will have the opportunity to enjoy high-quality services from Haodf, including accessing family doctors, tele-consultations, hospitalization appointments, medical expert services and comprehensive medical treatment.

MSL will work with Haodf to develop tailor-made protection products to meet the diversified needs of Haodf’s more than 56 million users.

By combining professional resources and customer insights from both sides, MSL and Haodf will join forces to help transform the healthcare industry and the insurance industry, with the ultimate goal of improving the delivery of quality healthcare services and accelerating the development of a health management ecosystem.


China: HSBC Life opens new branch in Zhejiang

HSBC Life has expanded its business in Mainland China with the opening of its new branch in Zhejiang after receiving regulatory approval to offer HSBC Life insurance products in the province.

Located in Hangzhou, the capital city of Zhejiang, the new branch is well positioned to capture opportunities in one of the fastest growing cities in mainland China.

Through HSBC’s bank outlets in Hangzhou, HSBC Life will be able to offer a full range of life insurance solutions including annuity, whole life, critical illness and unit-linked insurance products to meet customers’ growing needs for protection, retirement, education, wealth growth and legacy planning.

Established in 2009 and headquartered in Shanghai, HSBC Life is a joint venture between HSBC Insurance (Asia) Limited and The National Trust Limited. With the official opening of the Zhejiang branch, HSBC Life now provides insurance solutions to individual customers in 9 cities covering Shanghai, Beijing, Tianjin, Hangzhou and the Pearl River Delta Region including Guangzhou, Foshan, Dongguan, Zhuhai and Shenzhen.

Read also: Indonesia's state health insurer is raising its premiums by at least 65%

Generali Global Health appoints Chris Campbell as business development lead in Asia Pacific

International health insurance provider, Generali Global Health, has appointed Chris Campbell to spearhead growth across the Asia Pacific Region.

As Head of Business Development - Asia Pacific, Chris will be responsible for expanding the company’s regional footprint through the development of existing and new broker relationships.

Chris has 23 years’ experience of living and working in Asia - 21 based in Japan and two in Hong Kong. Chris joins from Aetna International, where he was the Senior Sales Director based in Hong Kong, and responsible for Government and Key Accounts across Asia.

Chris is restructuring the GGH business team in Hong Kong, which includes changes in personnel and will develop GGH’s capability significantly in the region.


InsurTech: 360F makes it to SLINGSHOT 2019 Top 100 Global Startups

360F has made it to the Top 100 Global Startups in SLINGSHOT 2019.

SLINGSHOT is "Asia’s most exciting deep tech startup competition" organised by Startup SG (an initiative of Enterprise Singapore) with more than US$2 million worth of prizes up for grabs.

“360F enables data-driven and scalable advisory in life insurance and wealth management. Its flagship 360-ProVestment is the first-ever AI solution assistant for holistic product recommendation.”

360F was also in the Top 3 of InsurTech of the Year at this year's 4th Asia Trusted Life Agents & Advisers Awards organised by Asia Advisers Network and Asia Insurance Review.

Your expertise is required. Participate in the survey on financial advisory here: https://360f.typeform.com/to/Y99JpS


InsurTech: InsurTech firm Axinan partners Mercantile Insurance to launch mobile phone insurance solutions to target Filipino millennials

Singapore-based insurtech firm Axinan is making its market entry into the Philippines, starting with their strategic partnership with leading non-life insurer Mercantile Insurance Co.

Underwritten by Mercantile, the insurance solutions introduced will be in the area of mobile phone protection through Axinan’s consumer brand igloo. Axinan will offer its proprietary tech capabilities while Mercantile’s niche in non-life insurance gives both parties a competitive edge through this collaboration.

As a prelude to the foray of products from Axinan and Mercantile, the first product that will be rolled out under igloo will be Mobile 360. Under Mobile 360, consumers can enjoy comprehensive mobile phone protection for its screen, camera, battery, accidental and liquid damage protection. The product will be first available in Metro Manila and will be available nationwide in the near future.

Axinan’s Mobile 360 boasts of having instant approvals and a simple application process fully accessible online, tackling the common pain points in the traditional insurance industry. Furthermore, its product offerings will be made available to both new and used mobile phones from any telco, whether it is prepaid or postpaid.


InsurTech: BetterTradeOff develops life-planning solution built on a technology platform that incorporates advanced statistical models and artificial intelligence

Singapore-headquartered FinTech start-up BetterTradeOff has developed a life-planning solution that helps individuals make well-informed decisions for their future.

The solution is built on a technology platform that incorporates advanced statistical models and artificial intelligence.

The platform was developed to combat the complexities of traditional financial planning, leveraging real-time data and analytics to help advisors provide clients with a meaningful and intuitive understanding of their current financial situation.

The BetterTradeOff solution not only simplifies financial planning, it also helps advisors build trust through transparency, while making better recommendations to their clients.

Editor's picks:

The philosophy of suffering - Tan Lay Seong, Insurance Agency Leader of the Year 2018

#OneMoreHour of sleep for healthier, longer, better lives

Customers as the compass - Li Choo Kwek-Perroy, Manulife Singapore