What's new in the market- 19 April

| 19 Apr 2019

Welcome to another week of what's new in the market.

While some may be out hunting for Easter eggs or observing the holy week, here at Asia Adviser Network, we deliver product launches, partnerships and collaborations within the insurance industry.

New this week, we bring you news and updates from CIMB, MSIG, AIA, China Taiping, Etiqa, and many more. Read on to uncover the latest trends in the market.

 

CIMB Bank Singapore to launch pet insurance, CIMB My Paw Pal

CIMB Bank Berhad, Singapore Branch (“CIMB”) has partnered Sompo Insurance Singapore Pte Ltd (“Sompo Insurance Singapore”) to launch pet insurance for domestic dogs and cats. The policy plans start from SGD 74.90 a year.

The CIMB My Paw Pal pet insurance comprises of a basic plan and two optional covers. The basic plan protects against accidental death, medical expenses due to an accident, cremation or burial expenses due to an accident and third party liability. The optional covers include loss of dog due to theft, medical expenses, and cremation or burial expenses due to illness.

Pet(s) have to be between 12 weeks to seven years old, microchipped, and registered with Agri-Food and Veterinary Authority of Singapore (“AVA”) to be eligible for the insurance coverage.

 

MSIG Launches product for people with pre-diabetes and type 2 diabetes

MSIG Insurance (Malaysia) BHD (“MSIG Malaysia”) has launched Gluco SafeGuard, an insurance plan to cover people with pre-diabetes and type 2 diabetes.

Gluco SafeGuard insurance provides coverage for the wide variety of illnesses and treatments that normal health insurance plans do, but with additional protection and assurance for diabetic patients. It is designed to provide greater peace of mind to diabetic patients, who may face additional uncertainties, costs, and claims complications when utilising normal health insurance policies, particularly if diabetes ends up being a factor in their illness and treatment.

The plan is packaged with complimentary premium access to a dedicated Diabetes Management App (Health2Sync) that helps policyholders monitor and manage their diabetes effectively. The app will enable policyholders to self-monitor by conducting their blood glucose and haemoglobin tests in a timely and regular manner. It also provides lifestyle and dietary recommendations to help policyholders achieve a healthier blood sugar level.

Policyholders who dutifully and consistently perform their tests and record the results in the app can enjoy a premium reduction of up to 40% upon their next policy renewal, subject to eligibility and underwriting criteria. The policy plan rewards policyholders who sustain a healthy lifestyle on a consistent basis and not merely for a short period of time.

 

China Taiping Insurance Singapore launches Infinite Legacy

China Taiping Insurance Singapore launches Infinite Legacy for the affluent and the high net worth market individuals (HNWIs). It is a new addition to its Infinite series tailored for wealth preservation, smooth and equitable financial legacy transfer.

Infinite Legacy key benefits:

  • One-time premium payment for lifetime protection against death and terminal illness.
  • Multiply the protection coverage of up to 3.5X of the sum assured till age 86.
  • Guaranteed cash value equivalent to 80% of the single premium from day one.
  • 100% capital guaranteed at the end of the 20th Year.
  • Offers preferential premium rates for good health.
  • Available to anyone between ages 1 and 70.

 

Etiqa launches Premier for high net worth individuals

Etiqa Insurance Singapore has introduced a new campaign for its Premier suite of legacy planning solutions for high-net-worth individuals. The campaign takes on an amusing look at the grave topic of bequeathing one’s wealth upon passing on.

A series of online videos feature people bickering intensely in various scenarios, such as a family squabbling in their living room and key business leaders arguing in the board room after an individual has passed on. The deceased person amazingly comes to life and expresses regret of not planning earlier or leaving a proper legacy.

The integrated campaign breaks mid-April across print, digital, out-of-home and free-to-air TV. A new website offers detailed illustrations of the various legacy planning solutions available. This will be followed by personalised marketing initiatives and events targeted at high-net-worth individuals.

Video Links

www.youtube.com/watch?v=rfrG5TFLcno

www.youtube.com/watch?v=tdByJHKEEG8

www.youtube.com/watch?v=I2GEER_89q0

 

 

New insurance solution stems out from newly formed partnership between insurer and property investment solutions provider

Photo by Zurich: Junior Cho, Head of Market Management for Zurich General Insurance Malaysia Berhad (center) together with Vince Koh (left) and Gavin Liew (right), Founders and Managing Partners of The Makeover Guys

Zurich General Insurance Malaysia Berhad (Zurich) recently formed a partnership with The Makeover Guys Sdn Bhd (The Makeover Guys), an innovative property investment solutions provider, to give property owners an insurance solution for their newly renovated homes for rental. 

This insurance solution package, known as The Makeover Care, addresses the general concerns of property owners and allows them to enjoy better protection for their rental homes as well as its fittings and furniture, avoiding the risks traditionally borne by them.

The Makeover Care covers damages to the content built and supplied by The Makeover Guys, including damages caused by tenant’s negligence, misconduct or malicious intent, despite having documented tenancy agreement and rental deposit. The inclusion of insurance protection as part of the renovation and improvement costs enables property owners to makeover their rental properties without a worry to improve the quality of life of their tenants.

 

AIG Works With Non-Profit Charity, Daughters Of Tomorrow, To Support Underprivileged Women In Their Back-To-Work Journeys

Underprivileged women beneficiaries of non-profit organisation, Daughters of Tomorrow (“DOT”) learned to speak with confidence and practiced creative pitches through a fun and unique baking session, organised by AIG Asia Pacific Insurance Pte. Ltd. (“AIG”)

Held at edutainment culinary studio, CulinaryOn – AIG’s venue partner for this half-day event - 10 beneficiaries from DOT and some of their children were joined by AIG employees who took time off work, utilising AIG’s Volunteer Time Off programme, to contribute to the local community by mass baking over 1,500 cookies, and packing them into bags they designed. During the event, the participants received tips on speaking with confidence and had the opportunity to practice creative pitches with the entire group at the end.

The cookies that were baked during the event will be sold to employees in the AIG office to raise funds for DOT.

 

AIA Singapore and WhiteCoat’s Partnership opens up Telemedicine Services

WhiteCoat has been appointed by global insurance giant, AIA Singapore, as its exclusive telehealth provider. Reaching out to AIA’s 1.2 million corporate base and its dependents, WhiteCoat is set to provide its quality healthcare support in the form of a one-stop service covering diagnosis, treatment, medical referrals, and delivery of medication straight to their doorsteps.

 

As part of the partnership, AIA and WhiteCoat will also co-create the first digitally integrated platform in Singapore which facilitates claim processing for telemedicine services, presenting unprecedented convenience for the global insurer’s corporate clients and their employees and dependents.

 

WhiteCoat’s mobile application allows users to video call any of WhiteCoat’s Singapore-registered GPs regardless of wherever they are and obtain timely medical attention and medication quickly. By eliminating travel time and reducing waiting times to see a doctor, WhiteCoat is able to enhance traditional access to healthcare, thus spearheading the way for improved healthcare. 

 

Bryan Koh, CEO and Founder of WhiteCoat said: “We are honoured to partner AIA as its exclusive telehealth provider for its corporate clients. This unprecedented milestone for WhiteCoat makes our promise of quality care more accessible to more people. We know what it’s like to fall sick, and the last thing that you want to do is to queue for hours at a clinic. WhiteCoat puts a doctor at your fingertips instantly in the form of a video call, then delivers the medication you need straight to you. As you travel, especially where language may be a challenge, you can also count on WhiteCoat as your trusted doctor who you can consult with anytime, anywhere.”

 

 

AIA and Citi Reinforce Bancassurance Partnership with Latest Digital Insurance Solution

From left to right: Elaine Fan, Consumer Business Manager of Citi Malaysia; Lee Lung Nien, Chief Executive Officer of Citi Malaysia; Anusha Thavarajah, Chief Executive Officer of AIA Bhd.; and Serrina Foo, Chief Partnership Distribution Officer of AIA Bhd. at the launch of AIA-Citi’s latest digital insurance solution that offers customers a seamless online purchasing experience.

 

AIA Bhd. has partnered Citi Malaysia to launch an end-to-end digital channel that offers Citi Credit cardholders a secure and seamless online experience to purchase its suite of insurance products and solutions. This initiative leverages on both AIA and Citi’s digital capabilities using Citi’s application programming interface (API) connectivity which discerning customers can benefit from.

The insurance product offered under this initiative is AIA’s comprehensive critical illness (CI) plan, CI Care Plus. With a monthly premium from RM 38 and coverage of up to RM 200,000, CI Care Plus protects Citi customers against 39 types of CI and complications arising from diabetes up to 80 years old.

CI Care Plus is offered to Citi’s credit cardholders who are Malaysians or permanent residents between 18 and 55 years old. They can choose from four different types of plan according to their needs and are immediately covered after completing hours easy enrolment steps online, without having to complete any medical questionnaires or undergo medical check-ups./

 

 

People on the move

Thai General Insurance Association appoints newly elected board members

The Thai General Insurance Association (TGIA) has elected new members to the TGIA Board for the years 2019-2021 which will take effect from April 2019 to March 2021. While Mr Anon Vangvasu from Bangkok Insurance has been elected as the board's president, Mr Somporn Suebthawilkul from Dhipaya Insurance and Miss Bang-Orn Jiravorasuk from The Viriyah Insurance have been elected as vice-presidents.

Mr Jiraphant Asvatanakul from Thaivivat Insurance served as the previous TGIA president and is currently serving as a director and advisory director of the account, finance and investment committee on the board. Meanwhile, current TGIA president Anon Vangvasu had served as secretary-general on the previous board.

Following to the resolution of the TGIA Board, the newly elected secretary general Nopadol Santipakorn from Road Accident Victims Protection Company will remain as appointed chief delegate representing TGIA on the ASEAN Insurance Council board and East Asian Insurance Congress board.

 

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