We bring you a roundup of what's new in the market in recent weeks. It pays to know what's happening in the industry so you are not caught unawares. It can even be a sneak peek into what's to come in your home market.
Malaysia: MSIG launches fire insurance products with innovative features
Following the country’s fire insurance tariff liberalisation in 2017, MSIG Malaysia has launched two new fire insurance products which provide additional innovative options when it comes to protecting businesses from emerging threats.
Retail SafeGuard Insurance is a comprehensive protection targeted at small businesses such as retailers and restaurants, enabling them to select a desired plan that caters to their business needs at an affordable premium.
Meanwhile, Business SafeGuard Insurance is designed to provide customised comprehensive protection targeted at mediumsized customers, which can tailor their insurance solution under a single competitively priced policy and maximise their premium savings.
Beyond the conventional protection that fire insurance offers, both products offer add-on coverage for risks which reflect the changing nature of the business world. These include Loss of Money via Electronic Fund Transfers, Social Media Reputation Risk, Cyber Risk Allowance and Terrorism & Sabotage.
Singapore: Manulife launches its signature health and wellness programme
Manulife Singapore has launched ManulifeMOVE, a customer loyalty programme which rewards participants with premium cashback for being active and staying healthy.
Policyholders who achieve an average of 10,000 steps daily will receive a recurring S$50 (US$38) cashback every six months till the end of their life insurance policy. The programme also promotes regular, moderate exercise via the ManulifeMOVE mobile app, which can be integrated with a range of mobile and wearable devices such as FitBit, Misfit and Apple Watch.
To qualify to become a ManulifeMOVE member, customers need to be the life assured of at least one Manulife Singapore policy purchased on or after 16 January 2017, and where the policy is either: (a) a regular premium policy with a minimum annual premium of US/S$3,000; or (b) an Heirloom, Manusignature One or Signature Income policy.
Singapore: Insurers partner InsurTech startup to offer market-first no claim rebate cash back
Three insurance companies, NTUC Income, Sompo Insurance Singapore and Tokio Marine Insurance Singapore, have partnered with a local startup company Vouch InsurTech to launch the city-state’s first car insurance “No Claim Rebate” (NCR) feature, via which customers can enjoy 15% cash back on annual premiums, in addition to existing No-Claim Discounts (NCD) if they stay incident free.
Drivers are grouped together via Vouch’s online platform, in private groups with friends, family or other drivers of similar driving profiles. At the start of the policy, the insurer will set aside 15% of the drivers’ premiums as NCR, pooled with members in the same group. During the policy period, if any member makes an own-damage claim, part of this claim is deducted from the rebate pool, and the remainder of the pool split amongst the members at the end of their respective policy period.
If the pool runs out, there is no negative impact to customers, as everyone is still covered by the respective insurer. If a group stays accident-free, everyone receives 15% cash back of their premium. With fewer than 15 claims for every 100 drivers in Singapore annually, many safe drivers will stand to benefit from this cash back.
“In the traditional car insurance model, safe drivers pay higher premiums to cover the risks of unsafe drivers. This is unfair, and we saw an opportunity to work with insurance companies, to give drivers more choice to influence the premiums they pay and also reward safe drivers. Insurance companies also want to encourage a safe-driving culture in Singapore,” said Vouch InsurTech CEO and Co-founder Chean Yujun.
Australia: XL Catlin introduces new accident and health insurance solution
XL Catlin has launched Protect and Assist, an accident and health insurance solution with global coverage that is designed to help Australian businesses protect their people and meet their duty of care in the face of emerging risks and heightened security threats.
The policy works by combining comprehensive personal accident and corporate travel insurance with a wide range of support and response services designed to:
- reduce and prevent risks before people travel;
- provide assistance and support to people where and when they need it; and
- provide insurance cover when things go wrong at home or abroad.
A key feature of Protect and Assist is that clients can build their own solution by incorporating both core and optional services and coverages.
Do you have a new product or programme, or are you innovatively utilising the power of technology? Share them with us. Email: Editor@AsiaAdvisersNetwork.com