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: e-hailing drivers to enjoy new 24/7 protection from AXA
AXA Affin General Insurance Berhad (AAGI) has launched a motor insurance add-on for drivers carrying e-hailing (fare-paying) passengers in Malaysia.
As comprehensive private motor insurance does not cover e-hailing services, the estimated 180,000 e-hailing drivers in the country are exposed to risks including potential claims by passengers in the event of accidents. AXA SmartDrive – Sharing is an add-on that provides them with 24/7 comprehensive protection and peace of mind, whether they are driving for e-hailing services or private usage.
The plan covers:
- Loss or damage to driver’s vehicle;
- Liability to third party;
- Legal liability to/of passenger; and
- Driver’s personal accident up to MYR10,000 (US$2,600).
E-hailing drivers will also enjoy AXA’s suite of value-added services, such as roadside assistance with AXA SmartDrive Assistance Plan including 24 hours hotline service, towing, six months repair warranty, and more.
Indonesia: FWD Life launches comprehensive life insurance policy
PT FWD Life Indonesia (FWD Life) has launched FWD LooP, a comprehensive life insurance product with coverage for critical illnesses and inpatient treatment. The product makes use of a unique combination of online sales distribution and offline agents for a unique and convenient purchasing experience.
Through its affordable pricing, FWD LooP provides four key elements of insurance coverage: IDR250 million (US$18,125) accidental death insurance, IDR125 million accidental death and dismemberment insurance, IDR125 million of insurance for critical illnesses and inpatient treatment room coverage of up to IDR500,000 per day.
The premium depends on the customer’s age, starting from IDR250,000 per month for the age group of 18-25 years, IDR500,000 per month for those aged 26-40, IDR750,000 per month for those aged 41-45 and IDR1 million per month for those aged 46-55.
There are very few exclusions, no costs in advance and all money paid goes directly toward investment from year one. FWD LooP is expected to help boost the nation’s currently low insurance penetration rate of 2.99% of GDP.
Japan: Launch of dementia support insurance
Japanese pharmaceutical company Eisai Co Ltd and healthcare services group Saint-Plus Small Amounts and Short Term Insurance Co Ltd have jointly developed a new insurance product for dementia.
The “Dementia Support” small amount short-term insurance plan applies to beneficiaries aged 40 to 90, who can qualify even after the policyholders are certified as requiring long-term care. They will receive a lump-sum payment upon diagnosis of specific conditions such as organic dementia. As ancillary services, they will also be provided with information on dementia as well as introduced to consultation services related to symptoms and nursing care concerns. Beneficiaries can renew the policy up to age 100.
This adds to the growing number of polices covering expenses related to dementia in the ageing country. Last year, Mitsui Sumitomo Insurance Co started selling a fire insurance product for households with a special clause to cover damages stemming from halted train operations caused by dementia patients wandering onto rail tracks, while Taiyo Life Insurance Co had been selling an insurance product covering treatment for dementia since March 2016.
According to the Ministry of Health, Labour and Welfare, the number of people with dementia was approximately 4.62 million in 2012, and is expected to increase to approximately 7 million by 2025. Dementia is one of the major causes behind the need for long-term care, according to a government survey.
China: New insurance product targeted at international school teachers
International insurance broker Abacare and Shanghai-based healthcare start-up The CareVoice have debuted a 3-in-1 solution for teachers working in international schools in China.
The cooperation is a new trial within the industry and features a unique combination of technology and risk management, including customised medical insurance, with right benefits and plans fit to teachers’ needs, mobile service with advanced features such as an AI-based virtual nurse, one-click appointment, e-claims among others and comprehensive health programmes, like fitness coupons and online classes.
Real usage data will be provided to help schools make best decision for medical insurance purchase, so that the schools could minimise premium increase but still maximise employee engagement.
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