So, what’s new in the market? We’ll start off with “Blue” a digital life insurance company in Hong Kong by Aviva.
Hong Kong: Blue as Hong Kong’s first digital life insurer
The latest digital kid on the block in Hong Kong is Blue. With shareholders like Aviva Hong Kong (40%), Hillhouse (40%) and Tencent (20%), the digital insurer would be the first fully digital life insurer to join the ranks of selling life and critical illness products online.
Policies sold online tend to be lower as they remove the need for middleman, AKA agents and advisers. With zero paperwork, and zero commissions, the tech-savvy people of Hong Kong would find this method of purchasing more appealing than the traditional ways of insurance selling.
Online selling provides solutions to the modern day society, as many are tech savvy, and owns a smartphone. Consumers can now be protected anytime, anywhere at affordable prices with the touch of their fingertips.
Find out more about Blue here.
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Singapore: AXA Insurance Launches New AXA Shield Value-Added Services
AXA Insurance has launched a series of improved value-added services for AXA Shield.
As an Integrated Shield medical reimbursement plan, the AXA Shield is designed to complement the Singapore MediShield Life plan.
These newly launched services are meant to provide greater assurance and a peace of mind to policyholders.
The AXA Shield services now include:
1. Newly launched panel of General Practitioner (GP) Clinics
With a pool of over 340 GP clinics now.
2. Higher Letter of Guarantee (LOG) limits
The claimable amount goes up to $1mil, $550,000 and $150,000 for AXA Shield Plan A, B and C respectively; whichever is lower.
3. 24/7 LOG
A hotline operating 24hrs every day to ensure customers get the necessary support when required.
4. New E-member card with additional benefits
Policyholders get to enjoy discounts at a range of health and lifestyle merchants now.
For more, please visit AXA Shield here.
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Singapore: MSIG collaborates with InsurTech Startup
MSIG Insurance (Singapore) announced collaboration with InsurTech startup Anapi to develop next generation insurance products for a digital ecosystem. Both companies will work together to provide innovation and delivery of personalised insurance through digital partners via an API platform.
The collaboration begins with a flight delay insurance product through a digital partner’s travel assistant mobile app. Customers will be able to purchase flight delay insurance cover to Bangkok via the app from just S$2. The travel assistant mobile app would be able to auto-trigger claims, and policyholders would be reimbursed through PayNow without even submitting any documentations.
The collaboration with digital partners will enable MSIG to expand its offerings into new mobile apps, digital experiences and business models.
“We are living in a fast-changing world where technology is reshaping the nature of insurance.
Customers’ needs are not all the same and our products can now be personalised. And for many, the first port of call is the digital marketplace,” said Michael Gourlay, CEO of MSIG Insurance (Singapore). “Our collaboration with Anapi, who are at the forefront of InsurTech, will reshape how personalised insurance as smart contracts can be offered and easily integrated with digital services. Adopting new plug-in technologies such as APIs will enable us to provide an Always-On service and embed insurance into the digitally enabled ecosystems.”
Read more here.
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Singapore: Prudential Singapore launched PRUactive saver
Prudential Singapore has launched a new insurance savings plan that allows customers to customise their policy to meet their financial goals and commitments.
With PRUactive saver, customers can fix their policy term at any number of years between 10 and 30 years and pay premiums over a period ranging between five and 30 years.
Key features of PRUactive include:
1. Flexible policy term: any number of years between 10 and 30 years
2. Flexible premium payment term: the number of years can be less than or equal to the policy term (between 5 and 30 years)
3. Potential bonus payout upon maturity of the policy
4. Optional riders offering additional cover, including:
- Crisis Waiver for protection against critical illness
- Payer Security Plus, a supplementary benefit where premiums are waived in the event of death, disability or critical illness
For full details, visit them here.
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Hong Kong: Manulife Asset Management Launches Hong Kong’s First Greater Bay Area Thematic Fund
The launch of the Manulife Greater Bay Area Growth & Income Fund (the “Fund”) is the first of its kind in Hong Kong. The fund is exclusive only to Standard Chartered Hong Kong clients, and it aims to achieve capital growth and stable income generation by investing in equities and bonds of companies that could benefit from the rising economic importance of China’s Greater Bay Area (“GBA”).
Ronald Chan, Chief Investment Officer, Equities, Asia (ex-Japan), Manulife Asset Management, said: “The Greater Bay Area is only 1% of China’s total land mass, but accounts for about 12% of China’s GDP2. Further development of the area is highly endorsed by the Central Government, as it plays a significant role in the ‘Made in China 2025’ initiative. The GBA is expected to rival established bay areas around the world in the years to come. Companies that stand to benefit the most are those based in the GBA and whose businesses are aligned with China’s strategic direction – be those in sectors of core development focus or contribute to the hard- and software expansion of the GBA, all of which could potentially provide long-term returns to investors.”
The GBA is already attracting an influx of educated, high income professionals, who demand for higher standard of living and consumption of goods. This would accelerate the construction of education, healthcare, and entertainment facilities, and further attract talents to provide such services. The expansion of the labor force means increase in demand for real estate and enhanced connectivity and mobility, which subsequently would lead to further investments into property, infrastructure, and transportation projects.
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