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Product Bytes

Source: Asia Insurance Review | Mar 2016

Prudential Singapore launches multi-generational plan that provides income str?eam
Prudential Singapore has launched PRULifetime Income, a whole of life plan which provides financial protection against death or accidental disability. In addition, it provides yearly cash benefit from the second policy anniversary, as long as the policy is still in force. The policy can also be transferred from a parent to a child, providing financial support over three generations, including the grandchild.
   Upon death or accidental disability of the life assured, the plan will pay out the higher of either 105% of total premiums paid to date or 101% of the plan’s surrender value, at the time of death. No medical underwriting is required and acceptance is guaranteed.
Cobalt Underwriting offers Lloyd’s first Shariah compliant political violence product 
Cobalt Underwriting has introduced a new political violence product backed by Chaucer. 
   Cobalt, the London market’s only Shariah-compliant underwriting agency, will offer the product with Lloyd’s capacity provided by Syndicate 2084, the Shariah-compliant component of Chaucer Syndicate 1084.
RMS releases Cyber Accumulation Management System 
RMS has released its Cyber Accumulation Management System, which includes a new software system and framework for cyber exposure reporting, in addition to a suite of cyber catastrophe scenarios for loss modelling. 
   Assessing the Probable Maximum Loss (PML) for cyber is a key determinant for an insurer to set its risk appetite, enabling firms to understand the potential size of cyber catastrophes. To address this, the System provides insurers with the framework to organise and structure their data, in addition to five cyber loss models that enables insurers to stress test their portfolios against a range of cyber loss methods.
Willis Re and Measure to advance drone usage 
Willis Re is forming a strategic partnership with technology company Measure to advance the use of drones within the insurance industry and bring the very latest in drone technology to Willis Re clients. 
   Integrating drone technology into the insurance process has huge potential to improve risk assessment and claims response times. Drones can more easily identify properties and infrastructure that have been flooded or are in the path of rising water. Aerial data can also be utilised to better understand the factors leading to property damage and make recommendations for mitigating losses. Drones also provide access to real time data, allowing insurers to collect more timely and accurate data to support the claims process.
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