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Mar 2021

Product Bytes

Source: Asia Insurance Review | Nov 2016

Singapore: NTUC Income introduces telematics-based motor insurance schemes
NTUC Income has introduced two telematics-based motor insurance schemes – Drive MasterandFlexiMileage –which allow private car owners to influence what they would pay for motor insurance premiums based on their driving behaviours. 
   With the advancement of telematics technology, real-time data on driving behaviours such as drivers’ speed, manoeuvres, drive time and mileage can be collated to better assess and manage risks. 
   Leveraging such technology in Drive Master and FlexiMileage, Income has successfully brought about a step change in pricing motor insurance premiums by introducing tiered savings to reward good driving behaviours and low-mileage driving.
Drive Master 
Designed to reward drivers for good driving behaviours, Drive Master applies telematics innovation via a free smartphone application to automatically track and assess drivers’ speed, manoeuvres, drive time and mileage when they embark on a journey. 
   Drivers are awarded a cumulative score which is updated after each drive and only those who achieve an average score of 70 and above will enjoy savings of between 5%and 20% on their motor insurance premiums. 
FlexiMileage is a usage-based scheme that is specially designed for drivers whose lifestyle requires them to spend less time on the road. FlexiMileage enables these drivers to save more on their insurance premiums if they were to drive their vehicles for 9,000 kilometres or less per year. 
   Drivers can look forward to a discount of 35% of their current premium amount if they drive below 5,000 kilometres a year. For those who clock between 5,000 and 9,000 kilometres a year, they stand to save 20%. 
Singapore: FWD launches term life product with 100% direct and digital approach
FWD, Singapore’s only fully direct and online life and general insurer , has launched its direct term life insurance product with a 100% digital approach, which enables individuals to select their cover, online or using their mobile, and receive a simplified quote in less than 60 seconds. 
   With the help of FWD’s intelligent underwriting functionality, customers can select new term life policies completely online by only answering questions that are relevant to them and their circumstances. After the policy is selected, customers only need to fill in their personal details to complete the purchase.
   Mr Abhishek Bhatia, CEO, FWD Singapore said: “Singapore is one of the most connected nations on earth, with the highest mobile adoption in Asia, but it remains difficult to purchase insurance online. This has undoubtedly stopped many people from purchasing life insurance products.” 
   The policies are available in 5-year renewable, 20-year and up to age 65 terms, and will enable Singaporeans and Permanent Residents to be covered for between S$50,000 and $400,000 (US$36,000 to $288,000).
Global: AON introduces enterprise-wide cyber solution for all industries
Aon Risk Solutions has launched Aon Cyber Enterprise Solution™, a first-of-its-kind property/casualty and Internet of Things (IoT) insurance policy that offers comprehensive and integrated enterprise-wide coverage against cyber risk. 
   The policy is available through the Aon network globally and offers an integrated cyber solution for property, products liability, supply chain risk, technology platforms and information/physical assets, in addition to protection against privacy and security liability.
   It addresses emerging areas of cyber risk and related regulation, including:
  • Comprehensive limit approach – up to US$400 million in capacity per policy;
  • Property damage arising out of a network security breach;
  • Products liability coverage to address Internet of Things exposures;
  • Business interruption and extra expense coverage arising out of a systems failure;
  • Cyber terrorism coverage
Global: IBM and Majesco to launch platform for insurers to create new services via IBM Cloud 
IBM has signed a five-year partnership with Majesco, a global provider of core insurance software, to offer a new cognitive, cloud-based platform to help insurance carriers worldwide to create new services on IBM Cloud. 
   The global partnership is expected to provide clients with ability to speed the development of new customer services with predictive data analytics to help insurance providers to bring new solutions to their clients. It will also provide a secure global incubator for insurers to develop and launch new cognitive products and services via IBM cloud for clients. 
   Insurers will be able to better analyse, price, and understand business risks using new data sources and add an engaging and personalised advisory interface to their services.
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