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Product Bytes

Source: Asia Insurance Review | Dec 2017

Asia Hong Kong Malaysia Singapore

Asia: Beazley launches financial lines products

Specialist insurer Beazley has unveiled two comprehensive suites of financial lines products in Asia. The first has been created for financial institutions, and offers a seamless set of policies, from directors and officers (D&O) liability to professional indemnity and cover for crime; along with tailored insurance for investment management and private equity organisations.
 
   The second set of products provides comprehensive management liability cover to a broad range of commercial organisations and includes D&O liability, public offering of securities (POSI), employment practices liability, and pension trustee insurance. Drawing on Beazley’s extensive experience in cyber insurance, data breach costs are included as standard in the management liability range for commercial organisations.

Asia: FinTech policy unveiled 
Specialist insurer Markel has unveiled a FinTech policy offering comprehensive protection for businesses in the financial technology sector in Asia, having successfully launched it in the UK early last year. 
 
   The product is launched in Singapore, which is fast becoming a FinTech hub. It will offer protection for policy limits of up to a maximum of US$10 million. It comes with three additional options for cover, building on the core professional indemnity section, to protect clients against their key exposures.
 
   The professional indemnity core addresses the professional liability issues that may arise in a FinTech and offers broad civil liability protection against claims and related costs from clients or third parties, including alleged bad advice, poor servicing or programming errors. Coverage also extends to the costs involved when sensitive documents or data is lost.
 
   On top of the professional indemnity core cover, the policy offers protection for three additional perils:
  1. Directors’ and officers’ liability cover protects against claims of mismanagement, which could be brought by shareholders, employees, creditors or regulators.
  2. Theft option covers the insured against the stealing of money or other financial instruments, through both electronic and non-electronic means, including through extortion. It will also cover the cost of rectifying computer systems following a theft.
  3. Cyber liability and loss cover provides protection if the insured suffers a network security incident, such as a hack, denial of service attack, or a computer virus, and will also cover business interruption losses arising from such an incident. This section includes cover for the cost of rectifying computer systems following a network security incident.
 
  The policy also provides for a team of experts that are available on a 24/7 basis to help manage, investigate, resolve and recover from a network security incident, theft, phone hacking or a privacy breach; electronic or otherwise.

Hong Kong: Ironshore introduces legal expense cover
Ironshore Hong Kong has launched a specialty professional lines product that offers protection for After-the-Event Legal Expenses to mitigate commercial litigation loss exposure. Its Professional Lines unit will provide coverage for parties subject to expense losses following commercial litigation action. After-the-Event insurance cover will be underwritten through Ironshore Hong Kong Ltd.
 
   The product provides insurance against adverse costs awards in commercial litigation. The coverage, which is standardised within the UK legal community, has been adapted specifically for Hong Kong in response to client demand. 

Hong Kong: AIG announces new cyber insurance products 
AIG Insurance Hong Kong has launched two cyber insurance products - Dragonshield Cyber Crime Protector and SME CyberEdge. They address a growing need to confront the key cyber risks of extortion via malware, social engineering fraud and data breaches following recent high profile cyber-attacks like WannaCry and NotPetya.
 
   Dragonshield Cyber Crime Protector is a crime insurance policy for the full range of large, medium and small businesses, not only covering traditional crime, but also direct financial losses due to cyber crime including Social Engineering Fraud, Cryptocurrency Cyber Fraud and Cyber Extortion. 
 
   SME CyberEdge, meanwhile, aims to deliver a cost-effective range of essential cyber coverage for small and medium-size (SME) businesses which are often the most exposed to cyber threats and are increasingly seen by cyber-crime perpetrators as a pathway into larger targets. 
 
   Both products provide a process to identify each attack, define the problem and share information with clients. Where policyholders lack appropriate external professional support, the policies offer access to partner firms which provide forensic accounting, legal and public relations advice to enable companies to get ahead of the issues they face. Both packages also include Pre- and Post-Event Support; Cyber Attack (or “Event”) Management; and providing access to a 24-hour Hotline.

Malaysia: New Allianz cover for diabetics
Allianz Life Insurance Malaysia Berhad has launched Allianz Diabetic Essential, which offers those with type 2 diabetes a chance to get medical coverage and make living with diabetes less of a struggle.
 
   With the policy, type 2 diabetics who do not have a medical plan can start getting one while those who already have a medical plan have the opportunity to top-up their current coverage. 
Allianz Diabetic Essential offers Comprehensive Medical Coverage with a choice of four medical plans that will help cover the cost of hospitalisation and surgery, Intensive Care Unit, obtaining a second medical opinion and more.
 
   For those seeking medical care beyond hospitalisation, the plan provides access to outpatient treatment for cancer, kidney dialysis, dengue and enteric fever treatment as well as emergency accidental out-patient treatment.
 
   It also offers health screening benefits with an annual HbA1c blood test, kidney function test, lipid profile as well as medical examination and full urine examination. Customers can enjoy annual premium discounts of up to 40% for improving and maintaining their health.
 
   The insurer is also teaming up with Advance Medical to spearhead a Diabetes Care Programme for customers where a licensed physician will be assigned as their personal health adviser.

Singapore: Bandboo introduces new P2P excess protection for drivers 
Bandboo, a Singapore P2P InsurTech platform startup, has announced a new product to protect drivers from costly car excess insurance payments. Insurance excess, the payment drivers are liable to pay towards a claim made on a car insurance policy, can be significant. Bandboo’s membership-based Car Excess Insurance provides drivers with added protection by reducing or eliminating the excess by providing a pay-out equivalent to the excess charged, up to S$4,000 (US$2,950).
 
   All premium payments, which range from as low as S$4.50 to S$9.00 a day, are put into a secure common pool. Claims are paid out from the pool, and tracked in a ledger that provides an open, accountable trail that cannot be tampered with. At the end of the month, all remaining premiums in the pool are returned to customers. 
 
   The shared ledger tracks all transactions into and out of the pool, allowing members to see, in real-time, the number of members, premiums and claims, and to estimate the amount of cash back they will receive each month. As all unconsumed premiums are returned, Bandboo covers its costs by charging a membership fee of 12% of the monthly premium amount, which goes towards the technology infrastructure, processing of claims and other operating costs. A 
 
Do you have a new product or programme, or are you innovatively utilising the power of technology? 
Share them with us: editor@asiainsurancereview.com
 
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