Magazine

Read the latest edition of AIR and MEIR as an Interactive e-book

Mar 2024

Product Bites

Source: Asia Insurance Review | Sep 2018

Global Australia Japan Malaysia Singapore

Australia: Chubb announces flight delay insurance
Chubb has launched Flight Delay Insurance, a policy which provides fixed compensation for the inconvenience travellers may face when their flight is cancelled, diverted or delayed. Typically, pay outs are only possible when the flight delay is more than six hours and for a specified loss, such as extra accommodation. With this new product, a delay of as short as 30 minutes will trigger a fixed payout. 
 
There are three policy options of 30, 45 and 60 minutes; any one of these will trigger a payout of AUD 100 ($73) for the affected customer. Flight cancellations and diversions automatically trigger a similar payout, usually processed within an hour to at latest, within 72 hours of arriving at the destination. 
 
The policy is available through the Chubb Connect app, which offers other value-added services to leisure travellers such as access to a network of global wifi hotspots and SOS alerts. It is powered by United Networks, an Australian global connectivity, engagement and payments platform provider. Swiss Re validates the incidents in real-time using data from FlightStats, a provider of real-time global flight data. Once Swiss Re has confirmed the incident, United Networks will pay the amount directly into the customer’s PayPal account without the customer having to obtain any reports from the airline to file a claim. 

Japan: Swiss Re Corporate Solutions launches tsunami-derivative solution
Swiss Re Corporate Solutions has introduced a tsunami-derivative solution for businesses operating in Japan. The new product addresses an insurance protection gap as conventional indemnity solutions typically offer insufficient tsunami coverage, especially for infrastructure damage, clean-up and recovery expenses.
 
Unlike traditional insurance covers, which require loss investigations and adjudication, the tsunami derivative solution provides a pre-agreed pay-out amount based on the height of the tsunami as recorded and validated by the Japan Meteorological Agency. The new product offers beneficiaries a range of coverage limits from between $30-100m, which can be paid within 40 days after the actual tsunami arrival. Available coverages and pay-out options are structured from a starting tsunami height of three metres and above.

Malaysia: New protection solution introduced for migrant workers
AXA Affin General Insurance (AAGI), in partnership with money service business provider Merchantrade Asia, has launched Merchantrade Insure, a policy targeting migrant workers and their family which provides claims pay-outs directly to the beneficiaries through remittances. 
 
The product is designed to provide affordable protection solution to this underserved group in the event of an unfortunate accidental death or permanent disablement. The product also features daily hospital income benefit in the event of hospitalisation due to accident at an affordable premium of MYR5 ($1.22) per month. 
 
Merchantrade Insure’s features include:
  • Payout of MYR9,000 for accidental death or total permanent disability;
  • MYR50 per day, up to MYR1,000 for hospitalisation due to an accident;
  • Added benefits (funeral allowance, ambulance fees and reimbursement for wheelchair or prosthetics) for extended plans; and
  • Available in four coverage options – one, three, six and 12 months.

Singapore: Great Eastern partnership to offer industry-first insurance to freelance caregivers
Great Eastern and Caregiver Asia, an online aggregator of on-demand health and caregiving services, have partnered to offer a first-of-its-kind professional indemnity insurance to freelance caregivers, with the exception of doctors, registered on CaregiverAsia’s platform.
 
The policy protects the individuals from legal liability associated with wrongful practices and aims to give them peace of mind in providing care. Caregivers will be covered for up to S$100,000 ($72,680) for any one claim made against them by their clients, as well as expenses incurred in the defence or settlement of legal issues such as libel and slander, breach of confidentiality, loss of documents and coroner’s enquiries.

Global: Now Health International’s innovative mobile pass enhances customer experience
International private medical insurance (IPMI) provider Now Health International has launched a mobile pass to enhance customer experience while ‘going green’. The innovation enables members to download a digital version of their membership card straight to their mobile wallet. It features vital plan information including membership number, plan expiry date and any relevant co-insurance or deductible, as well as a click to call feature to contact Now Health’s customer service team directly. 
 
The pass is fully integrated with the insurer’s other digital tools, including secure online portfolio and smartphone app, to offer a seamless online experience providing real time information. It is available for both Apple Wallet and Google Pay and in four languages – English, Bahasa, traditional Chinese and simplified Chinese – to cater for Now Health’s global membership base. A 
 
| Print
CAPTCHA image
Enter the code shown above in the box below.

Note that your comment may be edited or removed in the future, and that your comment may appear alongside the original article on websites other than this one.

 

Recent Comments

There are no comments submitted yet. Do you have an interesting opinion? Then be the first to post a comment.