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Product Bites

Source: Asia Insurance Review | Jan 2019

Global Asia

China: Official launch of health and insurance benefit targeted at start-ups
Shanghai-based InsurTech start-up The CareVoice has officially introduced StartupCare, a health benefit and insurance solution for start-ups in China. The solution combines premium medical insurance with fully digitalised health and insurance services. 
In support of the challenging need for start-ups to attract and motivate top talent while running high-speed businesses, StartupCare rewards physically active teams, provides 24/7 virtual care and a fast-track to medical professionals with full reimbursement when needed. It is available from CNY200 ($29) a month, with different benefits for different staff levels. 
The solution results from a partnership between The CareVoice and Ping An Health. Since its soft launch in May, StartupCare has already gathered nearly 50 local and international start-ups and established partnerships with leading co-working spaces and start-up accelerators such as XNode, Chinaccelerator and WeWork.

China: China Pacific Life Insurance bundles insurance with elderly care solutions 
China Pacific Life Insurance has launched a service that bundles insurance with elderly care solutions in Shanghai, in response to the country’s growing ageing population.
The insurer will build three tiers of retirement communities to cater to the differentiated needs of the elderly. For seniors above 80 years of age, it will create urban healthcare centres featuring high-quality rehabilitation nursing services. Seniors aged 70-79 will enjoy suburban accommodation and customers aged between 55 and 69 can choose to have a residential recreation lifestyle in the care centre.
The insurer has also partnered with the Orpea Group, a European leader in dependency care, post-acute and psychiatric care clinics to set up a joint-venture to provide more professional care service for the old generation.

Malaysia: MetLife helps customers to prevent and manage cancer with genomics
AmMetLife Insurance, the strategic partnership between MetLife and AMMB Holdings, has launched a market-first plan in Malaysia that includes coverage of genomic testing for customers diagnosed with cancer.
The ‘HCC BoostUp Rider’ attached to the HealthCare Choice Rider provides coverage for a unique combination of medical benefits including genomic testing for cancer, out-patient dengue treatment, home nursing care, and pre-hospitalisation treatment. To ensure its services and solutions keep pace with medical trends and customers’ evolving needs, MetLife has teamed up with medical experts like Dr. Steven Tucker, who specialises in cancer, genomics and precision medicine. 

Global: Aon introduces intangible asset insurance cover 
Aon has introduced a new non-damage business interruption (NDBI) cover that is designed to protect the income streams of the growing number of new generation companies with high levels of intangible assets, such as Airbnb.
NDBI policies protect companies’ revenues against business interruption costs that result from an event where there is no physical damage. For an increasing number of firms, physical damage is a lesser risk priority than risks related to income streams and cash flows, such as a terrorist threat, a cyber attack, or unseasonal weather. 
NDBI is supported by advanced data and analytics and actuarial analysis, which allows for the development of customised policies for each individual client that can utilise parametric indices and/or traditional re/insurance. For instance, it can help hospitality or retail sector firms mitigate the financial impact of lower client footfall following events such as delays or cancellations to transportation.
Lloyd’s of London and Swiss Re are among the (re)insurers for the new product.

Global: New cyber solution for airports
In response to cyber and digital risk being identified as the top concern facing airports today, Willis Towers Watson has introduced ‘CyFly for airports’, an insurance solution specifically tailored to cover cyber exposures affecting airports around the globe, with the exception of the US. 
  • CyFly for airports provides the following extensive coverages not found to be incorporated into current traditional cyber policies:
  • Business interruption arising from outages sustained by third parties upon whose networks airports rely, such as air navigation service providers, hangar operators and maintenance operators
  • Regulatory costs and fines under cyber security legislation, (such as the EU Network and Information Systems Directive) rather than just data protection legislation
  • Broad system failure business interruption extending to any unplanned outages, rather than those arising only from hacks or negligence
  • Voluntary system shut-downs to mitigate business interruption exposures
  • Claims preparation costs to avoid the delay and expense ordinarily associated with business interruption claims
  • Deemed insurability language, aiding recovery of both data protection (e.g. GDPR) and cyber security (e.g. NISD) fines. A 
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