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Jun 2020

Product Bites

Source: Asia Insurance Review | Sep 2019

MSIG Malaysia launches cyber insurance to protect Malaysian businesses
MSIG Malaysia has launched Cyber SafeGuard, an insurance product designed to protect businesses of all sizes from the growing range of cyber risks proliferating in the ASEAN region.
In addition to the standard financial protections provided by most forms of insurance, Cyber Safeguard goes further by providing customers with immediate access to expert operational and technical support in the event of a security breach.
It includes support for the appointment of an expert IT forensics company, the cost of a public relations consultant to assist with the management of any reputational damage, the cost of a legal firm to advise on legal obligations, restoration costs, interruption losses, liability claims, extortion loss and regulatory costs.
There are also various optional enhancements that customers can choose to enhance their protection based upon their circumstances and needs. 
The insurance is available to businesses of all sizes and the premium will depend on the scale of coverage required, as well as the current status of the business in relation to its data management and business continuity systems.

Prudential launches AI-powered mobile app
Prudential Corporation Asia (Prudential) recently launched Pulse, an all-in-one digital app that offers holistic health management to consumers.
Using AI-powered self-help tools and real-time information, Pulse serves as a 24/7 partner to users, empowering them to take control of their personal health and wellbeing anytime and anywhere.
Users of Pulse can enjoy innovative offerings from global and local providers of health services. These include UK-based Babylon (symptom checker and health assessment), Tictrac (personal wellness services), Malaysia-based DoctorOnCall (online consultation), and AIME (dengue outbreak predictor).
Pulse is an evolving platform where Prudential will be adding new partners, tools and value-added services in phases. The app can be downloaded for free by all users on iOS and Android, now in Malaysia and soon after in 10 other markets in Asia.

HSBC Life steps up focus on health with new solutions
HSBC Life recently launched Health Goal Insurance Plan (HGIP) to meet the health and wealth needs of people in Hong Kong.
With a focus on the top three diseases that kill in Hong Kong – cancer, heart disease and stroke - the plan offers cash benefit for up to three times additional claim payments, without affecting the policy value.
It also comes with Global Medical Care Services, which provide customers with personalised care management and privileged access to leading Harvard-level specialists and hospitals in the US.
Customers can pay in a single premium or over a few years to reap the rewards of potential long-term wealth growth with projected returns of 4.3% per year over 30 years. They can also transfer both the ownership and coverage of the policy to their loved.
HSBC life has also added a new dementia protection rider to its Early Income Annuity Plan, one of HSBC Life’s most popular annuity plans. Dementia protection offers an additional 100% in monthly guaranteed annuity payment to customers who are diagnosed with severe dementia, payable until age 99 or the death of the life insured.

Grab and NTUC Income to offer microinsurance for critical illness
Grab’s insurance arm, GrabInsure and NTUC Income have launched Critical Illness: Pay Per Trip (CIPPT), a microinsurance product for critical illness available exclusively to Grab’s driver partners.
Designed to help Grab driver-partners protect themselves against critical illnesses, CIPPT offers a flexible pay-per-trip micro premium and accumulative coverage proposition.
The driver-partners can choose to pay between S$0.10 ($0.07) and S$0.50 in premium for a fixed sum assured, and accumulate the corresponding insurance coverage with each trip they complete.
They can subscribe to the plan via the Grab driver-partner app and with each completed trip, have the CIPPT premiums automatically deducted from their in-app cash wallet. A 
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