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Jul 2020

Product Bites

Source: Asia Insurance Review | Oct 2019

PolicyPal launches on-demand personal accident insurance
InsurTech startup PolicyPal has announced the launch of Singapore’s first on-demand personal accident insurance. Users can enjoy 24-hour free personal accident coverage for (i) accidental death, and (ii) permanent disability for S$50,000 sum assured payout respectively. Protection can be activated with one swipe at any time, regardless of whether or not the individual is insured for personal accident coverage.
PolicyPal’s on-demand personal accident insurance is eligible for Singaporeans and Singaporean PRs residing in Singapore with the standard exclusion clauses under personal accident benefits (e.g. death due to illness, medical expenses for injury due to accident, and personal liability).

Etiqa offers new tranche of popular savings plans
Etiqa Insurance is launching a new tranche of its EASY save series with eEASY save V and eEASY savepro. 
eEASY save V is a non-participating plan with enhanced features such as a free partial withdrawal benefit and non-guaranteed loyalty bonus equivalent to 0.6% of the account value. Customers can choose to surrender their policy after 6 years with no charges or continue saving with crediting rates based on market prevailing rates. It also offers a high guaranteed crediting rate of 2.68% p.a.
eEASY savepro is a participating plan that can yield higher potential returns of up to 4.07% p.a., with choice of policy term from 7 to 15 years.
The first few customers to purchase daily can enjoy instant rewards and stand a chance to receive shopping vouchers up to S$7,500. In addition, those who make payment for the lump sum premium within the same day will receive upfront premium discounts.
The plans can be purchased online and a quote can be generated in a few steps with immediate approval.

Swiss Re and Capsicum Re deliver cyber reinsurance solution
Swiss Re and Capsicum Re have launched Decrypt, a new holistic cyber reinsurance solution that provides a single, flexible, end-to-end solution to insurers’ cyber exposure challenges, including embedded, silent, and affirmative cyber risks.
Decrypt’s modular approach comprises risk identification, quantification and transfer. It offers cyber-risk evaluation expertise and a lead line from Swiss Re of up to $50m per client with the support of a growing pool of risk transfer capacity.
The solution aims to deliver substantive immediate value to clients, while bringing Swiss Re and panel reinsurers greater clarity and insight so that they may offer bespoke risk transfer solutions that really meet their clients’ specific needs.

Great Eastern partners ActiveSG to offer in-app digital insurance plan for active lifestyles
Great Eastern and ActiveSG have partnered to launch Active Care, a personal accident protection plan underwritten by Great Eastern and for the first time, available exclusively to ActiveSG members through the ActiveSG app.
Active Care is available exclusively to ActiveSG members through its mobile app for only S$9 per year – which includes accidental death/permanent total disablement protection up to S$20,000 and medical expense reimbursements up to S$200.
The plan can be purchased without having to undergo any medical examination and anyone between the ages of three and 70 can be protected with coverage not limited to sporting activities.
Every plan purchased earns the member a rebate of S$2 directly credited to their ActiveSG wallet and for a limited time, members can enjoy additional S$2 ActiveSG rebates.
The plan also aims to support local athletes. Every purchase of the Active Care includes a S$1 donation to the One Team Singapore Fund to aid Team Singapore athletes in their training and competitions.
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