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Sep 2020

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Source: Asia Insurance Review | Jan 2020

NTUC Income partners Carro to introduce Singapore’s first pay-as-you-drive insurance
In partnership with insurer NTUC Income, online automotive marketplace Carro has launched Singapore’s first usage-based insurance programme bundled exclusively into its car subscription service.
 
Supported by vehicular telematics, the new initiative seeks to lower the costs of driving in Singapore and promote greater flexibility through its pay-as-you-drive model which means drivers will pay less for insurance premiums if they drive less.
 
This technology tracks a driver’s mileage and sends that data to a backend server to calculate monthly insurance premiums.

AIA Singapore expands access to on-demand telemedicine services
Policyholders of AIA HealthShield Gold Max will now be able to access on-demand telemedicine services on their mobile devices. This comes after AIA expanded its partnership with digital healthcare provider WhiteCoat.
 
Policyholders can now access a range of healthcare services that includes medical video consultations, issuance of medical referrals as well as prescription, dispensation, and delivery of medication anywhere in Singapore.
 
They may also ask to be referred directly to AIA’s quality healthcare partners (AQHP) in the event of a specialist referral being required following a consultation with WhiteCoat. Referrals can be issued within the same session, providing access to over 200 experienced private medical specialists across 26 medical disciplines.
 
Additionally, policyholders who consult with an AQHP will be provided with benefits such as competitive outpatient consultation fees and enhanced pre- and post-hospitalisation cover.

Zurich Takaful Malaysia introduces solution to bridge debt gap
Zurich Takaful Malaysia has introduced a new protection plan called ‘Takaful Family Hero’ to address the debt gap among Malaysians.
 
The plan provides a recovery benefit whereby a sum equivalent to 5% of the coverage amount is paid out annually for 10 years in the event that the customer suffers from total and permanent disability.
 
Takaful Family Hero offers the ‘Balik Kampung’ benefit where customers can secure higher protection cover of up to three times the basic coverage during public holidays when many would be travelling back to their hometown to visit loved ones.
 
It also offers Family Care Privilege, a plan which allows customers to extend the protection coverage to up to four legal spouses and their children. Upon the death of the breadwinner, nominated family members can opt for coverage of up to MYR300,000 ($72,437) per person without any underwriting.
 
For enhanced protection, customers have the option to add on the KritikalCare Essential rider, which provides coverage for 50 critical illnesses as well as the KritikalCare Waiver which waives the contribution upon diagnosis of any one of the illnesses.

AXA launches holistic critical illness solution in Singapore
AXA Insurance has launched Super CritiCare, a critical illness plan designed to provide all-round protection including multiple payouts for early, intermediate and advanced stage critical illnesses up to a total of 600% of the coverage amount.
 
The plan offers coverage across all stages of re-diagnosed cancer or recurrent heart attack or stroke. Customers will receive up to 100% of the coverage amount for each claim, not only at the advanced stage of a relapse which is typical of many critical illness plans, but also upon the early and intermediate stage of a relapse.
 
It also offers a Diabetes Care Programme, worth S$2,500 ($1,843)a year, that provides support in controlling the condition through a 12-month personalised wellness programme to manage diabetes conditions upon diagnosis of diabetes, and can be renewed yearly if the condition persists. 
 
It comprises six components: Personalised consultations, dietary counselling with individualised nutritional plans, a fitness programme, eye screening, foot screening, and annual lab tests.
 
To eliminate possible disruptions to their critical illness coverage, customers can also choose to enhance their AXA Super CritiCare plan with optional riders to waive future premiums if they or their loved ones face unfortunate events such as a diagnosis of early to advanced stage critical illnesses, or involuntary loss of income. 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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