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May 2021

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Source: Asia Insurance Review | Jul 2020

Cigna Hong Kong introduces medical insurance solutions for SMEs
Cigna Hong Kong has launched Cigna CareChoice group plan, a new group medical insurance solution that provides owners of start-ups and SMEs in Hong Kong with medical care for their employees.
Tailored to local start-ups and SMEs with three or more employees, Cigna CareChoice group plan offers a choice of five plan levels. SME owners can tailor the plan for different groups of employees by mixing and matching the five levels of hospital and surgical benefits with a range of optional benefits including outpatient benefit, dental benefit, and life and accidental death and disablement benefit.
The plan also allows employers to choose different benefit levels for each employment level, giving employers full flexibility to customise a plan that meets their needs.
Members can enjoy other digital services such as telehealth service, a virtual consultation and medication delivery service that allows patients to book and consult with a doctor from their home or office thus avoiding waiting times and reducing the chances of infection at a crowded clinic, and the customer service chatbot, a WhatsApp chatbot that helps them find a doctor, book an appointment, and get directions to the clinic.
Employers can also choose a pre-authorisation saving option where they can receive an extra 5% discount on annual basic benefit premiums if members use Cigna’s pre-authorisation and/or cashless hospitalisation service prior to their surgery or hospitalisation in specific treatment settings.

Guy Carpenter launches probabilistic Philippines flood model
Guy Carpenter has announced the launch of its new Philippines flood model. The probabilistic model provides countrywide coverage and enables insurers to assess flood exposure, one of the most frequently occurring natural hazards in the region.
The Philippines flood model is based on a 10,000-year stochastic catalogue simulating both fluvial (riverine) and pluvial (rainfall) flooding, including the impact of typhoon-induced precipitation. The fluvial component of the hazard was developed using hydrological and hydraulic modelling to simulate river discharges across the river network in the country. Pluvial flooding is simulated using an in-house methodology accounting for local climate conditions, soil type, land use, and topography.
The enhanced model output offers clients greater modelling flexibility, and it can produce event-loss tables, occurrence exceedance probability curves, and average annual losses at virtually any level of aggregation.
The model is powered by the Oasis Loss Modelling Framework, an open-source catastrophe modelling platform designed and built by the (re)insurance industry. Outputs can be leveraged using Guy Carpenter’s MetaRisk platform to analyse reinsurance structures and for capital modelling.

FWD launches VHIS plan to provide full medical coverage and tailor made rehabilitation support
FWD has launched vPrime, an advanced voluntary health insurance scheme flexi-plan certified by Hong Kong’s Food and Health Bureau.
The plan brings extra care to stroke survivors by covering a series of stroke-related treatments and recovery services, including consultations, medical treatments prescribed by specialists and Chinese medicine practitioners, as well as reimbursement for home facility enhancements prescribed by occupational therapists. Stroke survivors are also entitled to a HK$10,000 ($1,290) disability subsidy per month for up to 24 months per incident.
vPrime rewards healthy living customers with as much as a 25% no-claim premium discount: If no claim is made for more than two consecutive policy years, a health discount of up to 15% will automatically be applied to the next renewal premium.
Customers of vPrime are entitled to reimbursements for their eligible medical expenses up to a maximum of HK$8m per policy year and up to HK$45m per policy which is guaranteed renewable up to age 100.
Insured customers can enjoy vPrime’s coverage with daily premiums starting at HK$9 (with deductibles of HK$50,000) or HK$29 without deductibles. vPrime also offers customers a one-time option to lower or remove the deductibles without providing further proof of their health condition.
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