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Sep 2020

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Product Bites

Source: Asia Insurance Review | Aug 2020

NTUC Income launches micro policies with micro payments
NTUC Income has launched SNACK, a new insurance product that it hopes will become integrated into Singaporeans’ daily lifestyle activities.
 
With SNACK, the insured gradually builds or stacks their insurance coverage by paying micro-premiums at either S$0.30 ($0.22), S$0.50 or S$0.70 and accumulates micro policies that offer a specified sum assured, based on the insured’s profile, that corresponds with the premiums paid.
 
The insured can also decide when and how frequently premiums are paid by linking them to their preferred lifestyle triggers, such as ordering a meal, exercising or taking public transport.
 
Additionally, SNACK offers insureds the flexibility to build insurance coverage at their own pace by setting a weekly cap of up to a maximum of S$50 on payment triggers if they wish to ease cash flow.
 
Each micro policy, which is issued when a micro premium is paid, covers the insured for 360 days. This means that the insured stays protected by insurance coverage that has been accumulated over time even when they stops using their lifestyle triggers or if the weekly cap is reached.

PhonePe introduces domestic trip insurance in India
PhonePe has launched a domestic multi-trip insurance cover in a strategic partnership with ICICI Lombard. This product, exclusively available for PhonePe users, provides annual insurance cover for unlimited trips.
 
The product offers benefits that cover losses arising from trip cancellations, home burglary while travelling, missed connecting flights, lost baggage and more. For air travellers, the product will cover cancellations due to hospitalisation, and will offer a payout of up to INR1,000 ($13) for trip cancellations due to government-imposed lockdowns.
 
It also provides cover against death or hospitalisation due to an accident during the journey with a sum assured of INR500,000. PhonePe users can purchase the domestic multi-trip insurance policy under the ‘My Money’ section on the PhonePe app. The policy documents will be issued instantly on the PhonePe app.

Manulife Hong Kong launches virtual face-to-face agency sales platform
Manulife Hong Kong has announced the launch of its virtual face-to-face agency sales platform for all Manulife individual insurance products in Hong Kong, except investment-linked insurance schemes.
 
The platform is designed to enable customers to buy even the most sophisticated long-term insurance policies through the company’s individual insurance agents, with the sales process requiring no physical meeting or wet-ink signature.
 
Using the platform, both new and existing customers can virtually meet with Manulife’s agents via secure video chat and purchase Manulife’s insurance products. To protect the interest of all parties involved, the platform will enable recording in real time for record keeping, with the customer’s consent. 

Beazley launches Virtual Care insurance in Asia
Specialist insurer Beazley has launched Virtual Care in Asia, a new product that provides comprehensive insurance protection against risks associated with technology-enabled healthcare and wellness services all in one modular insurance policy.
 
Virtual Care offers cover in four areas to ensure policyholders are not left with unexpected gaps in coverage:
  • Medical malpractice and professional indemnity is included as standard and covers bodily injury to any patient caused by a negligent act, accident or cyber incident
  • Tech and media liability covers technology platforms or products such as computer or telecommunications hardware or software, or related electronic products, against failure
  • Public and products liability provides full coverage for accidents resulting in bodily injury and property damage caused by products, including tech products such as wearables and self-monitoring healthcare devices
  • Cyber cover protects against a broad range of cyber threats, including business interruption; cyber extortion and data recovery loss; data and network liability
 
The policy also provides optional extensions catering to various business needs, including mitigation costs, medical regulatory costs, claims due to loss of documents, and reputational damage costs, and is available via brokers in Singapore and Hong Kong. A 
 
Do you have a new product or programme, or are you using the power of technology innovatively? 
Share your product news with us: editor@asiainsurancereview.com
 
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