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Mar 2021

Product bites

Source: Asia Insurance Review | Jan 2021

MSIG and Carro introduce usage-based auto insurance to reward safe drivers
Carro, a Southeast Asia automotive marketplace, has launched the behaviour and usage-based car insurance (UBI) in an exclusive partnership with Mitsui Sumitomo Insurance Group (MSIG).
The insurance will first launch in Indonesia before a rollout to Thailand, Malaysia and the wider Southeast Asia region.
Carro’s tailored insurance policies will reflect actual driving behaviour and auto insurance premiums will be calculated by applying data science which analyses driver behaviour and distance travelled.
The insurance offering is said to encourage safer on-the-road driving behaviour and Carro will further incentivise drivers with services at the Carro Workshop to reward those who adopt safe driving practices. Over time the technology can even predict the likelihood of a driver getting into an accident in the future.
By introducing this UBI, Carro and MSIG seek to reduce accident and injury statistics in the country by encouraging safe driving behaviour. By the end of 2021 Carro expects to provide over 2,000 cars with UBI in the region and grow the numbers three times by 2024. 

ICICI Lombard and Plum co-create group health insurance products
Major Indian non-life insurer ICICI Lombard General Insurance has partnered with employee health insurance start-up Plum to introduce technologically-backed group health insurance products.
With the use of latest technologies, these two firms intend to work on four significant challenges of group health insurance – real-time pricing, onboarding, policy management and claims. Their goal is to offer employers and employees flexibility, transparent pricing and an exceptional healthcare experience.
In close collaboration, the firms have built automated processes around data cleaning, validation, fraud detection and underwriting – thereby reducing the time taken to receive price estimates to a few minutes.
Companies can now visit Plum’s website, answer a few simple questions about their team and get a price estimate in real-time. From thereon, the firm can upload the data on the portal, make the payment and activate the policy instantly. This will reduce the overall time from an average of a month to less than an hour.
The partners have worked together to ensure that employees are onboarded instantly as soon as the group policy is purchased. Employees are taken through digital process wherein they understand their insurance benefits in simple English rather than from a lengthy legal document.
The two firms have been able to onboard more than 100 companies within the first six months of the launch of its products. These companies include start-ups, MNCs and conglomerates.
With regards to policy management, the firms have built a real-time endorsement product that allows organisations to activate the health insurance of employees as soon as they join the company.
Also, the firms are building an online claims submission tool for employees, along with a real-time tracking system.

Etiqa Singapore launches all-in-one insurance savings policy 
Tiq, the digital insurance channel of Etiqa Singapore, has come up with an all-in-one insurance savings plan with optional protection riders. Named ‘GIGANTIQ’, the single policy provides customers with on-demand cover and value-added offerings, unlike traditional products.
The policy is available for purchase on the Tiq by Etiqa mobile app.
Featuring a base interest of 1.8% pa for the first year, the policy offers the flexibility to top up and withdraw money anytime. With a minimum initial premium of S$50 ($37), it is also made affordable and accessible to the wider market.
GIGANTIQ’s policyholders can also add on-demand insurance coverage such as cancer or home protection where they can enjoy additional interest of up to 0.25% pa on first S$10,000 for each protection plan added to their policy. A 
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