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Dec 2021

Product Bites

Source: Asia Insurance Review | Oct 2021

Indonesian insurance broker gets into wellness
Ocktolife, a Singapore-based predictive healthcare company, has announced its partnership with Fits.ID, a wellness platform and subsidiary of Indonesian insurance broker Integra, to launch a health insurance and wellness benefits app, BeneFits.
 
The app will provide insurance, comprehensive pre-emptive health products and services such as supplements, healthy food, sports products and medical check-ups. Benefits aims to enable companies ranging from large corporations to small and medium enterprises and start-ups in Indonesia to engage, attract and retain their millennial workforce.
 
Employees will be able to utilise the app to customise and personalise their group insurance and have access to a comprehensive health and wellness ecosystem that includes check-ups and diagnostics. A 
 
Comprehensive employee benefits solution for Singapore SMEs and start-ups
AXA Insurance (AXA) has launched Better Me Business, an employee benefits solution designed for small and medium-sized enterprises and start-ups in Singapore. It features a wide range of plan and rider options that cater to different coverage needs and budgets and in addition to medical benefits, includes supplementary health and wellness services.
 
The solution does not have any minimum group size requirement and incorporates the following features:
 
Comprehensive coverage without the constraints of sub-limits giving employees greater certainty about how much of their medical bills will be covered if they have to undergo medical procedures, whether major or minor.
 
Additional benefits including a chronic disease management programme, mental support through in-person or virtual consultations, fitness and wellness experiences at exclusive rates and discounted health screening packages.
 
Flexibility for employees to enhance their company-provided insurance plan by increasing the level of coverage or adding on new coverage, such as critical illness insurance, personal accident insurance, general practitioner coverage, specialist coverage and dental coverage.
 
A one-stop HR portal that will allow companies to access their organisation’s policy details and manage it with greater visibility, including tracking claims and generating reports. Employees will also have policy information readily available, including personal policies they may have with AXA. A 
 
Next generation underwriting technology
Munich Re Automation Solutions has launched its advanced predictive underwriting enablement technology, Predictor, that has been developed in direct response to the demand for an accessible way to harness predictive modelling technology.
 
Predictor simplifies and accelerates deployment and integration of predictive models, helping firms to realise their key business objectives faster. For example, firms may have predictive models that when integrated with their underwriting process can:
  • Help deliver increased straight-through processing by improving the decision-making process and reducing the need for manual underwriting
  • Support improvements in managing evidence, indicating where additional information is required
  • Streamline the user experience by providing personalised questions or removing unnecessary questions
  • Identify possible non-/false- disclosure at the point of sale
The technology is easily integrated into established underwriting processes and is already being used by Munich Re Automation Solutions clients. A 
 
Annuity plan to help Hongkongers with retirement saving
HSBC Life has launched HSBC Flourish Income Annuity Plan, life insurance product with a savings element offering monthly annuity payments for up to 25 years or till the age of 99 after an accumulation period as short as one year.
 
The plan a 3% increment on monthly guaranteed annuity during the first 10 years of the annuity period and stays level thereafter. Monthly non-guaranteed annuity supported by accumulated dividends will kick in from the 11th year of the annuity period to offer potential long-term wealth appreciation to cope with inflation.
 
Policyholders will also have the option of enhancing their coverage with additional premiums for extra protection against severe dementia in the future to help caregivers cope with the financial challenges they face. 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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