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Product Bytes

Source: Asia Insurance Review | Jan 2017

Asia: XL Catlin introduces emergency security and disaster evacuation solution
XL Catlin has launched an Emergency Security and Disaster Evacuation (ESDE) solution for businesses in Asia. The new solution, underwritten out of Hong Kong and Singapore (in addition to London and Guernsey) is targeted at companies who do not have access to expert logistical support to evacuate employees from areas hit by political emergency or natural disaster. It covers expenses such as the cost of transportation, accommodation and salary continuation. 
   Mr Alex Smith, Underwriter, Crisis Management for XL Catlin’s insurance business in Asia noted that the region’s reliance on medical and travel security firms for evacuation can be costly and complicated. “What we have done here is provide a straightforward, bespoke solution which provides certainty around what is covered. Additionally, clients also have immediate 24/7 access to one of the world’s leading emergency evacuation response experts, Drum Cussac,” he said.
   The ESDE cover complements XL Catlin’s existing suite of solutions including Kidnap and Ransom, War, Terrorism and Political Violence, Product Recall and Event Cancellation.

Asia: Euler Hermes launches trade credit protection product
Euler Hermes has launched Corporate Advantage in Asia Pacific. The product offers coverage on trade credit receivables in both domestic and export markets and has a straightforward policy structure and simple wording that aims to make information quick to find.
   A key feature is debt collection, including claims payments, contribution to debt recovery legal costs and reduced policy administration. Mr Holger Schaefer, head of Euler Hermes Asia Pacific Region, noted that outsourcing late payments collection to an experienced partner frees in-house teams to focus on core business activity. 
   “When selling on open terms, a company is providing credit, and at the same time running the risk that customers may not be able to pay. On average, trade receivables represent between 20% and 40% of a company’s assets. This means unpaid invoices impact more than most people anticipate,” he said. “Corporate Advantage is an efficient, tailored solution that can help businesses make strategic trading decisions while maintaining sound credit management.”
   Corporate Advantage is currently available in Hong Kong and Singapore and will be launched in China, Taiwan, Japan, Australia, New Zealand, Malaysia, Indonesia and Thailand from mid-2017 onwards.

Singapore: NTUC Income enhances its Family Micro-Insurance Scheme
Singapore insurer NTUC Income has introduced a new Income Family Micro-Insurance and Savings Scheme (IFMISS) in place of its existing Income Family Micro-Insurance Scheme, with effect from 1 January 2017. The IFMISS is free for eligible individuals from low-income families, who will be automatically enrolled. 
   No underwriting is required, and there is no exclusion of pre-existing illnesses. The Scheme offers a pay-out of S$5,000 (US$3,513.58) in the event that the insured passes on or suffers total and permanent disability (TPD). Upon approval of the first claim, it also offers a dollar-for-dollar pay-out that matches the collective bank balances of the insured’s family unit, capped at $5,000 – thus maximum benefit payout is $10,000. Over 32,000 individuals are expected to benefit.

Global: Mobile app launched to access news and content
Slipcase, a central news accumulator platform for the commercial & specialty (re)insurance industry, has released a mobile app that offers an additional channel to access news and information besides its existing web platform, which hosts pages for the industry’s top publications as well as relevant articles from mainstream publishers. The free-to-use app is available for both Apple and Android users.
   Slipcase Managing Director Alex Hearn explained that the growth Slipcase had seen on desktop and mobile optimised platforms was very exciting, but users had highlighted the need for a mobile app. CTO Sam Rickett said: “After significant research and testing with broker and insurer users, the Slipcase mobile app has been built as a simple, yet innovative way of sourcing relevant news and articles to individuals within the industry.” 
   The firm had secured GBP1 million (US$1.6 million) in funding from UK web developer Everlution Software in 2015. In January 2016, it launched its web content platform which has since been used by over 38,000 individuals in the global (re)insurance hubs.
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