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Product Bytes

Source: Asia Insurance Review | May 2017

Global: Lloyd’s launches new data-driven methodology for liability identification 
(Re)insurers will be able to model liability exposure probabilistically across their entire portfolios, thanks to an innovative new data-driven methodology developed by Lloyd’s and modelling company Arium.
   The new approach categorises casualty events based on a company’s business activities – its products and services, operations and infrastructure – and maps the economic relationships that reflect the journey of products and services through the economy.
   The innovative methodology creates liability “storm tracks”, which provide a new, structured way of analysing casualty events, regardless of risk classification. This allows insurers to model liability risk in more detail than they have previously, in a way similar to how they model catastrophe exposure.
   This approach aims to help create a more robust insurance industry, strengthening its ability to pay claims to its customers.
   The methodology is the culmination of a three-year project between Lloyd’s and Arium to improve insurers’ understanding of liability risk exposure.

RMS expands risk solutions for Asia-Pacific 
RMS has added agricultural risk models for India and China to its growing line of emerging risks models, and plans to expand coverage across Asia-Pacific and the Americas. 
   The new agricultural risk models for India and China will be followed in April by updated earthquake models for Indonesia and the Philippines; four new earthquake models for Singapore, Malaysia, Thailand, and Vietnam; and wind and typhoon models for Taiwan and South Korea. 
   As part of RMS’ model development, its parent company DMGT, has transferred all the model assets from its AgRisk business to RMS. RMS will leverage the capacity of its global model development operations to provide a complete agricultural risk management service for local and global (re)insurers, such as high-touch modelling support, analytical services, training, and event response.

China Life Insurance Singapore launches high net worth Whole Life Plan
China Life Insurance Singapore has launched China Life Golden Dragon Whole Life Plan (USD), the company’s first high net worth product specially designed for affluent individuals to enjoy financial security. 
   The US dollar-denominated, five-year regular premium participating whole life plan has a Return of Premiums feature which gives back 100% of the premiums one has paid in five yearly instalments from the 15th policy anniversary or the policy anniversary following the Life Insured’s 65th birthday, whichever is later. 
   This plan also pays out non-guaranteed yearly cash bonuses from the end of year five. 
   China Life Golden Dragon Whole Life Plan (USD) is specially designed for high net worth individuals seeking to establish a rewarding legacy with guaranteed protection till age 100. 
   This is the first whole life plan to return 100% of premiums paid, the company said, which enables customers to have the financial flexibility to use the premiums returned for their personal pursuits. 

Singapore: AIG to reward safe drivers with new app
AIG Singapore has launched a new smartphone app, AIG On the Go, which scores a driver’s performance every time he or she gets behind the wheel. The app uses telematics to measure driving performance against a range of factors including acceleration, braking, cornering and speed. It provides a score for each completed journey, as well as useful driving tips.
   From now until 30 June 2017, the driver with the highest score will be win prizes worth S$10,000 (US$7149.80), including free fuel for one year valued at S$5,000 (US$3,574.90), car spa vouchers worth S$2,000 (US$ 1,429.96) and a customised S$3,000 (US$2,144.94) AIG Singapore CashCard.
   The app also enables motorists to influence their own AIG Singapore car insurance premiums by improving their driving behaviour. Safe drivers with high scores – regardless of whether they are new or existing customers with AIG Singapore – will be rewarded with discounts of up to 15% off their annual AIG Singapore car insurance premiums. The safer the driver, the bigger the savings, so the app encourages drivers to stay safe on the roads and save on their premiums at the same time. A 
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