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May 2019

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Product Bites

Source: Asia Insurance Review | Feb 2019

India: Start-up launches bicycle insurance
Toffee Insurance, an all-digital InsurTech start-up whose pan-India footprint reaches over 150 cities nationwide, is offering bicycle insurance in India that covers both the cyclist and the bicycle in a tiered pricing format, reported The Times of India. 
 
The product is modelled after auto insurance and covers both theft and accidental damage. It is sold at point of sale by 1,000 of the country’s top bicycle dealers, which use Toffee Insurance’s web app for real time policy issuance, servicing and claims management. 
 
The policy is priced at approximately 3%-5% of the bicycle cost and includes theft covered up to the cost of the bicycle, accidental damage covered up to the cost of the bicycle (cashless payments) and accidental cover for the cyclist up to INR200,000 ($2,840).
 
While state-owned insurers like New India Assurance and Oriental Insurance already have dedicated bicycle-insurance policies, awareness of such products remains limited in India.

Malaysia: Zurich and Loanstreet partner to offer motorcycle insurance online
Loanstreet.com.my, which provides personal financial products and a comparison site in Malaysia, has collaborated with Zurich Malaysia to launch an online insurance agency service to offer online purchase of motorcycle insurance in a market-first move.
 
This latest endeavour aims to address the alarmingly low rate of insurance coverage purchased by motorcyclists in Malaysia, said Loanstreet in a statement.
 
Other services include the purchase of car and travel insurance, and road tax renewal that comes with doorstep delivery service; all on one platform. 
 
Finology, the FinTech company that provides the technology behind the service, and Zurich aim to empower more insurance agents to move into the digital space and encourage agents who are interested to bring their offerings online to get in touch with Zurich.

Singapore: China Taiping inaugurates life insurance business with launch of two products
China Taiping celebrated the inauguration of its life insurance business in Singapore with the launch of two insurance savings plans for the mass affluent markets which are capital guaranteed, provide attractive returns and guaranteed acceptance. 
 
The i-Save product is a three-year savings plan with a guaranteed annual return of 2.38% upon maturity with a minimum single premium of S$20,000 ($14,750), while the i-Wealth Builder is an eight-year savings plan providing six annual guaranteed cashbacks with two years premium payment. It also guarantees 100% of total premiums paid, with returns of up to 3.2% pa, upon maturity of the policy.
 
The composite insurer will be working closely with financial advisory firms, international brokers and bank partners to drive sales for its life insurance policies. It will leverage the advanced digital technology of its parent company China Taiping Insurance Group, including AI solutions, to boost productivity and improve customer service.

Singapore: CXA Group and Caregiver Asia collaborate to offer home care services
Wellness platform CXA Group and online aggregator of on-demand health and caregiving services Caregiver Asia have entered into a partnership to introduce a wide range of home care services to employees as a regular part of their staff benefits. 
 
Through the CXA Wellness Shop, employees will be able to select and book home care services such as to home nursing, therapy, babysitting, post pregnancy confinement, companionship and medical escorting services for themselves and immediate family members. Caregiver Asia CEO Yeo Wan Ling said that this HR benefit will continue to grow in relevance as urban nuclear families become smaller. 
 
“The CXA Wellness Shop, in combination with the use of our e-Wallet, gives CXA members seamless access to a wide range of specialised health and caregiving services, for elderly family members in need, and also for children and themselves. Our members can also access CaregiverAsia’s services conveniently 24/7 via the CXA mobile app and portal,” said CXA Group CEO and founder Rosaline Chow Koo.

Global: CFC launches new cyber policy
Specialist insurer CFC has enhanced its cyber-insurance product, introducing cover for business interruption as well as expanded cover for a variety of cyber crime activities.
 
The product will now enable businesses to benefit from business interruption cover that is triggered by IT system failure as well as malicious cyber events. The updated policy also provides full supply chain business interruption cover, extending to events that impact the insured’s systems, the systems of their technology suppliers as well as those of non-technology suppliers where named. CFC said it is the only cyber insurance provider to offer this cover with unlimited reinstatements as standard. 
 
Additionally, CFC’s cyber insurance offering also adds affirmative crime cover for crypto-jacking, a new type of cyber attack on the rise, where the hacker hijacks the processing power of a victim’s computer network in order to mine cryptocurrency for their own benefit, leaving the victim to foot the bill for the increased use of bandwidth. CFC’s new cyber policy also adds affirmative cover for the replacement of hardware.
 
Established in 1999 as a cyber liability specialist, CFC Underwriting was one of the first companies to offer cyber insurance, which today covers its clients in over 60 countries. A 
 
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