Jun 2019

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Product Bites

Source: Asia Insurance Review | Mar 2019

AXA Insurance launches new affordable and comprehensive co-pay rider 
AXA Insurance will be introducing a new co-pay rider, AXA Enhanced Care, for its AXA Shield Plan that is designed to provide comprehensive end-to-end coverage at affordable prices. This is in accordance with the guidelines from the Ministry of Health (MOH) to incorporate co-payment features in new Integrated Shield Plan riders, as announced on 7 March 2018. 
With the new rider, policyholders will have to co-pay only 5% of the claimable amount, which is the minimum co-payment mandated by MOH for hospitalisation bills. In addition to having zero deductibles when seeking treatments at the AXA panel of specialists, as well as at restructured and community hospitals, there is a co-payment cap of $3,000 per policy year to protect policyholders from the impact of large hospitalisation bills. Policyholders also can receive up to 365 days of post-hospitalisation coverage.
AXA has streamlined the benefits of the current AXA Basic Care and AXA General Care full riders into a single AXA Enhanced Care rider. Besides ensuring that large hospital bills are taken care of, AXA has kept premiums for AXA Enhanced Care affordable. Premiums will be 28% to 54% cheaper than the existing AXA Basic Care and AXA General Care riders for the majority of customers.
AXA Enhanced Care will be available from 1 April 2019.

AIA launches first insurance policy in Singapore that covers mental illnesses
AIA has launched an insurance policy that offers coverage for mental illnesses - the first of its kind in Singapore - in what it says is a move aimed at tackling the stigma surrounding these conditions.
The AIA Beyond Critical Care policy will cover five conditions - major depressive disorders, schizophrenia, bipolar disorder, obsessive-compulsive disorder and Tourette syndrome. The mental health aspect of the policy will provide coverage up to age 75, except for Tourette syndrome, which will be up to age 21.
Policyholders will be insured for mental illnesses at 20% of their basic plan’s coverage. This means that a customer who holds a basic plan with coverage of S$250,000 $184,000) will be eligible to S$50,000 for mental health conditions. This payout is capped at a lifetime limit of S$150,000.
Policyholders will also be reimbursed up to S$200 for the cost of health screenings.

Hong Leong Assurance Launches HLA FiT
Hong Leong Assurance (HLA) FiT is the first fitness app in Malaysia that comes with an integrated biological age model, which rewards users for their healthy lifestyle.
HLA FiT is tied to the HLA FiT CI, an insurance plan that incorporates an end-to-end digitalised platform - from enrolment and contract right up to after-sales service.
While traditional policies take into account their entry age when determining policy premiums, users enjoy rewards based on their FiT age (or biological age) that is calculated by the biological age model depending on how active they are.
The HLA FiT CI plan is designed ideally for young working people. For MYR3.30 per day, they receive up to MYR1m in coverage.
The plan also provides protection against 10 major critical illnesses, including heart disease, stroke and cancer, to assist policy holders in managing the spiralling medical costs.

FWD launches Singapore’s first chatbot that enables 24/7 travel insurance claims
FWD Singapore has launched Faith – the digital insurer’s virtual personal insurance assistant. Available 24/7, the AI-powered chatbot guides customers through the entire process of submitting a travel insurance claim – marking the first time an insurance company in Singapore has launched such a feature.
With Faith, customers can now have their insurance queries and claim requests attended to immediately, at any time of the day. Faith demonstrates how the two-year-old insurance firm leverages technology to simplify complicated processes.
The launch of Faith is the result of the collaboration between FWD Singapore and Active.Ai, a Singapore FinTech start-up that specialises in helping financial institutions process and understand unstructured customer data through its proprietary AI enterprise platform.

Digit Insurance offers short duration home insurance for holiday-goers
Digit Insurance is offering a protection plan which covers the contents of the house while the owners are on holiday. The product covers burglary of contents inside the house including appliances, gadgets and jewellery, as well as damage due to natural disasters and fire.
The product, called Holiday Home Protection, seeks to address non-relevant coverage for people buying insurance. This new plan is primarily targeted at the specific subset of customers who want protection for their home while they are away. The home insurance product can be bought for a policy period of as low as one day, and up to 180 days. A 
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