We’re not bragging (okay, maybe just a tiny bit haha), but we’re thrilled and excited to receive so much love and support from friends within the insurance industry, regardless which country they’re in. It goes to show how united this community is, and we’re proud to be connected with everyone.
If you missed the video highlights of the Professional Insurance and Financial Advisors Association of the Philippines (PIFAAP) annual congress, you may click here to watch it.
So what’s new in the market? We start it off with an insurance savings plan from Etiqa.
Guaranteed 3%p.a. returns and free partial withdrawal benefit
Etiqa launched SAVE3, an insurance savings plan that offers a guaranteed payout of 3% per annum for the first 6 years. The plan is ideal for individuals who are seeking wealth accumulation with low risks, as it promises a guaranteed capital from the end of policy year 4, and allows free partial withdrawal without penalty.
SAVE3 also offers a non-guaranteed loyalty bonus, equivalent to 0.6% of the account value, which will be paid at the end of the 6th policy year, and at every subsequent 6 policy year interval if no partial withdrawal is made.
SAVE3 is available for a limited tranche only.
For more information, please visit here.
Hong Kong: Prudential launches PRUHealth CoreChoice and PRUHealth FlexiChoice Medical Plans
Priscilla Ng, Chief Customer and Marketing Officer of Prudential
Prudential Hong Kong has launched two certified Voluntary Health Insurance Scheme (“VHIS”) plans- PRUHealth CoreChoice Medical Plan and PRUHealth FlexiChoice Medical Plan – as well as PRUHealth Service Platform, which offers a suite of digital services to empower customers to manage their health and wellness needs.
Support VHIS through certified products
PRUHealth CoreChoice Medical Plan provides affordable, essential coverage for customers and their families. In accordance with VHIS requirements, it offers coverage from diagnosis to recovery with no lifetime benefit limit, protection against unknown pre-existing conditions before policy issuance, guaranteed renewal up to the age of 100, tax relief on premiums, and claim projection in advance of treatment.
PRUHealth FlexiChoice Medical Plan offers enhanced and customisable coverage beyond the Standard plan. It includes guaranteed renewal for life, extra protection for serious illnesses such as cancer, kidney failure and accidents, plus an optional supplementary benefit – PRUHealth Major – to cover large medical bills.
To help people better understand VHIS, Prudential has designed a free mobile app, PRUVHIS, which features:
- Essential information about VHIS
- Claimable Amount Estimate Simulator
- Premiums and tax deductions calculator
- Highlights of PRUHealth CoreChoice Medical Plan and PRUHealth FlexiChoice Medical Plan
The PRUVHIS app can be downloaded for free on App Store and Google Play app stores.
Support VHIS through enhanced digital services
PRUHealth Service Platform presents a suite of digital health services and self-help tools to empower customers to proactively manage their health needs to better ‘prevent’, ‘postpone’ and ‘protect’ against the onset of diseases. It includes:
- Prevent: healthy lifestyle that prevents health threats and lowers the risks of health issues
- Wellness Coach – online chat supported by a team of healthcare professionals for lifestyle, wellness and fitness advice
- Wellness Programme – a 16-week intervention programme designed to help customers reduce the risk of developing chronic diseases.
- Postpone: medical services that help detect the risks of potential diseases at an early stage, allowing customers to take necessary actions to seek the best treatment to defer illnesses; and healthcare services that facilitate a better recovery.
- Cashless Arrangement Outpatient Surgery – convenient cashless arrangement for selected day-surgery procedures at designated network clinics and hospitals
- Home Care – instant booking for a customized care plan designed by an assigned personal care manager for a speedy recovery at home
- Protect: protection against medical expenses in the near and long term
- e-claims – submit medical claims and enquire medical benefits online
- Claimable Amount Estimate (Budget Certainty) – obtain an estimate of the claimable amount of a VHIS plan for a medical treatment online
Please visit www.prudential.com.hk for more information.
Expansion for vibrant Fintech scene in Hong Kong
Invest Hong Kong (“InvestHK”) has announced a significant expansion of its annual Hong Kong Fintech Week, moving to a bigger venue to accommodate a greater variety of programme, business events, exhibitors and attendees, after the success of the 2018 edition.
In 2018, it had a record number of attendees from more than 50 economies. Over 260 speakers shared their vision, including top executives from Ant Financial, Tencent, Xiaomi, WeBank, WeSure, Ping An, Lufax, Yunfeng, ZhongAn Insurance, PayPal, Grab Financial, Revolut, Starling Bank, Tinkoff Bank, AMTD Group, Standard Chartered and Citi. There were over 100 exhibitors, 60 start-ups and 1,000-plus business matching meetings, plus the innovation lab tours and the involvement of universities. Regulators and companies also shared breaking announcements which facilitate the fintech development. Last year’s cross-border event to Shenzhen even looked closely at the collaboration between Hong Kong and the other cities in the Greater Bay Area.
Hong Kong Fintech Week 2019 will be held at the AsiaWorld-Expo close to Hong Kong International Airport to welcome more worldwide participants, while at the same time only a 30-minute train or taxi ride to the heart of this international financial centre. Now in its fourth year, the event will run from 4 to 8 November 2019.
The Hong Kong Monetary Authority (HKMA) announced on 27 March the award of three virtual banking licences to Livi VB Limited, SC Digital Solutions Limited and ZhongAn Virtual Finance Limited. These new virtual banks are expected to take 6-9 months to launch their initial banking services, meaning that the Hong Kong Fintech Week in early November is well timed for them to showcase their services. By then, it’s likely that the HKMA will have issued more such licenses given that it said it’s processing five more applications.
InvestHK’s recent study found that there are over 550 fintech companies in Hong Kong, with 52% having founders from overseas – the remainder are from Hong Kong or Mainland China. The companies see Hong Kong as a regional base for business expansion, both globally (61%) and in Greater China (28%).
More broadly, Hong Kong continues to attract and retain leading overseas and Mainland companies, as well as entrepreneurs, from around the globe. According to the latest joint survey conducted by InvestHK and the Census and Statistics Department, the number of overseas and Mainland companies setting up business in Hong Kong in 2018 rose 6.4% year-on-year to 8,754. Noteworthy too was that the number of overseas and Mainland companies using Hong Kong as their regional headquarters rose 8.3% to 1,530.
People on the move
Sompo appoints new regional CEO
Sompo Holdings Asia has appointed Daniel Neo as its Regional Chief Executive Officer. He takes over Yuji Kawauchi, who has returned to Sompo Holdings (in Tokyo) to assume the role of Executive Vice President of Global Business Planning. Sompo Holdings Asia (SOMPO) is responsible for the management of insurance business in the Asia Pacific region excluding Japan.
Daniel has held senior management positions in the insurance industry for the past 20 years. SOMPO is looking forward to him applying his extensive insurance and leadership experience in the region to drive business in Asia. Working with his colleagues from the Singapore office, his responsibilities include strengthening SOMPO group’s business capabilities, focusing on improving customer experience, business effectiveness and to create a strong culture where people from different backgrounds will enjoy being part of SOMPO group.
AON strengthens resources offering with new appointments
Charlotte Hood has been appointed as a Principal Consultant in its Western Australian Resources team.
Reporting to Simon Kennedy, Head of Rewards Solutions, Pacific, and working with the broader Talent, Rewards and Performance team, Mrs. Hood will lead the reward advisory business enhancing Aon’s suite of remuneration surveys and consulting products and services.
Mrs. Hood joins Aon following nine years’ experience in Perth in various roles across remuneration, consultancy and survey management.
LIMRA LOMA Secure Retirement Institute Board new appointments
The Secure Retirement Institute (SRI) named Steve Patterson, of Fidelity Investments, to be its new chair in 2019. Jamie Ohl, of Lincoln Financial Group, was named vice chair.
Patterson is executive vice president, sales and relationship management for workplace investing, Fidelity Investments. In this role, Patterson oversees the growth for workplace retirement savings and other benefit offerings for employers of all sizes, including corporate and tax-exempt plan sponsors. With assets under administration of $7.3 trillion, including managed assets of $2.6 trillion, Fidelity provides more than 30 million investors and 22,000 businesses with retirement planning, portfolio guidance, brokerage services as well as offering many other financial products.
Ohl is executive vice president, president of retirement plan services and leads operations for the life and annuity businesses at Lincoln Financial Group. Ohl also serves on the company’s senior management committee. As of Dec. 31, 2018, Lincoln Financial Group held $238 billion assets under management. It is one of the top five sellers of individual life insurance and annuity products in the United States, according to LIMRA research.
The SRI board also announces the following new members:
- Gerry Burke, principal, institutional investor group, Vanguard
- Bill Harmon, president, retirement corporate markets, Voya Financial
- Bryan Hodgens, senior vice president, retirement partners, LPL Financial
- Brian McDonald, managing director and head of corporate and digital solutions, wealth management, Morgan Stanley
- Ken Pardue, managing director of retirement products and trust, Wells Fargo Advisors
- Brant Wong, managing director and head of retirement global strategic relations, J.P. Morgan Asset Management
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