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Tag: insurance

  • Insurance sales at banks boom

    Insurance sales at banks boom

    More than a dozen lenders achieved bancassurance revenues of over VND1 trillion ($42,633 million) from new customers last year, according to Vietcombank Securities.

    Bancassurance refers to insurance products sold through banks.

    Premium income from new customers increased by 45% during the year, and overall premiums at by 16%.

    Military Bank led with more than VND2.1 trillion from new customers. It was followed by VIB, Sacombank, Vietcombank, Techcombank, VPBank, HDBank, and VietinBank, who all achieved premiums of more than VND1 trillion.

    Banks have an advantage over conventional insurance agents thanks to their existing customer base and financial know-how.

    Bancassurance contributed 40% of the insurance industry’s revenues from new customers last year, and this is expected to increase to 50% in the next two years.

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  • Priceline Pharmacy launches health insurance

    Priceline Pharmacy launches health insurance

    Priceline Pharmacy has launched a unique health insurance brand and products in partnership with health fund nib.

    The launch of the health insurance products sees Priceline Pharmacy become the first pharmacy retailer to offer this to its customers.

    The cover includes all the stuff people would typically expect with private health insurance but the real benefits are the Priceline perks thrown in for good measure.

    “Priceline has operated as a health and beauty destination for over 40 years. We are constantly looking to provide products and services that our customers want and Priceline Health Insurance now provides an extension of our brand’s trusted pharmacy offer,” General Manager, Priceline Pharmacy, Andrew Vidler said.

    “There is no other health insurance product like this: from $5 vouchers, which accrue with every $50 purchase (and I can tell you they add up quickly!) to offering annual flu vaccinations through more than 370 Priceline Pharmacies around Australia.

    “It’s important to us that our Franchisees who operate these local pharmacies in their communities will also see these new health insurance customers in their stores and create even more loyal Sister Club members for our brand,” he said. 

    Priceline says the pharmacy brand is leveraging the power of its Sister Club program. Specifically, Priceline health insurance members will receive Sister Club bonus points for every $1 spent on the premium and a $5 voucher for every $50 spent in Priceline and Priceline Pharmacy stores.

    Additionally, Priceline says that health insurance members will also be bumped up to automatic ‘Pink Diamond’ status, which is the highest status a Sister Club member can attain. This comes with numerous benefits including more $5 vouchers and gifts for birthdays and Christmas.

    Additionally, every health insurance customer will reportedly receive an annual flu vaccine at Priceline Pharmacy.

    nib’s Chief Executive Australian residents’ health insurance, Ed Close said the launch of Priceline health insurance presented a unique and exciting opportunity, particularly for the more than seven million Sister Club members.

    “As one of Australia’s largest loyalty programs, Sister Club members will benefit from a bespoke range of best-in-class health insurance products, but with the bonus of Sister Club points on joining and when they pay their premium, making sure they get ongoing value from simply being a Priceline health member,” Mr Close said.

    “In addition, we will be able to use Priceline’s national pharmacy network and digital assets to provide an enhanced service offering as well as ongoing customer benefits.”

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  • Insurance Policy For Electric Scooters In India

    Insurance Policy For Electric Scooters In India

    The government of our country recently created a goal of going “completely electric” to limit the spread of pollution. India is one of the first five countries globally which use conventional fuels. Due to this, the environment faces a grave threat, which is why electric scooters are being promoted more and more these days. Having proper insurance if you have an electric scooter is important as well because your scooter is an asset. When you claim the insurance in case of damage, you get reimbursed.

    Some of the main benefits of getting your electric scooter insured include:

    • Getting insurance for your electric scooter complies with the government’s law. The government requires every vehicle to be registered and insured.
    • It helps you financially in case of accidents and mishaps. The components of electric scooters are very expensive and therefore, having insurance to cover the costs is very important.
    • Even if your electric scooter malfunctions or breaks down, the money will get reimbursed. Thus, an insurance policy saves you from spending money out of your pocket in case of accidents.
    • Go for a policy that offers full coverage at a reasonable price.
    • Prioritize going for digital-based insurance companies since they can be quickly acquired and easily claimed.
    • Compare the pros and cons of numerous policies before locking in on one.
    • Ensure that you are legally ready and responsible.
    • Read the fine print stating the terms and conditions thoroughly before making the purchase.

    DOCUMENTS NEEDED:

    • Proof of Identification – Voter’s ID Card, Aadhaar
    • Proof of Address – Passport, Driver’s License, Aadhaar
    • Recently-Captured Passport-Sized Photographs

    TYPES OF INSURANCES:

    There are generally two variants of electric scooter insurance in India. They are:

    • Third-Party Liability Insurance – Considered to be the main type of insurance, the third-party liability insurance protects the insured vehicle from any sort of financial as well as legal liability caused as a result of accidental damages.
    • Comprehensive Two Wheelers Insurance – This kind of insurance offers an extra layer of security and safety. This policy provides protects the insured vehicle from numerous natural as well as man-made disasters.

    WHY PURCHASE AN INSURANCE POLICY?

    There are two main reasons why you should get your electric scooter insured as soon as possible. They are:

    • Electric Scooters sport a heavy price tag and therefore, they should be insured to save money in case an accident takes place.
    • Electric scooters have high maintenance charges. They are quite powerful and therefore, need as much protection as they can get. An insurance policy guarantees that.

    Getting your electric scooter insured is both a logical and a sensible thing to do if you wish to save money in the long run. There are many insurance companies out there that offer electric scooter insurance. Do proper research and compare the plans before locking on a particular one.

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  • Cebu Pacific provides added protection through CEB Travelsure

    Cebu Pacific provides added protection through CEB Travelsure

    The Philippines’ leading airline, Cebu Pacifi upgrades its CEB Travelsure “Basic Protect” insurance product to now include “COVID Protect”, to inspire travel confidence amidst the current situation. CEB is the first local carrier to offer this type of enhanced coverage in one product.

    Starting January 13, 2022, CEB Travelsure “Basic Protect” becomes even more comprehensive as it now covers COVID-related hospitalization and treatments, on top of up to PHP 2,500,000 medical expenses benefit, in case of an injury or other illnesses, and up to PHP 2,500,000 personal accident coverage during the trip.

    CEB Travelsure “Basic Protect” may be availed by passengers with domestic and international itineraries, as long as their trip starts in the Philippines, for as low as PHP 492 round-trip.

    CEB Travelsure is underwritten by Insurance Company of North America (a Chubb Company). Chubb is the world’s largest publicly traded property and casualty insurance company.

    Passengers can conveniently avail themselves of CEB Travelsure when booking flights on the CEB website or select as an add-on up to two hours prior to their flight via the ‘Manage Booking’ portal on the Cebu Pacific website. Insured passengers will receive their group policy Confirmation of Cover with the details of the travel insurance benefits via email. Customers should contact Chubb directly if they have specific questions about their insurance coverage.

    Chubb also offers a 24/7 Emergency Medical and Travel Assistance Hotline.

    CEB TravelSure is the airline’s comprehensive travel insurance plan which provides extensive trip protection with coverage for costs related to having injuries, illnesses, loss of personal belongings, trip cancellations, emergency assistance, and other unforeseen travel circumstances (subject to the full terms & conditions of the Group Policy). For more information, passengers may visit: https://www.cebupacificair.com/pages/plan-trip/add-ons/travelsure

    CEB has attained 100% vaccination rate for its active flying crew through its very own employee vaccination program, JG Summit COVID Protect, and various partnerships with local government units in the country.

    The airline has been rated 7/7 stars by airlineratings.com for its COVID-19 compliance as it continues to implement a multi-layered approach to safety, in accordance with global aviation standards. These include daily extensive cleaning and disinfection protocols for all aircraft and facilities, on top of its contactless flight procedures. Its jet fleet are equipped with hospital-grade HEPA filters, known to eradicate viruses with 99.9% efficiency.

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  • Allianz Asia Pacific Appoints CEO

    Allianz Asia Pacific Appoints CEO

    The Asia Pacific unit of Allianz has named a new chief executive officer to succeed Solman Altin, who has decided to leave the firm after first joining 13 years ago.

    Anusha Thavarajah has been named regional CEO of Allianz Asia Pacific, according to a statement.

    In her new role, Thavarajah has been tasked with delivering long-term growth and driving ongoing transformation efforts.

    Thavarajah has over 30 years of financial services experience and is currently Allianz Asia Pacific’s regional CEO of life and health after joining the business in December 2019 from AIA Malaysia.

    «Having joined our Asia senior leadership team since 2019, [Thavarajah] is also no stranger to our management philosophy and will bring valuable experience and insights, built over a long and illustrious career in insurance,» said Sergio Balbinot, member of the management board of Allianz SE.

  • Allianz Global Investors to Grow Indonesia Presence

    Allianz Global Investors to Grow Indonesia Presence

    The firm has signed an agreement to acquire an Indonesia-based asset manager, where it aims to create an on-the-ground, market-leading setup to grow its footprint.

    Allianz Global Investors (Allianz GI) has announced plans to acquire Indonesia’s RHB Asset Management from shareholders RHB Banking Group and RHB Sekuritas Indonesia, according to a statement on Monday.

    RHBAM had $480 million in assets under management, as of 31 December 2020. With the deal, it will gain access to AllianzGI’s investment expertise and solutions, allowing it to being in new perspectives to the Indonesia asset management market, the statement said.

    The transaction is expected to be completed in 4Q 2021 and is subject to various conditions precedent, including the approval by the Indonesian Financial Services Authority.

    Allianz GI said that strengthening its franchise in Southeast Asia has long been a focus for the firm.

    We see Southeast Asia as the next growth engine besides China; backed by the solid presence of Allianz SE in Indonesia, the proposed acquisition is a confident stride to accelerate our entry into this fast-growing market, Tobias Pross, AllianzGI chief executive officer, said in the statement.

    The firm employs 690 investment professionals in 23 offices worldwide and manages €598 billion in assets for individuals, families and institutions, as of 31 March 2021.

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  • Allianz Partners Hong Kong Fintech Expansion

    Allianz Partners Hong Kong Fintech Expansion

    The investment will be used to finance WeLab’s further expansion and, in particular, enable the ongoing development of its technological platform.

    Allianz X, the digital investment unit of Allianz, has joined the Series C funding round for WeLab, with a $75 million investment, it announced in a statement this week.

    The investment aims to enable business expansion and tech platform development, as WeLab has close to 50 million private and business clients in Hong Kong and China, which are key growth markets for Allianz.

    The German insurance and asset management firm will cooperate with the unicorn on insurance and investment products, including digital wealth management solutions in Hong Kong. An expansion of the partnership is planned for the Greater Bay Area, and to Indonesia and Southeast Asia at a later stage, the announcement said.

    Asia is home to some of the most dynamic wealth management and banking markets of the world. Hong Kong, in particular, is a significant market for us, Desmond Ng, Allianz Global Investors head of Asia Pacific, said in the statement.

    Allianz X has already made several other investments in the region, including telemedicine company Halodoc, digital real estate brokerage 99.co, ride-hailing and lifestyle services platform GoJek, and BIMA, which provides digital insurance in emerging and developing markets.

    Established in 2013, WeLab provides digital banking services and loans for private customers, a digital lending platform to connect lenders and borrowers, as well as a number of technology-driven services. It has close to 50 million retail customers and 600 corporate customers in China, Hong Kong and Indonesia.

    In July 2020, WeLab Bank became the third of eight licensed virtual banks to launch in Hong Kong

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  • Chubb Names Australia and New Zealand President

    Chubb Names Australia and New Zealand President

    Zurich-headquartered insurer Chubb has appointed a new president for Australia and New Zealand.

    Chubb names Peter Kelaher country president for Australia and New Zealand, according to a statement, succeeding Jarrod Hill who is leaving the firm. Kelaher reports to Paul McNamee, senior vice president of Chubb Group and APAC regional president.

    Kelaher has 20 years of insurance experience and he joined Chubb in 2008 as a financial lines underwriter before being promoted to product manager for directors and officers, and P&C business lead for Australia and New Zealand in 2016.

    Chub has had a presence in Australia and New Zealand for over a century with seven branches and more than 800 staff.

  • Former Lloyd’s APAC CEO Joins Delta Insurance

    Former Lloyd’s APAC CEO Joins Delta Insurance

    The specialty underwriting agency has appointed a new chief operating officer to support its burgeoning growth in Asia Pacific.

    Delta Insurance has expanded its management team, appointing current advisory board member Kent Chaplin as COO, the firm announced in a statement on Tuesday.

    Chaplin is no stranger to the industry and the region – he was formerly the CEO and head of Asia Pacific for Lloyd’s, and worked for the insurer in Singapore from 2011 to 2018. In 2019, Chaplin joined U.S.-headquartered company DXC Technology as its global head of reinsurance and specialty sales in Singapore.

    He appointed to Delta Group’s advisory board in August 2019, where he provided strategic planning, business development and governance support.

    Delta Insurance, which started operations in 2017 in New Zealand, is innovation and technology-driven insurtech headquartered in Singapore. It specializes in cyber, technology and professional risk protection, with Lloyd’s underwriting backing.

    Amid the Covid-19 pandemic in 2020, the firm saw 50 percent growth in the Asia Pacific region.

    That growth has encouraged us to significantly broaden our footprint in Asia-Pacific and beyond – becoming more global in our outlook, Ian Pollard, group managing director, said in the statement.

  • Chubb Hires APAC Property Head From AIG

    Chubb Hires APAC Property Head From AIG

    Chubb, the world’s largest publicly traded property and casualty insurer has announced new appointments for its Asia Pacific property and casualty team.

    Commercial property specialist Alex Todd has joined Chubb as its head of property, a role in which he will be responsible for the growth and performance of its commercial property portfolio in Asia, the company announced on Friday.

    Todd brings 18 years of international experience and joins from AIG, where he led a team of 50 and was accountable for a variety of first-party programs and specialty lines across Canada. Based in Chubb’s Singapore regional office, he will report to Grant Cairns, regional head of property and casualty for Asia Pacific.

    The company also appointed Jamie Park, previously Chubb’s chief underwriting officer as well as head of portfolio management, casualty, and financial lines and environmental liability in Korea, as its head of financial lines, based in Singapore.

    In her new role, Park will be responsible for the underwriting, product development, new business opportunities, as well as driving the overall profitability of Chubb’s Financial Lines portfolio in Asia.

    The appointment of the pair supports the continued drive and strategic direction of its growing property portfolio, and position as the market leader in financial lines across Asia, Chubb said in a statement.

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  • AXA Names Managing Director for Life Insurance

    AXA Names Managing Director for Life Insurance

    AXA Insurance names a new managing director to lead its life strategic business unit, succeeding incumbent Sean Goh. Li Choo Kwek-Perroy joins as a managing director for AXA Insurance’s life strategic business unit, according to a statement, while Goh will leave the firm to pursue other opportunities. In her new role, Kwek-Perroy reports to Jean Drouffe, chief executive at AXA Insurance.

    Kwek-Perroy has two decades of insurance experience and rejoins AXA where she first worked in 2000 before holding various senior positions in Paris, Brussels, Hong Kong, and Singapore. She was trained as an actuary and held a diverse mix of roles in the industry across product, marketing, digital and distribution transformation, risk management, and finance. She was most recently a chief transformation officer and chief customer officer with rival Manulife.

    I am delighted to welcome Kwek-Perroy back to the AXA Singapore Executive Committee, said Drouff. Her strong technical background, extensive industry experience, and proven leadership capabilities make her the ideal choice to drive our life business forward. I am confident that she will bring valuable new perspectives and innovative and customer-focused insights to the business.

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  • ZA Tech Partners to Launch Insurtech in Indonesia

    ZA Tech Partners to Launch Insurtech in Indonesia

    Chinese firm ZA Tech Global is partnering Indonesian payments giant Ovo to offer Indonesian insurance companies access to its proprietary insurtech capabilities and applications.

    BCP, the holding company of Indonesia’s leading e-wallet Ovo, and ZA Tech Global, a technology venture for overseas markets of ZhongAn Online P&C Insurance, have announced a strategic joint venture to create an insurtech platform in Indonesia, towards fast-tracking digitalization of Indonesia’s insurance industry and improving financial inclusion.

    The joint venture will help Indonesian insurance companies rapidly digitize their products and offer fractionalized digital insurance products to the masses, in turn driving and improving financial inclusion in Indonesia’s vastly underserved market, the announcement said.

    The announcment noted that only 1.7 percent of Indonesia’s population of 265 million are currently covered by private insurance. It is also the fastest-growing market in Southeast Asia, with economic growth averaging over 5 percent in the past three years.

    The low awareness of the benefits and role of insurance as a tool for protection, savings and wealth creation in Indonesia is something we seek to address. The current pandemic has further highlighted the need for insurance to safeguard people’s health and welfare,» Bill Song, CEO of ZA Tech, said.

    ZA Tech Global previously inked micro-insurance partnerships with Grab and NTUC Income in Singapore, and regionally with AIA.

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  • StanChart Boosts Healthcare Liquidity

    StanChart Boosts Healthcare Liquidity

    Standard Chartered on Monday said it will set aside $1 billion to finance companies that are providing goods and services to tackle the Covid-19 outbreak.

    The lender plans to offer financing at preferential rates to firms that are manufacturers and distributors in the pharmaceutical industry, healthcare providers, as well as manufacturers of items such as ventilators, face masks, protective equipment, and sanitizers.

    Clearly there’s a cost for companies to switch into these hugely in-demand items, so it’s an area where we can help them get up and running more quickly. At the same time, we want to make sure that existing manufacturers and service providers get the support they need, said Simon Cooper, CEO of StanChart’s corporate and institutional banking division in a media statement.

    Financing will come in the form of loans, import finance, export finance, or working capital facilities to help these firms tool up and get their products to market. The bank, which derives about two-thirds of its total operating income from Asia, is also trying to identify companies that may switch into, or add, anti-virus products to their output but have not indicated that they will do so.

    Our industry teams are looking across our client base and, given our understanding of clients’ current manufacturing processes, we’re assessing which companies might want to consider adding these items to their production line, Cooper added.

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  • AXA Consortium Nets Student Housing Portfolio

    AXA Consortium Nets Student Housing Portfolio

    The acquisition aims to capitalize on the high demand for student housing in Australia, the third most popular country for international students.

    A joint venture comprising AXA Investment Managers – Real Assets, Allianz and APG have agreed to acquire Urbanest, a portfolio of student accommodation properties in four major Australian cities, AXA IM – Real Assets announced in a press release on Wednesday.

    The 14 properties, located in Sydney, Melbourne, Brisbane and Adelaide, have 6,805 beds, and will be operated by student accommodation manager Scape, which also manages the consortium’s Atira portfolio comprising 3,510 beds, which was acquired in September.

    «The sector has favorable demand drivers and growing institutional appeal, assets are tightly held and the barriers to entry are relatively high, particularly in Sydney, which makes this opportunity even more appealing,» Kumar Kalyanakumar, Head of Australia at AXA IM – Real Assets, said about the deal.

  • Singapore and Thailand Join Hands In Insurance Supervision

    Singapore and Thailand Join Hands In Insurance Supervision

    The authorities in both countries signed a Memorandum of Understanding (MOU) to strengthen cooperation in insurance supervision. The Monetary Authority of Singapore (MAS) and the Office of Insurance Commission (OIC), Thailand, on Thursday signed a Memorandum of Understanding (MOU) to strengthen cooperation in insurance supervision.

    This MoU is an important step which will provide OIC and MAS with a committed approach to working more closely. The MoU will advance a framework for cooperation, exchange of information and assistance in insurance supervision between two authorities as well as facilitating mutual development of the insurance sector in both jurisdictions,» said Suthiphon Thaveechaiyagarn, Secretary-General of the OIC, Thailand in a media statement.

    The MOU on insurance supervision was signed by Suthiphon Thaveechaiyagarn, Secretary-General, OIC and Daniel Wang, Executive Director (Insurance Department), MAS, in Bangkok at the sidelines of the annual Thailand Insurance Expo.

    This MOU affirms the strong relationship between MAS and OIC, as well as our mutual interest to enhance insurance supervision and collaboration in both our jurisdictions. It further deepens partnerships between insurance regulators in ASEAN,» said Ong Chong Tee, Deputy Managing Director (Financial Supervision), MAS in the media statement.

    The Office of Insurance Commission manages the supervision of insurance companies, brokers and agents and promotes the development of business conducts of insurance companies. OIC also builds confidence and accessibilities, strengthens the capacity and promotes the infrastructure of the insurance system.