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Jul 2018

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Product Bites

Source: Asia Insurance Review | Jul 2018

Global Asia

Global: XL Catlin introduces solution to support autonomous technologies
XL Catlin has introduced an insurance solution that supports the design, development, testing and implementation of autonomous technologies.
 
Available globally, the innovative solution provides cover for all industry sectors and can be specifically customised for an individual client’s needs using the insurer’s global suite of insurance coverages including, liability, error and omissions and, where appropriate, cyber and business interruption insurance.
 
In support of the new offering, XL Catlin has established a multi-disciplinary Global Autonomy Centre of Excellence, whose team of experts will provide a knowledge pool, combining talent, expertise and capabilities in data analytics, underwriting, claims and risk engineering from around the world. It will provide guidance and support to the insurer’s underwriters, brokers and clients globally.

Global: XL Catlin launches Corporate Crisis Prevention and Response policy
XL Catlin has launched Corporate CPR (Crisis Prevention and Response), a global risk management and insurance solution designed to help companies prevent, prepare for and respond to crisis situations, and help protect their people, assets, property and finances.
 
The insurer has partnered with S-RM, its global crisis response partner, and Instinctif Partners, a global crisis communications specialist firm, to provide:
  • Pre-crisis planning and training to minimize the threat of crisis events 
  • Fast, expert response in the event of a crisis event to mitigate the damage, and ensure the business resumes normal operations as soon as possible
  • Communications support to minimize the impact of a crisis on a company’s business 
The policy covers 45 named crisis events under the six categories of catastrophes, criminal risks, cyber threats, people risks, political risks and political violence, and the solution may be bought in conjunction with a variety of other traditional risk transfer coverage including kidnap and ransom, emergency evacuation and a range of other crisis management insurance products. 

Philippines: New health policy for overseas Filipino workers and their families
Philippines health insurance provider PhilHealthCare (PhilCare), broker JLT Group and global non-life insurer Madanes Group have partnered to launch a new product which addresses health and emergency hospitalisation concerns of overseas Filipino workers (OFWs) and their families back home, especially as these OFWs may not be physically present to help in their loved ones when the latter need medical care.
 
With Bayani Family Care, OFWs will be able to tap coverage on scheduled and emergency room care and confinement, and scheduled hospitalisation benefits for viral and bacterial illnesses and injury treatments in more than 500 PhilCare-accredited hospitals and 30,000 accredited physicians in the Philippines. There are three ward plans and annual benefit limits to choose from: Pearl (PHP60,000, or $2,950), Emerald (PHP80,000) and Diamond (PHP100,000). Valid for one year, the policy offers coverage costing from PHP4,350 per person, with unlimited outpatient consultation with a range of specialists available as an add-on. 
 
When claiming benefits, dependents will only need to present a BFC electronic voucher to any PhilCare accredited hospital. JLT president and CEO Raul Tan indicated that while the new medical insurance programme would initially target OFWs in Israel, where Madanes Group is headquartered, it could subsequently be made available to other OFWs. 

Singapore: New flight delay insurance for hassle-free claims management
ERGO Insurance and broker PolicyPal Singapore have teamed up to introduce a flight delay insurance product powered by PolicyPal Network’s decentralised application built on blockchain technology, which will enable automated claims pay-outs.
 
ERGO will provide the travel insurance while PolicyPal Network’s role will be to provide the technology - the smart contract. Once a travel insurance policy has been purchased from ERGO, a smart contract will automatically be created, storing the necessary information. As information from air traffic databases is pre-programmed in the smart contract, claims pay-outs will be triggered upon the detection of a delay. The usual process of filing for a claim is completely removed, effectively increasing efficiency for both the customer and insurer. In addition, the use of the blockchain and smart contract enables transparency and prevents disputes and fraudulent activity. Data stored on the blockchain is permanent, with any changes directly traceable.
 
PolicyPal Network is a decentralised insurance protocol that uses data to bridge the gap between consumers and insurance providers by providing a new level of accessibility within the insurance ecosystem. The company also works with insurers to provide crypto protect insurance coverage for digital assets and smart contracts. A 
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