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RGA Market Intelligence This newsletter is one of the many services provided to our clients by RGA’s Global Actuarial Pricing and Research department. We scan worldwide information sources daily to find the most important stories about current product and distribution trends. We curate and organize the stories and then publish this quarterly compendium of insights about the latest trends in the life and health insurance industry. We hope you enjoy this edition of the product trends newsletter. As always, we welcome your comments, questions, and suggestions. We also thank our colleagues in RGA offices around the world for their contributions to, and insights into, this report.
At RGA, we are eager to engage with clients to better understand and tackle the industry’s most pressing challenges together. Contact a representative in your region to learn more about our capabilities, resources, and solutions.
Jasmina Landekic AVP, Strategic and Competitive Intelligence Diana Bosworth Senior Research Analyst, Strategic Research
The Dual Role of Artificial Intelligence in Disability Insurance: A boon and a bane
South Korea Provides a Road Map for Dementia Insurance
Clearing the Air: The conundrum of climate change and the impacts on health
Multi-Cancer Early Detection Tests and Modeling the Potential Impact on Insurance
Non-Alzheimer’s Dementias: A Closer Look
Ultra-Processed Foods: Fast Food, Fast Life?
Thought Leadership
Discover the latest in product innovation: Navigating today’s product development landscape can be daunting—but the more you know, the better positioned you and your teams will be. On the upper right hand corner, search by product type to explore the world’s most innovative insurance products and services.
Extensive research shows that workers across the globe are struggling with retirement readiness. For example, one survey found that US adults feel they need nearly $1.5 million to retire comfortably – savings many will struggle to attain. The concerns carry a common theme across multiple countries. As a result, an opportunity – and a responsibility – exists for insurers to offer products and tools that help customers become more financially literate and secure. An informative two-part series on RGA’s Knowledge Center examines the challenges faced and solutions available. Part one focuses on the importance of preparing for retirement, including: A review of industry surveys assessing how much is really needed for retirement funding. A look at changes to pension schemes and social security plans, and the alternate paths being undertaken. Government interventions to assist people with retirement readiness. Part two explores products, services and tools that facilitate retirement planning, such as: Apps and dashboards that promote financial literacy and allow users easy access to their accounts. Insurers and banks partnering with associations to track down pension savings scattered across different accounts. A variety of financial and insurance solutions that offer options like early withdrawals and guaranteed payouts for life.
Read the full article here.
Shifting to a client-centric approach that focuses on clients’ complete financial situation, including factors such as estate planning, tax optimization, and liquidity needs Moving toward more sophisticated, flexible products tailored to the unique needs of HNW individuals Addressing a growing interest in philanthropy and impact investing among affluent individuals and families Strengthening the connection between wealth and wellbeing with HNW life insurance products that offer a wellness component
In focus: Retirement readiness and the role of insurers
© 2024 RGA. All rights reserved. RGA has made all reasonable efforts to ensure that the information provided in this publication is accurate at the time of inclusion and accepts no liability for any inaccuracies or omissions. Links to external websites are provided for informational purposes only. RGA bears no responsibility for the accuracy, legality, or content of external websites.
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Hong Kong Hang Seng Insurance Introduces FortuneLife Deferred Annuity Life Insurance Plan with Enhanced Benefit to Support Stable Retirement. Press release, May 3, 2024.. FortuneLife Deferred Annuity Life Insurance Plan (‘FortuneLife’), a Qualifying Deferred Annuity Policy (‘QDAP’) has been enhanced. The plan features a projected Total Internal Rate of Return (‘IRR’) ranging from 3.79% to 4.35% for HKD and USD policies, and from 2.60% to 3.19% for RMB policy. The plan offers flexible payment terms and policy options. United Kingdom Aviva Launches “Find and Combine” Tracing, Checking and Consolidation Service Press release, April 17, 2024. Aviva has launched a “find and combine” pension tracing, checking, and consolidation service to help savers find lost pensions. Since its pilot within Aviva’s Workplace pension business in 2022, the firm has successfully tracked down and reconnected customers with £87 million of lost pensions, worth an average of £15,000. United States Symetra Enhances Trek Plus RILA with New Crediting Strategies. Business Wire, June 17, 2024. Symetra Trek® Plus is a single premium index-linked annuity. It offers a variety of indexed account options, plus an optional fixed account. Depending on the type of account and index, customers have the choice of a 1-, 2- or 6-year interest term. Nationwide Launches Updated Registered Index-Linked Annuity. Press release, May 23, 2024. Nationwide has announced the launch of Nationwide Defined Protection Annuity 2.0 (DPA 2.0) which features daily protection and floor levels, ten index strategies, and free withdrawals. Lincoln Financial Group Strengthens Its Award-Winning Registered Index Linked Annuity, Launches Lincoln Level Advantage 2. Press release, May 16, 2024. Lincoln Level Advantage 2 is a strengthened index-linked annuity. It offers investors more opportunities for growth with industry-exclusive Capital Group ETF options and control with first-of-its-kind Secure Lock+ feature. The lock-in feature allows investors to reset protection within their existing term. Lincoln Financial Meets Shifting Customer Need for Growth and Flexibility with Revamped MoneyGuard Product. Press release, May 13, 2024 MoneyGuard Market Advantage (2024) provides enhanced flexibility for consumers with more than 50 investment options and the choice between reimbursement- and indemnity-style payments at time of first claim. Pacific Life Enhances Suite of Annuities to Address Retirement Income Needs. Press release, May 1, 2024. Pacific Life announced changes to the optional benefits of some of its advisory and traditional variable annuities for an additional cost. The insurer opened its full, expanded investment-option lineup for clients who pick Future Income Generator optional benefit with certain variable annuities. It also started offering increased withdrawal percentages on Enhanced Income Select 2. Protected Investment Benefit is available in only New York for an additional cost with certain Pacific Life variable annuities. Jackson Adds Protected Lifetime Income Benefit to RILA Suite. Press release, April 29, 2024. Jackson National Life Insurance Company launched +Income, an add-on benefit available for an additional charge, offering guaranteed lifetime income through Jackson’s Market Link Pro suite of registered index-linked annuities. Jackson’s Market Link Pro suite offers five index options that can be used in any combination, along with the flexibility to allocate funds through three crediting methods. BlackRock Activates Retirement Solution Offering a Paycheck for Life. Coverager, April 24, 2024. LifePath Paycheck is now available in defined contribution plans. The LifePath Paycheck solution takes a new approach to retirement income by providing access to guaranteed income through a target date fund, an investment strategy that automatically adjusts to a targeted retirement year. Ibexis Life & Annuity Insurance Company Launches FIA Product Enhancements. Business Wire, April 8, 2024. Ibexis announced multiple enhancements to its FIA Plus fixed indexed annuity series. The enhancements add premium bonus option, bailout feature, and annual declared rate. The product continues to offer crediting strategies linked to two proprietary indexes from Bank of America, HSBC, and the S&P 500. Guardian Launches New Registered Index-Linked Annuity, Expanding Company’s Market Leading Retirement Annuity Business. Press release, March 27, 2024. Guardian MarketPerform, a new Registered Index-Linked Annuity designed to help individuals build their retirement assets with a level of protection. It includes three features including limited exposure to market risk, potential for investment growth, and allowance for the customization of investments.
Cambodia "Manulife Premier" Aims to Help Entrepreneurs and Affluents in Cambodia to Achieve Financial Goals while Planning for a Better Future for the Next Generations. Press release, April 27, 2024. The product covers up to 62 critical illnesses. Policyholders can opt for life boosters up to $1 million face amount and short-term payment options. Customers have the choice of receiving the savings benefit in a lump sum amount or instalment. Malaysia Manulife Holdings Bhd - Manulife Launches Manulife MediShield: Affordable Life and Medical Insurance for Young Adults. Press release, May 28, 2024. Manulife MediShield is an innovative life and medical insurance plan designed specifically for the Gen-Z population. Manulife MediShield offers premiums starting from as low as RM100 per month. The key benefits of the plan include coverage against death, total and permanent disability, and medical expenses coverage.
Australia and New Zealand MetLife Boosts Employee Care with New Leave Benefits. Press release, April 2, 2024. MetLife Australia has announced a series of new employee benefits designed to support a more inclusive workplace. The new leave types are menopause leave (up to ten days), fertility leave (up to five days) and gender affirmation leave (up to four weeks) along with return-to-work support planning. The insurer is also extending paid parental leave to 16 weeks in 2024 and to 18 weeks in 2025. Bangladesh Agreement Signing Between Guardian Life Insurance Limited and Premier University. The Statement24, May 12, 2024. Guardian Life has announced a partnership with the prestigious Premier University in Chattogram to provide comprehensive life and health benefits to the employees of Premier University. All employees of Premier University will have access to life and health insurance coverage, ensuring their well-being and sense of security. Canada iA Financial Group Launches Symbiosis, an Enhanced Solution that Lets Plan Sponsors Combine Their Group... Canada NewsWire, June 17, 2024. The Symbiosis program is a comprehensive, one-of-a-kind solution that allows plan sponsors to bring their group insurance and group retirement savings plans together under the same partner. The program offers an elite service, streamlined administration, and a dedicated communications and education team. Hong Kong AIA Hong Kong Provides Group Insurance and Pension Scheme Employee Members with Unique-in-market Portable Cancer Coverage with No Medical Examination Required. Press release, May 28, 2024. The “Shield Up Cancer Protection Plan” is a unique-in-market portable cancer coverage, with no medical examination required, for employee members of AIA group insurance schemes and AIA MPF, ORSO, and Macau pension schemes. The plan is easy to apply for, requiring only simple health declaration. It also includes valuable features such as guaranteed renewal, until the age of 80, of the insured. India Bajaj Allianz General Insurance Unveils Privé – A One-of-a-Kind Program that Provides Unparalleled Coverage and Service Excellence. Press release, April 27, 2024. Privé is an exclusive customer experience program crafted for a special segment of policyholders. Insurance products currently include the My Health Care Plan, offering customizable health insurance coverage with a minimum sum insured of INR 1 crore as the eligibility criteria. The Global Health Care offers coverage like overseas medical treatment and international and domestic planned and emergency treatments. Malaysia Zurich Takaful Malaysia Berhad and Yayasan Guru Malaysia Berhad (YGMB) signed a Memorandum of Understanding (MoU) to offer the Member Platinum Scheme (ASP). Press release, May 19, 2024. YGMB is offering Member Platinum Scheme (ASP) to teachers as well as more than 100,000 existing YGMB Members. The protection plan covers 51 types of critical illnesses and offers assistance for special children and miscarriage, as well as ambulance services. Singapore Singlife and Doctor Anywhere Launch Tailored Health Subscription Plan for Self-employed and Gig Workers. Press release, April 22, 2024. Singlife announced a new partnership with Doctor Anywhere introducing DA Healthwise Plus, a subscription plan designed specifically for self-employed individuals. This subscription plan offers affordable healthcare, benefits, and group personal accident coverage. iAPPS Health Group and Singlife Launch Group Insurance Plan to Incentivize Proactive Health and Wellbeing Management. Life Insurance International, April 2, 2024. iAPPS Health Group and Singlife have launched iSure, a group insurance plan to promote proactive health management. The plan is complimentary for those signing up for iHG's health screening packages. Its features include reduced costs on proactive health management, major cancer cover, and dental benefits. United Kingdom Bupa Extends Partnership with JAAQ. Press release, April 18, 2024. Bupa has extended its partnership with mental health platform JAAQ (Just Ask A Question) for 2024 to continue expanding its mental wellbeing offering to customers by focusing on preventive healthcare. The JAAQ and Bupa content will be integrated into the Bupa Touch app for the first time later this year. AXA UK launches “We Care” Programme to Further Support Employees at Different Life Stages. Press release, April 2, 2024. AXA UK introduces “We Care” programme to enhance employee benefits, including increased paid leave for carers and co-parents. The new policy additions include carers support, focus on families, and domestic abuse support. United States Guardian and Pelago Partner to Promote Tobacco-free Life. Press release, June 17, 2024. For Guardian members with workplace-sponsored dental insurance, Pelago will guide and support individuals through a personalised and confidential tobacco cessation programme. It mixes digital solutions and human coaching. Through the partnership, Guardian members and their families can chase a tobacco-free life with access to a dedicated Pelago care coach. The Hartford Introduces New Mental Health Resource for Its Group Benefits Customers in the Health Care Industry. BusinessWire, May 29, 2024. The Hartford is collaborating with Marvin Behavioral Health to provide The Hartford’s life and disability insurance customers in the health care industry with access to mental health resources. It is designed to meet the unique needs of health care professionals. Services includes the availability of 24/7 video calls. Juno Introduces First-Ever Child Disability Insurance in the U.S. to Address Largest Uncovered Financial Risk for Parents. Press release, April 16, 2024. Juno’s coverage is offered through employers and fills a major gap for parents by providing cash payments and personalized support if their child develops a severe illness, disability, or injury. Parents can receive up to $1 million ($500,000 per qualifying child), paid in monthly instalments for up to 10 years. The benefit covers children from birth to age 26 and can be used in any way a family chooses. Securian Financial Boosts Claims Experience through Partnership with Empathy. Press release, April 23, 2024. Securian Financial is enhancing its group life insurance with Empathy’s bereavement care. It is the first carrier to offer Empathy’s anticipatory loss service with its group supplemental health insurance. MetLife and Telus Health Expand Access to Mental Health Resources. Press release, April 17, 2024. MetLife announced a new collaboration with TELUS Health to expand access to Cognitive Behavioral Therapy (CBT) services for all employers with Long-Term Disability (LTD) plans. Employees now enrolled in MetLife’s LTD program will have access to TELUS Health CBT’s mental health resources and digital platform. MetLife Expands Customer Experience Capability. Coverager, April 11, 2024. The upgraded functionality utilizes technology to screen and deliver personalized benefit education and streamlined claims processes across MetLife’s portfolio of products. The portfolio now includes Nayya Claims, the primary technology solution to analyze medical claims data. MetLife Legal Plans and MetLife and Aura Identity & Fraud Protection also link employee experiences. MetLife Connected Benefits now works with its Upwise benefit engagement platform to deliver a seamless experience with decision support at enrolment. Prudential Financial Introduces New Workplace Insurance Benefits that Help Support Mental Health and Growing Families. Press release, April 4, 2024. Prudential Financial has introduced new voluntary workplace insurance offerings that help support family building and mental health. The new mental health benefits include screenings for anxiety, mood disorders, and substance abuse. The expanded family benefits include coverage for surgical and non-surgical procedures, prenatal care, childbirth, and expanded hospital stays for newborns. New York Life Group Benefit Solutions Launches New Tool to Tackle Parental Leave Uncertainty. Press release, April 2, 2024. New York Life Group Benefit announced the launch of myLeaveGuide, an online tool that simplifies parental leave planning. With a few simple questions, this user-friendly tool personalizes the experience, giving expecting parents a clear picture of their state and federal leave options. Voya Financial Announces New Collaboration with Empathy to Offer On-demand Bereavement Support in the Workplace. Press release, April 2, 2024. Empathy’s services are now available to employees enrolled in group term life insurance, offered by Voya, through their employer. Empathy is a comprehensive, on-demand concierge support system that offers bereaved family’s guidance and support for the challenges after the loss of a loved one.
Australia & New Zealand MetLife Australia expands 360Health eligibility. Press release, May 2, 2024. MetLife Australia has added access for parents of customers to its award-winning 360Health program at no extra cost. 360Health gives customers access to an award-winning suite of health services from medical and mental health through to nutrition and fitness advice. nib Launches Digital Fitness Offering with Access to Centr, Kic and FitOn Health Apps. Press release, April 30, 2024. An introductory three-month subscription to the digital fitness offering will be made available to up to 10,000 nib members. The offering is available through a mobile app. Centr provides personalised workout programs, meal plans, and mindfulness tools. Kic offers guided workouts, delicious recipes, and access to a supportive community. FitOn Health delivers on-demand workout classes led by celebrity trainers, with personalised fitness plans. nib Group Launches AI-driven Symptom Checker. Press release, April 29, 2024. The symptom checker will help nib members, including international students and workers, navigate Australia’s health care system. New Extras Product Designed for Young Australians. Press Release, April 5, 2024. Medibank now offers Healthy Living Extras which is aimed at younger Australians who have not previously held their own health cover. The product starts at $3.45 a week* – $180 a year – and provides coverage for one annual dental check-up and clean, flu vaccination, and unlimited emergency ambulance. It also gives access to its 24/7 Mental Health Phone Support and Medibank Nurse Phone Service. Canada Noojimo Health and GreenShield Collaborate to Expand Culturally Safe Mental Wellness Care for Indigenous Communities Across Canada. Newswire, June 21, 2024. Noojimo, the first and only all-Indigenous virtual mental wellness clinic, formed a partnership with GreenShield to support the wellness needs of indigenous peoples (First Nation, Inuit, Métis) across Canada. Through their partnership with Noojimo, GreenShield will provide funding to offer Noojimo's services at no cost to indigenous communities. GreenShield will exclusively offer Noojimo's services to their clients' indigenous employees via GreenShield+, a digital health and benefits platform. One of the services is free counselling. Medavie Blue Cross Launches Partnership to Support Women’s Health. Press release, April 10, 2024. Medavie Blue Cross has partnered with SanoLiving to offer SanoMidLife for menopause support. Medavie Blue Cross members will have access to a national, dedicated virtual women's health platform tailored to provide personalized care and services that support women through every stage of menopause. Propel Launches Insurance Product to Protect Canadian Consumers in Partnership with Leading Insurance Innovators Walnut and TGI. Canada NewsWire, April 9, 2024. Fora's Payment Protection Plan is a digital credit insurance product offered in partnership with Walnut Insurance. The insurance benefits may cover a customer's balance payments to Fora in the case of events such as job loss, loss of life, or critical illness. With its new embedded payment protection option, Fora borrowers can acquire useful protection for their loan at the click of a button. Hong Kong HKBN and Bowtie Collaborate to Launch an Exclusive Four-In-One Healthcare Service Plan. PR Newswire, June 27, 2024. Hong Kong Broadband Network Limited and Bowtie Life Insurance Company, Hong Kong's first virtual insurer, have teamed up to launch an exclusive Four-In-One Healthcare Service Plan. For a monthly fee of just $99, customers can now safeguard their health with unlimited western medicine virtual consultations (with door-to-door medicine delivery included), an annual health check-up, an annual influenza vaccination, and twice-a-year dental cleaning service. Prudential Teams Up with Seven Local Hospitals and Medical Institutions to Forge Patient-first Healthcare Network. Press release, May 29, 2024. Prudential announced a new strategic collaboration with seven local hospitals and clinics to establish a patient-centric healthcare ecosystem in Hong Kong. The clinics will seek Prudential’s pre-approval for related medical costs and arrange the Medical Expenses Direct Billing Service on behalf of customers. The collaboration provides one-stop services ranging from pre-operative consultation to inpatient care and more comprehensive support offered by medical partners. India Emoha Partners with Aditya Birla Health Insurance to Provide Holistic Eldercare Solutions. Franchise India, May 21, 2024. This collaboration aims to extend personalized senior care solutions to corporate clients and group mediclaim policyholders, ensuring comprehensive support for elder populations. Emoha provides comprehensive, in-home, and doorstep services to seniors, empowering them to live independently and with dignity. “Look, Listen & Link”: Fortis Launches Comprehensive Mental Healthcare Vertical; Highlights Need for Psychological First Aid. MSN, April 24, 2024. Fortis launched “Adayu Mindfulness,” a vertical for comprehensive mental healthcare along with an exclusive collaboration of United We Care and Adayu – AI-powered holistic mental health solution. This combination will offer a comprehensive approach to mental wellness, including AI-powered self-assessment tools. Users can gain valuable insights into their mental health status through personalised assessments which are administered by Stella, United We Care’s AI virtual wellness coach. Canara Bank Launches Loans for Healthcare, Savings Accounts for Women. The Economic Times, April 4, 2024. Canara Bank launched Canara Heal which will meet the shortfall in hospitalization expenditure while settling through TPA healthcare insurance claims of self and/or dependents. They have also launched Canara Angel, a customised savings account. Its unique features include cancer care policy, pre-approved personal loan Canara ReadyCash, and an online loan against term deposit product Canara MyMoney. Kenya Jubilee Health Launches Virtual Medical Services in Digital Drive. Business Daily, May 29, 2024. The program presents a way to deliver personalised healthcare to customers who are unable to visit hospitals. The “Always With You” program includes virtual doctor consultations, pharmacy-based doctor consultations, medicine delivery ambulance services, and customer evacuation services. Korea Kakao Pay Insurance Launches Health Insurance for Infants. Pulse, May 23, 2024. This health insurance plan for infants covers a range of common illnesses. The plan offers the flexibility of choosing your own policy period, from one to three years, and coverage required. Portugal Santander, Aegon, and CUF Create Partnership for Customers' Access to Healthcare. O Jornal Economico, April 15, 2024. Santander, Aegon Santander Portugal, and CUF join forces to create an Inpatient and Surgery insurance, "with a vast network of health care providers nationwide, with 15 thousand euros of insured capital," for the bank's customers. CUF Santander offers the bank's customers "the benefits of a health plan, with lower prices at the CUF Network Outpatient Clinic – with no grace period, no usage ceiling, and access to all services at special prices.” (Text in Portuguese) Singapore Singlife Launches First-in-Market Coverage for Dementia. Press Release, May 14, 2024. Singlife introduces Singlife Dementia Cover, the first insurance plan for dementia, offering yearly payouts for dementia and mental health conditions. Globe Telecom, Singlife Join Forces to Offer Health Insurance. Manila Standard, April 10, 2024. Globe Telecom Inc. teamed up with life insurer Singlife Philippines Inc. to offer a health insurance plan for as low as 5 Globe Rewards points, making protection virtually free. Globe said its customers can get Singlife’s comprehensive 3-in-1 protection plan by redeeming 5 Globe Rewards points until April 15, 2024. The insurance coverage provides up to P250,000 for COVID-19, dengue, and accidental medical costs. Sri Lanka Ceylinco Life Launches “Medical Saver” Plan to Cover Medical Expenses of Senior Citizens. Daily FT, June 6, 2024. Ceylinco Life “Medical Saver” is positioned as the first health insurance plan in the country to cover medical needs of today, tomorrow, and beyond policy maturity. It offers local and global hospitalisation cover for reimbursement of medical and surgical expenses; life cover with supplementary benefits for the term of the policy; and saving for future medical expenses after policy maturity, creating a backup health fund for medical needs during retirement. United Arab Emirates HAYAH Launches Health Protect, UAE’s First Digital Insurance Solution. Gulf News (Dubai), April 22, 2024. HAYAH, a leader in digital insurance, has announced the launch of Health Protect, marking the introduction of the UAE’s first digital health insurance solution. Health Protect leverages advanced algorithms to instantly assess risks and determine eligibility, discarding the cumbersome paperwork of traditional methods. United Kingdom My Care Hub Launched as Independent “One-Stop-Shop” for Adult Social Care Advice. Care Briefing, April 17, 2024. My Care Hub is designed to help consumers plan for the future. It offers access to financial and practical support when caring for an older adult and support when they find themselves or a family member in need of adult care, right through to support with bereavement. My Care Hub will initially be available only to clients of financial advice firms across the U.K. AIG Life Customers Turning to Smart Health. Life Insurance International, April 11, 2024. AIG Life has revealed that customers and members are increasingly turning to its free Smart Health Service. This service has been used over 100,000 times since August 2019. Virtual GP appointments, which take place by phone or video call, were the most popular function of Smart Health in 2023. Smart Health’s six core integrated wellbeing services seamlessly refer from one to another and are accessible by all of AIG. United States Guardian and Wellthy Launch New Partnership to Support Working Caregivers and Inspire Well-being. PR Newswire, June 10, 2024. Guardian becomes the first insurance carrier to include caregiving support services in employer-provided disability insurance. The available support services for members include access to a caregiving concierge, digital planning tools, and the Wellthy Community, an online peer-to-peer space for family caregivers to connect and exchange knowledge. Sun Life U.S. Expands Partnership with Goodpath to Offer Virtual Whole-person Care Supporting Mental and Physical Health. PR Newswire, June 5, 2024. The partnership now offers employer clients virtual whole-person care. This is a new employee benefit that provides care for physical conditions and mental health, including unlimited therapy sessions. Goodpath's whole-person care services cover mental health, musculoskeletal conditions, digestive issues, sleep concerns, and cancer survivorship. Stride Partners with Roadie. Coverager, May 29, 2024. Stride Health has partnered with UPS subsidiary Roadie to offer its products and services, which features health, life, dental, and vision insurance, to delivery drivers. Drivers will also gain access to tax and financial planning tools. Simplify Healthcare and XO Health Announce Strategic Partnership to Reinvent the Employee Healthcare Experience. BusinessWire, May 7, 2024. Simplify Healthcare announced a strategic partnership with XO Health, a pioneering health plan dedicated to transforming healthcare for self-insured employers. XO Health will deploy its cloud-based solution – Simplify Health Cloud™ – which comprises five scalable, end-to-end cloud-based platforms — Benefits1™, Provdier1™, Service1™, Claims1™, and Experience1™. Vitality and Headspace Expand Global Partnership to Help Employers and Health Plans Address Mental Health Crisis. BusinessWire, May 7, 2024. Vitality employers and health plans will have the option to add one of three Headspace products into their Vitality offering. They include Headspace Core, Headspace Care, and Headspace EAP. For their mindful engagement with Headspace, Vitality members will earn Vitality Points and rewards. Pivot Health Launches Proprietary Short-Term Medical Insurance Product Underwritten by Pan-American Life Insurance Company. Business Wire, April 18, 2024. A short-term policy from Pan-American policies gives Pivot Health access to unlimited doctor office visits, zero copays for hospitalization, and waived deductible requirements for routine screenings. Pivot Health short-term medical plans also offer free telemedicine visits. Genomics plc and MassMutual’s Program Enables More Policyowners to Understand Health Risks through Innovative Genetic Testing. Press release, April 10, 2024. The program offers a genetic risk assessment service to these individuals, providing insight into their personalized risk for eight major diseases. Genomics’ at-home test studies millions of small variations in DNA, generating polygenic risk scores, that can inform the likelihood of certain conditions. Vietnam AIA Vietnam Launches Bung Gia Luc Health Insurance Product. Product brochure, June 26, 2024. Gia Luc product is a comprehensive insurance solution, aiming to take care of the health of the whole family. The product is for individuals and families and provides comprehensive health care benefits, from inpatient, day, emergency, and cancer treatments. (Text in Vietnamese) Zambia MLife & Vitality Health International unveils new Health Insurance offerings in Zambia. Zambia Business times, April 14, 2024. The Vitality Health International health insurance offering is unique because it is an insurance product that focuses on well-being. It aims to positively impact people's health outcomes while improving and protecting their lives. This is in line with MLife's support of the government's initiatives for a healthy and productive Zambia.
Australia & New Zealand MetLife Australia expands 360Health eligibility. Press release, May 2, 2024. MetLife Australia has added access for parents of customers to its award-winning 360Health program at no extra cost. 360Health gives customers access to an award-winning suite of health services from medical and mental health through to nutrition and fitness advice. nib Launches Digital Fitness Offering with Access to Centr, Kic and FitOn Health Apps. Press release, April 30, 2024. An introductory three-month subscription to the digital fitness offering will be made available to up to 10,000 nib members. The offering is available through a mobile app. Centr provides personalised workout programs, meal plans, and mindfulness tools. Kic offers guided workouts, delicious recipes, and access to a supportive community. FitOn Health delivers on-demand workout classes led by celebrity trainers, with personalised fitness plans. nib Group Launches AI-driven Symptom Checker. Press release, April 29, 2024. The symptom checker will help nib members, including international students and workers, navigate Australia’s health care system. New Extras Product Designed for Young Australians. Press release, April 5, 2024. Medibank now offers Healthy Living Extras which is aimed at younger Australians who have not previously held their own health cover. The product starts at $3.45 a week* – $180 a year – and provides coverage for one annual dental check-up and clean, flu vaccination, and unlimited emergency ambulance. It also gives access to its 24/7 Mental Health Phone Support and Medibank Nurse Phone Service. Canada Noojimo Health and GreenShield Collaborate to Expand Culturally Safe Mental Wellness Care for Indigenous Communities Across Canada. Newswire, June 21, 2024. Noojimo, the first and only all-Indigenous virtual mental wellness clinic, formed a partnership with GreenShield to support the wellness needs of indigenous peoples (First Nation, Inuit, Métis) across Canada. Through their partnership with Noojimo, GreenShield will provide funding to offer Noojimo's services at no cost to indigenous communities. GreenShield will exclusively offer Noojimo's services to their clients' indigenous employees via GreenShield+, a digital health and benefits platform. One of the services is free counselling. Medavie Blue Cross Launches Partnership to Support Women’s Health. Press release, April 10, 2024. Medavie Blue Cross has partnered with SanoLiving to offer SanoMidLife for menopause support. Medavie Blue Cross members will have access to a national, dedicated virtual women's health platform tailored to provide personalized care and services that support women through every stage of menopause. Propel Launches Insurance Product to Protect Canadian Consumers in Partnership with Leading Insurance Innovators Walnut and TGI. Canada NewsWire, April 9, 2024. Fora's Payment Protection Plan is a digital credit insurance product offered in partnership with Walnut Insurance. The insurance benefits may cover a customer's balance payments to Fora in the case of events such as job loss, loss of life, or critical illness. With its new embedded payment protection option, Fora borrowers can acquire useful protection for their loan at the click of a button. Hong Kong HKBN and Bowtie Collaborate to Launch an Exclusive Four-In-One Healthcare Service Plan. PR Newswire, June 27, 2024. Hong Kong Broadband Network Limited and Bowtie Life Insurance Company, Hong Kong's first virtual insurer, have teamed up to launch an exclusive Four-In-One Healthcare Service Plan. For a monthly fee of just $99, customers can now safeguard their health with unlimited western medicine virtual consultations (with door-to-door medicine delivery included), an annual health check-up, an annual influenza vaccination, and twice-a-year dental cleaning service. Prudential Teams Up with Seven Local Hospitals and Medical Institutions to Forge Patient-first Healthcare Network. Press release, May 29, 2024. Prudential announced a new strategic collaboration with seven local hospitals and clinics to establish a patient-centric healthcare ecosystem in Hong Kong. The clinics will seek Prudential’s pre-approval for related medical costs and arrange the Medical Expenses Direct Billing Service on behalf of customers. The collaboration provides one-stop services ranging from pre-operative consultation to inpatient care and more comprehensive support offered by medical partners. India Emoha Partners with Aditya Birla Health Insurance to Provide Holistic Eldercare Solutions. Franchise India, May 21, 2024. This collaboration aims to extend personalized senior care solutions to corporate clients and group mediclaim policyholders, ensuring comprehensive support for elder populations. Emoha provides comprehensive, in-home, and doorstep services to seniors, empowering them to live independently and with dignity. “Look, Listen & Link”: Fortis Launches Comprehensive Mental Healthcare Vertical; Highlights Need for Psychological First Aid. MSN, April 24, 2024. Fortis launched “Adayu Mindfulness,” a vertical for comprehensive mental healthcare along with an exclusive collaboration of United We Care and Adayu – AI-powered holistic mental health solution. This combination will offer a comprehensive approach to mental wellness, including AI-powered self-assessment tools. Users can gain valuable insights into their mental health status through personalised assessments which are administered by Stella, United We Care’s AI virtual wellness coach. Canara Bank Launches Loans for Healthcare, Savings Accounts for Women. The Economic Times, April 4, 2024. Canara Bank launched Canara Heal which will meet the shortfall in hospitalization expenditure while settling through TPA healthcare insurance claims of self and/or dependents. They have also launched Canara Angel, a customised savings account. Its unique features include cancer care policy, pre-approved personal loan Canara ReadyCash, and an online loan against term deposit product Canara MyMoney. Kenya Jubilee Health Launches Virtual Medical Services in Digital Drive. Business Daily, May 29, 2024. The program presents a way to deliver personalised healthcare to customers who are unable to visit hospitals. The “Always With You” program includes virtual doctor consultations, pharmacy-based doctor consultations, medicine delivery ambulance services, and customer evacuation services. Korea Kakao Pay Insurance Launches Health Insurance for Infants. Pulse, May 23, 2024. This health insurance plan for infants covers a range of common illnesses. The plan offers the flexibility of choosing your own policy period, from one to three years, and coverage required. Portugal Santander, Aegon, and CUF Create Partnership for Customers' Access to Healthcare. O Jornal Economico, April 15, 2024. Santander, Aegon Santander Portugal, and CUF join forces to create an Inpatient and Surgery insurance, "with a vast network of health care providers nationwide, with 15 thousand euros of insured capital," for the bank's customers. CUF Santander offers the bank's customers "the benefits of a health plan, with lower prices at the CUF Network Outpatient Clinic – with no grace period, no usage ceiling, and access to all services at special prices.” (Text in Portuguese) Singapore Singlife Launches First-in-Market Coverage for Dementia. Press Release, May 14, 2024. Singlife introduces Singlife Dementia Cover, the first insurance plan for dementia, offering yearly payouts for dementia and mental health conditions. Globe Telecom, Singlife Join Forces to Offer Health Insurance. Manila Standard, April 10, 2024. Globe Telecom Inc. teamed up with life insurer Singlife Philippines Inc. to offer a health insurance plan for as low as 5 Globe Rewards points, making protection virtually free. Globe said its customers can get Singlife’s comprehensive 3-in-1 protection plan by redeeming 5 Globe Rewards points until April 15, 2024. The insurance coverage provides up to P250,000 for COVID-19, dengue, and accidental medical costs. Sri Lanka Ceylinco Life Launches “Medical Saver” Plan to Cover Medical Expenses of Senior Citizens. Daily FT, June 6, 2024. Ceylinco Life “Medical Saver” is positioned as the first health insurance plan in the country to cover medical needs of today, tomorrow, and beyond policy maturity. It offers local and global hospitalisation cover for reimbursement of medical and surgical expenses; life cover with supplementary benefits for the term of the policy; and saving for future medical expenses after policy maturity, creating a backup health fund for medical needs during retirement. United Arab Emirates HAYAH Launches Health Protect, UAE’s First Digital Insurance Solution. Gulf News (Dubai), April 22, 2024. HAYAH, a leader in digital insurance, has announced the launch of Health Protect, marking the introduction of the UAE’s first digital health insurance solution. Health Protect leverages advanced algorithms to instantly assess risks and determine eligibility, discarding the cumbersome paperwork of traditional methods. United Kingdom My Care Hub Launched as Independent “One-Stop-Shop” for Adult Social Care Advice. Care Briefing, April 17, 2024. My Care Hub is designed to help consumers plan for the future. It offers access to financial and practical support when caring for an older adult and support when they find themselves or a family member in need of adult care, right through to support with bereavement. My Care Hub will initially be available only to clients of financial advice firms across the U.K. AIG Life Customers Turning to Smart Health. Life Insurance International, April 11, 2024. AIG Life has revealed that customers and members are increasingly turning to its free Smart Health Service. This service has been used over 100,000 times since August 2019. Virtual GP appointments, which take place by phone or video call, were the most popular function of Smart Health in 2023. Smart Health’s six core integrated wellbeing services seamlessly refer from one to another and are accessible by all of AIG. United States Guardian and Wellthy Launch New Partnership to Support Working Caregivers and Inspire Well-being. PR Newswire, June 10, 2024. Guardian becomes the first insurance carrier to include caregiving support services in employer-provided disability insurance. The available support services for members include access to a caregiving concierge, digital planning tools, and the Wellthy Community, an online peer-to-peer space for family caregivers to connect and exchange knowledge. Sun Life U.S. Expands Partnership with Goodpath to Offer Virtual Whole-person Care Supporting Mental and Physical Health. PR Newswire, June 5, 2024. The partnership now offers employer clients virtual whole-person care. This is a new employee benefit that provides care for physical conditions and mental health, including unlimited therapy sessions. Goodpath's whole-person care services cover mental health, musculoskeletal conditions, digestive issues, sleep concerns, and cancer survivorship. Stride Partners with Roadie. Coverager, May 29, 2024. Stride Health has partnered with UPS subsidiary Roadie to offer its products and services, which features health, life, dental, and vision insurance, to delivery drivers. Drivers will also gain access to tax and financial planning tools. Simplify Healthcare and XO Health Announce Strategic Partnership to Reinvent the Employee Healthcare Experience. BusinessWire, May 7, 2024. Simplify Healthcare announced a strategic partnership with XO Health, a pioneering health plan dedicated to transforming healthcare for self-insured employers. XO Health will deploy its cloud-based solution – Simplify Health Cloud™ – which comprises five scalable, end-to-end cloud-based platforms — Benefits1™, Provdier1™, Service1™, Claims1™, and Experience1™. Vitality and Headspace Expand Global Partnership to Help Employers and Health Plans Address Mental Health Crisis. BusinessWire, May 7, 2024. Vitality employers and health plans will have the option to add one of three Headspace products into their Vitality offering. They include Headspace Core, Headspace Care, and Headspace EAP. For their mindful engagement with Headspace, Vitality members will earn Vitality Points and rewards. Pivot Health Launches Proprietary Short-Term Medical Insurance Product Underwritten by Pan-American Life Insurance Company. Business Wire, April 18, 2024. A short-term policy from Pan-American policies gives Pivot Health access to unlimited doctor office visits, zero copays for hospitalization, and waived deductible requirements for routine screenings. Pivot Health short-term medical plans also offer free telemedicine visits. Genomics plc and MassMutual’s Program Enables More Policyowners to Understand Health Risks through Innovative Genetic Testing. Press release, April 10, 2024. The program offers a genetic risk assessment service to these individuals, providing insight into their personalized risk for eight major diseases. Genomics’ at-home test studies millions of small variations in DNA, generating polygenic risk scores, that can inform the likelihood of certain conditions. Vietnam AIA Vietnam Launches Bung Gia Luc Health Insurance Product. Product brochure, June 26, 2024. Gia Luc product is a comprehensive insurance solution, aiming to take care of the health of the whole family. The product is for individuals and families and provides comprehensive health care benefits, from inpatient, day, emergency, and cancer treatments. (Text in Vietnamese) Zambia MLife & Vitality Health International unveils new Health Insurance offerings in Zambia. Zambia Business times, April 14, 2024. The Vitality Health International health insurance offering is unique because it is an insurance product that focuses on well-being. It aims to positively impact people's health outcomes while improving and protecting their lives. This is in line with MLife's support of the government's initiatives for a healthy and productive Zambia.
Bolivia Alianza Seguros Launches a Complete Range of Digital Insurance Available to All Bolivians. LatinoInsurance, May 25, 2024. The Tu Familia, Tu Protección y Tu Recuerdo product line has affordable plans ranging from 80 Bs. per year. The product line offers a 100% digital experience. (Text in Spanish) Brazil BB Seguros Launches Life Insurance with Customizable Coverage. LatinoInsurance, June 4, 2024. The Essential Life Plan starts at R$8.14 per month, with services also for the families of policyholders. With a monthly cost starting at R$8.14, Essential Life Insurance arrives on the market with customizable coverage and assistance that allows the product to be used in different contexts, whether or not a claim occurs. The plan also includes the insured’s family members. (Text in Portuguese) MetLife Brazil Launches New Individual Life Insurance. LatinoInsurance, May 28, 2024. MetLife Brazil has further completed its Individual Life Insurance portfolio with the launch of the Temporary Disability Benefit. The ITL protects the income of professionals in the event of temporary absence due to accident or illness. It offers subsistence allowances in the event of unforeseen situations that may affect their ability to generate income. (Text in Portuguese) Cambodia Prudential Cambodia Launches PRUHero: An Empowering Life Protection and Savings Plan for Customers' Financial Security. Press release, May 8, 2024. Prudential Cambodia launched PRUHero, a life protection and savings plan, in April 2024. The plan empowers customers to grow their financial wealth, and a customer can choose from a minimum of 13 years to maximum of 30 years. Manulife Launches Comprehensive Life Insurance Solution for Entrepreneurs & HNWIs. Asia Advisors Network, May 2, 2024. Manulife Cambodia has introduced Manulife Premier, a new, comprehensive life insurance solution designed to offer entrepreneurs, SMEs, and affluent individuals with a financial protection plan and a legacy for a better outlook for their future generations. Canada Evolve Term Life Insurance. Product brochure, June 2024. Sun Life Evolve Term Insurance is a new protection product that will allow clients to increase their coverage at certain life stages with a simplified underwriting process while offering affordable insurance to help meet their needs. China Huize Partners with Aviva-COFCO Life Insurance to Launch Fu Man Jia Insurance. Press release, April 17, 2024. Huize Holding Limited partnered with Aviva-COFCO Life Insurance Co., Ltd. to launch "Fu Man Jia," a customized participating whole life insurance product. It has three key features: i) stable value growth with long-term potential returns; ii) low threshold with high dividend flexibility; and, iii) enhanced flexibility with premium payment terms of single upfront payment or annual payments ranging from 3 to 15 years. Hong Kong FWD Online Insurance Platform Launches Easy WealthPlus Endowment Plan. Press release, June 16, 2024. The product offers customers an eight-year guaranteed maturity return of up to 4.0% per year and life coverage with a single premium payment. It is underwritten by FWD Life Insurance Co. (Bermuda) Ltd. Manulife Launches Genesis Plan with Market-first Features and Unique Offerings. CXP Asia, April 24, 2024. Manulife Hong Kong announced the launch of Genesis, a new participating life-insurance savings plan. Customers only need to pay premiums for five years to enjoy a TIRR of up to 4.29% at the end of the 10th policy year. The plan also offers several first-in-market or unique features including a withdrawal option that enables customers to receive a regular non-guaranteed income. India Kotak Life Insurance Launches Kotak Gen2Gen Protect. Product brochure, June 2024. Kotak Life announced the launch of its new protection plan, Kotak Gen2Gen Protect. It is a non-linked, non-participating individual savings life insurance plan. The plan offers flexibility to choose between Life ROP and Legacy ROP. There’s an optional accidental death benefit, and a critical illness and permanent disability benefit rider that can be added. Bharti AXA Life Insurance Launches ULIP with 100 Times Annual Premium Cover: Is it right for you? CNBC TV18, May 22, 2024. Bharti AXA Life Insurance has announced the launch of Bharti AXA Life Growth Shield Plus, a unit-linked insurance plan (ULIP). It provides life cover up to 100 times the annualised premium along with market-linked returns. ICICI Prudential Life Insurance Launches Its First ULIP with Fund Value-based Distributor Payouts. CNBC TV18, May 7, 2024. ICICI Prudential Life Insurance has launched ICICI Pru Platinum, the company’s first unit-linked product which aligns distributor payouts to their customers’ fund value. It offers unlimited free switches between asset classes, devoid of any associated costs or tax implications. Canara HSBC Life Insurance Introduces Promise4Growth. Product brochure, May 6, 2024. Canara HSBC Life Insurance has introduced Promise4Growth, a new unit linked insurance plan that can be customized based on goals and changing requirements. The product comes in three plan options: Promise4Wealth; Promise4Care; and Promise4Life. The plans include low charges, return of mortality charges, and multiple funds to choose from. Indonesia Allianz Life and HSBC Indonesia's Premier Legacy Assurance. Indonesia Business Post, April 19, 2024. PT Asuransi Allianz Life Indonesia and PT Bank HSBC Indonesia have unveiled Premier Legacy Assurance, a tailored financial solution for HSBC Premier customers aimed at securing their families' financial legacies. Premier Legacy Assurance is a traditional whole life insurance product that targets affluent customers as well as high net worth individuals. It features the Sum Assured Booster Benefit which gives additional 20 percent of the sum insured for every five policy years. Kenya Jubilee Launches Premium Cover for Expatriates, High Net Worth Clients. IPMI Global, April 24, 2024. Jubilee Insurance has unveiled a premium health cover targeting expatriates and high net-worth individuals. This is a bid to ensure they receive top-tier medical care in any part of the globe. The policy provides medical expense solutions for hospitalisation, 24/7 emergency assistance services, and specialised treatments in 185 countries. The insurance covers medical expense bills up to $4.5 million. Mexico Mapfre and Santander Mexico form an Alliance to Increase Financial Investment in Mexico with Unit Linked. Press release, April 29, 2024. Banco Santander Mexico and MAPFRE joined forces to launch a life insurance policy, Unit Linked. "Unit Linked Investment" allows the diversification into four investment portfolio alternatives: MXN Debt; USD Debt; RV Mex; and RV Global. It provides customers with the certainty that their contributions are managed by a sound financial institution. The following three aspects stand out: tax benefits; consumer protection; death; and free designation of beneficiaries. (Text in Spanish) Pakistan Jazzcash Launches Islamic Savings with Highest Daily Halal Profits. Islamic Finance News, April 2, 2024. JazzCash launched its Islamic Savings product with high halal profit rates, offering free accidental insurance. With a dedicated savings wallet seamlessly integrated into the JazzCash app, users gain access to a user-friendly platform for managing their savings with ease and convenience. The added feature of accidental insurance coverage, in collaboration with Salaam Takaful, will be activated upon 20% completion of the goal. Philippines AIA Philippines Launches Comprehensive Plan to Protect Filipinos at Any Life Stage. Manila Bulletin, April 2, 2024. AIA Max Protect is a new product that provides maximum protection with comprehensive benefits so Filipinos can worry less about life’s uncertainties by giving 200 percent life coverage and 200 percent maturity benefit. Optional additional benefits such as enhanced accident protection, critical illness, or hospitalization can be added. FWD Life Philippines Launches New Investment-linked Insurance Product. Press release, June 7, 2024. FWD Life Insurance Corp. (FWD Life Philippines) has launched a new investment-linked insurance product with yearly payouts. FWD Golden 7 is a one-time payment plan that offers 4% annual payouts for seven years and 100% return of premiums at the end of the seventh year if no death benefit has been claimed. Singapore Prudential Launches Indexed Universal Life Insurance Plan to Meet Rising Legacy Planning Needs of the High-net-worth Segment. Press release, June 3, 2024. PRUVantage Legacy Index is a single premium indexed universal life (UL) insurance offering. The indexed UL plan offers customers lifelong coverage against death and terminal illness. The policy works on a dual account structure, a fixed account, and an index account that is benchmarked against the S&P 500 Fast Convergence Index. Etiqa Insurance Singapore Introduces Tiq CashSaver, A New Endowment Plan to Secure One’s Financial Future. Media OutReach Newswire, May 30, 2024. The new Tiq CashSaver endowment plan offers comprehensive protection and flexibility, with a low minimum monthly savings amount to encourage the good habit of regular saving. Manulife Singapore Enhances Popular Income-generating Product to Uplift Customer Proposition – Manulife IncomeGen (II). Press release, May 8, 2024. Manulife Singapore enhanced its Manulife IncomeGen (II) product. The new iteration introduces a shorter breakeven period and a terminal cancer benefit. FWD Max Wealth Offers Protection and Maximises Rewards for Milestones in Life. Asia Adviser Network, May 7, 2024. FWD Insurance Berhad (FWD Insurance) launched its newest product, FWD Max Wealth, which allows customers to maximise their wealth with increasing guaranteed cash payments as they celebrate special milestones in life. SingLife Digital Saver. Product brochure, May 2024. SingLIfe Digital Saver is a single premium, non-participating endowment plan. Its features include guaranteed yield of 3.25% per year and payout of 105% of the single premium in the event of death. SingSaver, a MoneyHero Group Company, Signs Partnership with Allianz Partners to Introduce a New Travel Insurance Product – "Allianz Travel Hero." PR Newswire Asia, April 18, 2024. SingSaver, a leading personal finance comparison platform in Singapore and a subsidiary of MoneyHero Group, announced that it has entered into a preferred partnership with Allianz Partners Singapore ("Allianz") to introduce Allianz Travel Hero. New Universal Life Plans Gain Ground as Singapore Insurers Woo the Rich. The Straits Times, April 6, 2024. Universal life policies, which combine life insurance and wealth accumulation features, are making a comeback post-pandemic after some tweaks, as well-heeled clients move to protect their wealth. Great Flexi Saver. Product brochure, April 1, 2024. Great Eastern Singapore introduced GREAT Flexi Saver exclusively for selected customers whose policies are maturing. It is a single premium, non-participating plan that offers attractive monthly crediting rate with no lock-in period. It offers 100% capital guarantee and death coverage throughout the policy term. Sri Lanka Sanasa Life Launches Promise of a Mother's Love Child Insurance Policy. Daily News (Sri Lanka), May 27, 2024. The new plan, Promise of a Mother’s Love, includes all the benefits of the existing Senehasa insurance scheme as well as additional benefits for a child’s future. This comprehensive insurance plan will be available across Sanasa’s extensive island-wide network of 8,500 branches. Thailand Thailand: Krungthai-AXA Life Launches “LifeReady” Campaign. Asia Advisors Network, June 18, 2024 Krungthai-AXA Life Insurance has unveiled its latest advertising campaign titled, "Enjoy Life, worry free," for the LifeReady insurance plan. This plan offers life coverage until the age of 99 and includes a range of premium payment options. TTB launches life insurance product "TTB Global Index Principal Protect 15/5 Plus". Press release, April 1, 2024. TTB introduced 'TTB Global Index Principle Protect 15/5 Plus' life insurance product with short premium payment and long-term coverage. It offers short premiums, fixed premiums, guaranteed principal and life protection throughout the contract. United States Annexus & John Hancock Join Forces on Launch of New John Hancock Indexed Universal Life Insurance Solution. Press release, June 5, 2024. Annexus and John Hancock have collaborated to launch a new John Hancock Indexed Universal Life insurance solution. This collaboration aims to enhance John Hancock’s Protection IUL product by integrating Annexus’ cutting-edge indices and the all-new PRISM Booster Strategy, offering consumers a wider range of indexed account options to meet their needs. Quility Launches New Whole Life Insurance Offerings, Further Expanding Products Available on Their Navigator Platform. PR Newswire, June 5, 2024. Quility announced the launch of Quility Secure Future Complete. This new portfolio of instant-decision whole life insurance offerings includes four unique products: Express Issue Premier; Express Issue Deluxe; Express Issue Whole Life; and Guaranteed Issue Whole Life. Pacific Life Launches New Flagship Indexed Universal Life Insurance Product. Business Wire, April 8, 2024. Pacific Life Insurance Company announced that it has introduced a new flagship indexed universal life insurance product, Pacific Horizon IUL 2. It offers versatility, design flexibility, and guaranteed protection. Securian Financial Launches Single Premium Term Life Insurance Product for Finance Company Market. Business Wire, April 4, 2024. Access Term Life is a single premium term life insurance product developed for distribution through consumer finance companies. It provides loan protection in the event of death, disability, and unemployment. It will be offered to finance company customers at the point of sale during loan closing. Vietnam Insurtech Igloo expands insurance in Vietnam with new tie-ups. Life Insurance International, April 25, 2024. As part of the initiative, Igloo is partnering with Zalopay, Lotte Finance and FE Credit, and OPES. With Lotte Finance, Igloo has launched income protection insurance.
Canada Combined Canada Introduces New Critical Illness Suite of Products. Cision, May 1, 2024. The new critical illness suite of products from Combined Canada provides several plans with flexible options for individuals and families. It includes four different plan types covering up to 26 conditions paid at 100% of the elected benefit amount, plus many conditions covered as partial benefits. Groundbreaking Insurance Solution from Sun Life Helps Remove Barriers for Canadians Living with Diabetes. Press release, May 13, 2024. Sun Life Term Insurance for Diabetes is a comprehensive life insurance product for individuals with diabetes in Canada. The product offers access to Sun Life's Diabetes Care Program, which includes a personalized care plan, to help clients manage their health goals. Clients will have access to an evidence-based program, including a personalized care plan, one-on-one support, access to virtual education sessions with healthcare professionals, and diabetes-related resources. China Huize Partners with PICC Life Insurance to Launch "i Wu You – Low-Threshold Edition" – A Customized Critical Illness Insurance Product. GlobeNewswire, April 19, 2024. Huize Holding Limited partnered with PICC Life Insurance Company Limited to launch "i Wu You – Low-Threshold Edition." It is the latest customized critical illness insurance product in the "i Wu You" series. It offers flexible coverage for 28 severe and three mild illnesses. One of the features is a relaxed health declaration process that is open to customers with pre-existing conditions. Huize Partners with Ruihua Health Assurance to Launch "Darwin Critical Care No.9" – A Customized Critical Illness Insurance Product. GlobeNewswire, April 15, 2024. Darwin Critical Care No.9 provides extensive coverage for 108 critical, 35 moderate, and 40 mild illnesses. Highlights of the product are cost-effective and extended coverage, optional addition benefit payouts, and additional claims for mild-to-moderate illnesses. South Korea KB Insurance Launches Health Insurance Product for People with Mild Illness. Pulse, May 7, 2024. KB Insurance Co. has launched KB 3.10.10 Wise Simple Health Insurance Plus, which is designed for people with relatively mild illnesses. The product is designed for those who have been diagnosed with chronic diseases such as hypertension, hyperlipidaemia, and diabetes, but whose symptoms are mild. United Kingdom Legal & General Updates Critical Illness Cover to Reflect Changing Sucstomer Lifestyles and Medical Advancements. Press release, April 29, 2024. Expanded definitions and coverage for skin cancer and other severe illnesses have been added to Legal & General’s CI products. They now also include severe mental health illnesses, broadened cancer definitions to include some progressive cutaneous lymphoma and sarcomas, and low-grade thyroid cancer. United States Innovative Critical Illness Policy Rider Provides Financial Support for Gene Therapies. Press release, June 18, 2024. The Gene Therapy Rider on BCS’s EssentialCare Critical Illness insurance policy can pay 100% of the policy face amount when an insured is diagnosed with a covered disease and opts to receive a gene therapy approved by the U.S. Food and Drug Administration (FDA). Symetra Introduces Cancer Care Compass. Press release, April 2, 2024. Cancer Care Compass is an industry-first, optional rider package that offers a unique combination of cancer care benefits and services. It is available at application on Symetra’s indexed universal life (IUL) products, Accumulator Ascent IUL and Protector IUL. The rider offers cancer care benefits and services, including multi-cancer early detection tests, health advocacy services, nutrition intervention, guidance and support, and cash benefits.
Singapore Manulife Singapore Boosts its Manulife Pro Recognition Programme with Elevated Criteria and Enhanced Benefits. Asia Advisers Network, June 3, 2024. Manulife Singapore enhanced its Manulife Pro programme in 2023, offering three tiers and boosting participation. The programme focuses on customer service excellence, with new benefits introduced in 2024. The programme offers three tiers – Gold; Diamond; and Platinum – providing financial consultants with exclusive resources and tools to deliver superior customer service. United States Simplicity Acquires Plum Life and Launches LifeLink, a Digital Life Insurance Platform that Automates the Delivery of Much-Needed Protection. Yahoo Finance, June 4, 2024. Simplicity LifeLink is designed to be a comprehensive solution for agents looking to manage the entire sales process, advancing everything from quoting to application to issue. The platform will be available to Simplicity's independent agents, affiliated agencies, and contracted financial institution clients. Aon Launches Suite of Risk Analyzer Tools to Help Clients Make Better Decisions. Press release, May 1, 2024. Aon's Property Risk Analyzer is the latest release under Aon Actionable Analytics. The tool provides exposure visualizations, models potential losses, and simulates the effect of different insurance policy options to determine which risks clients should retain or transfer. New Tool Turns Life Insurance Illustrations into Full Policy Proposals Instantly. Press release, April 16, 2024. Financial professionals who sell life insurance policies for Allianz Life Insurance Company of North America (Allianz Life) can now use a new tool to create customized, interactive policy proposals. The tool, Illustrations with Impact, helps financial professionals create strong proposals for their clients. Illustrations with Impact create full presentations that walk clients through all the ways fixed index universal life insurance (FIUL) can help secure their financial future. NEXT Insurance Launches Copilot – Empowering Agents to Unlock New Revenue and Elevate The Small Micro Business Customer Experience. Press release, March 28, 2024. Copilot is a tool designed to help agents increase revenue by efficiently serving small micro businesses with customized insurance policies. The tool simplifies operations, saving agents valuable time and enabling more profitable sales with small micro businesses.
India ICICI Lombard Partners with Policybazaar. CNBC TV18, April 14, 2024. ICICI Lombard has entered into a partnership with Policybazaar to offer insurance solutions to consumers via the latter’s platform. Singapore Moneymax and FWD Life Insurance Empower Filipinos to Make Better Financial Decisions. Moneymax, April 3, 2024. FWD Life Insurance's diverse portfolio of insurance products are now available on Moneymax for easy purchase. Moneymax adds FWD Philippines' diverse portfolio of protection and life insurance products – including FWD’s The One, Set for Health, and Set for Life. United States VIU by HUB Broadens Access to Life Insurance with Real-time Quotes, Expansive Carrier Options and Trusted Advice. Press release, April 23, 2024. Following a 1-minute questionnaire, customers can compare term life insurance quotes from more than 50 national carriers, explore permanent and universal quotes and receive expert guidance and advice from a VIU agent. VIU’s life insurance marketplace delivers flexibility and convenience, featuring the ability to filter quotes by key decision criteria.
Bangladesh UCB, Janata Insurance ink Bancassurance agreement. The Financial Express (Bangladesh), May 29, 2024. United Commercial Bank PLC (UCB) has signed a bancassurance agreement with Janata Insurance Company Limited (JICL) to offer more benefits to its customers and provide financial protection. The bank will sell non-life insurance products of Janata Insurance. Midland Bank PLC. and Zenith Islami Life Insurance Limited Signs Bancassurance Deal. Press release, May 23, 2024. A bancassurance agreement signed between Midland Bank PLC. and Zenith Islami Life Insurance Limited allows Midland Bank customers to avail all types of life and health insurance benefits of Zenith Life directly from the bank. City Bank Signs Bancassurance Agreement with Delta Life Insurance Company. Press release, May 11, 2024. The agreement enables City Bank customers to buy insurance products of Delta Life Insurance Limited directly from the bank. Exim Bank and Popular Life Insurance Limited Sign Bancassurance Agreement. The Business Standard, May 9, 2024. By this agreement, Exim Bank will sell insurance policies issued by Popular Life Insurance Limited to its customers in the system of bancassurance guidelines issues by Bangladesh Bank and Insurance Development and Regulatory Authority. MoU Signing Ceremony between Akij Takaful Life Insurance and City Bank. The Business Standard, May 6, 2024. City Bank's customers will access a diverse range of life insurance policies from Akij Takaful Life Insurance PLC, a renowned provider of innovative Islamic Shariah-based life insurance solutions. Jamuna Bank to Sell Delta Life Insurance's Products. The Financial Express (Bangladesh), April 23, 2024. Jamuna Bank PLC signed a bancassurance agreement with Delta Life Insurance Company Ltd. The agreement enables the bank's customers to conveniently purchase Delta Life Insurance's diverse range of insurance products. Hong Kong Manulife and Standard Chartered Hong Kong Announce Distribution Partnership for Private Banking. Press release, April 29, 2024. Manulife is offering Standard Chartered Hong Kong’s private banking clients a diverse range of solutions encompassing savings, protection, wealth accumulation, and legacy planning. India Axis Bank, Bajaj Allianz Forge Strategic Bancassurance Partnership. IPMI Global, June 6, 2024. Axis Bank, a private sector bank, and Bajaj Allianz General Insurance, a private general insurer, have entered a strategic bancassurance partnership to boost insurance penetration and financial inclusion in the country. Axis Bank has an extensive network of of more than 5250 branches. India’s Federal Bank and Tata AIA Life form bancassurance alliance. Life Insurance International, May 31, 2024. India private sector lender Federal Bank has entered a bancassurance partnership with Tata AIA Life Insurance, aiming to offer a wide range of life insurance products to its customers. Malaysia Zurich Malaysia’s Takaful Arms and AEON Bank Partnership Aim to Create Inclusive Islamic Finance. Press release, May 20, 2024. Zurich Malaysia through its family takaful business, Zurich Takaful Malaysia Berhad and its general takaful business, Zurich General Takaful Malaysia Berhad has established a strategic partnership with AEON Bank, Malaysia's first Islamic digital bank. Zurich Malaysia Signs Bancassurance Partnership with GXBank. Life Insurance International, May 7, 2024. Insurance company Zurich Malaysia has forged a ten-year exclusive bancassurance partnership with digital lender GXBank. GXBank will leverage technology to identify customer pain points and collaborate with Zurich Malaysia to develop digital insurance solutions. The first product will offer protection against the growing threat of cybercrime, including unauthorised transactions and scams. Sri Lanka SDB Bank Forges Strategic Bancassurance Partnership with LOLC Life Assurance. Daily FT, April 24, 2024. SDB bank announced its new bancassurance partnership with LOLC Life Assurance Ltd. Through the partnership, customers can avail both banking and insurance services under one roof, thereby facilitating a seamless service experience for current and prospective clients. AIA Insurance and Commercial Bank Forge Historic Bancassurance Partnership Amidst Exquisite Launch Event. Press release, April 4, 2024. AIA Insurance and Commercial Bank held an official launch event for their exclusive bancassurance partnership, heralding a new era of financial security and unparalleled services for Sri Lankans. Pan Asia Bank and Janashakthi Life Partner for Bancassurance. Daily FT, May 2, 2024. Pan Asia Bank has established a strategic partnership with Janashakthi Life to promote a comprehensive insurance package tailored to the ever-changing demands of the bank's valued customers.
Regional Trends
Malaysia FWD Insurance Partners with Bank Simpanan Nasional to Drive Financial Inclusion and Literacy Among Malaysians. Press release, May 13, 2024. Qaseh Bakti Plus is a microinsurance product that provides affordable and accessible solutions to underserved communities. It provides a choice of three plans for those aged between 18 to 55 years old. The plan daily hospital cash and death benefits for the low premium of RM0.17 per day. Nigeria Pecan Bank Launches New Micro-health Insurance Product. Punch, May 7, 2024. Pecantrust has launched a new health insurance product, Pecan Plus, in partnership with a health management organization. Through Pecan Plus, the bank’s customers have access to healthcare for just ₦1,000, with the option of either monthly or annual subscriptions. The product gives access to 1,000 healthcare centres across Nigeria. It offers in-hospital care, telemedicine, and out-of-pocket expenses.
Australia and New Zealand Allianz Partners Introduces Instant Online Chat for HCF Travel Insurance Customers. PR Newswire, April 15, 2024. Allianz Partners Australia announced that it launched a new online chat feature for some of its customers. The firm said that the feature would be available to customers of its travel insurance partner, HCF. This innovative service provides HCF members with real-time assistance for their travel enquiries. India Tata AIA Life Insurance Introduces Instant Rs 1 Lakh Loan Service, Policyholders to Get Fund in Just 1 Minute. Economic Times, India Times, May 28, 2024. Tata AIA has floated an instant loan service for its policyholders. Under the service, policyholders can access emergency funds through the instant loan facility or obtain instant loans of up to Rs. 1 lakh against their life insurance policies through the digital process on the myDigiaccount portal. Verisk’s Whitespace Platform Introduces Workflow Automation Functionality with Digital Follow. Press release, May 7, 2024. Digital Follow will be trialled by a select set of customers in the Whitespace sandbox environment before a wider launch in the second half of this year. Digital Follow allows underwriters or brokers’ in-house underwriters to automate follow lines at the quote or firm order stage, streamlining an underwriter’s workflow or entirely eliminating the need for an underwriter to review a risk, driving efficiency and reducing workload. United Kingdom Vitality Launches Automated Underwriting Tool. Life Insurance International, April 26, 2024. Vitality has revealed the industry's first ever automated underwriting tool for fully medically underwritten (FMU) individual health insurance applications. The automated underwriting tool from Vitality will boost speed and experience in the application process with immediate FMU decisions. Complex applications will continue to be reviewed by Vitality’s expert underwriting team. United States Sapiens Launches Its Next-Gen Intelligent Insurance Platform. Press release, June 19, 2024. Sapiens Insurance Platform leverages digital engagement, data intelligence, core business processing solutions, and ML and GenAI capabilities to help insurers seamlessly innovate their offerings and processes. The integration of AI across the platform was accelerated by Sapiens’ recent integration with Microsoft, offering insurers advanced GenAI capabilities. Simplicity Acquires Plum Life and Launches LifeLink, a Digital Life Insurance Platform that Automates the Delivery of Much-Needed Protection. PR Newswire, June 4, 2024. LifeLink is a comprehensive solution for agents looking to manage the entire sales process. The platform will be available to Simplicity's independent agents, affiliated agencies, and contracted financial institution clients. Simplicity LifeLink will continue to serve Plum Life's existing agents. Modern Life launches instant quoting for permanent life insurance. Press release, April 18, 2024. Modern Life announced the release of a feature that enables financial professionals to instantly generate quotes for permanent life insurance products. Available to advisors, the instant permanent quoting functionality is available for every type of permanent life insurance product. This includes whole life, indexed universal life, universal life, and variable products across more than 20 top national carriers. Vietnam Sun Life Vietnam Launches “savant” – an Application for Submitting Insurance Claims. Laodong thudo, April 16, 2024. Sun Life Vietnam Insurance Company Limited has just officially launched the “savant” application for financial consultants. savant helps speed up the process of entering insurance claim documents, allowing financial consultants to receive initial preliminary appraisal results proactively. The entire process of filling and submitting documents is designed on the savant application, applying new technologies such as optical character recognition and artificial intelligence. Customers can be identified online by facial recognition to ensure the accuracy and security of personal information. (Text in Vietnamese)
Australia & New Zealand New AIA Vitality App Launches, Making it Easier for People to Boost Their Health and Wellbeing. Press release, April 11, 2024. Leading life insurer AIA NZ has launched a new AIA Vitality app with enhanced features and functionality to improve customer experience and better support members on their health and wellbeing journey. India ManipalCigna Health Insurance Launches AI-Powered Personalized Mini Mindful Moments this International Yoga Day. Media bulletins, June 21, 2024. Mini Mindful Moments by ManipalCigna, in collaboration with Terribly Tiny Tales (TTT), invites individuals to explore and connect with their unique idea of bliss. This AI-generated innovative experience offers personalized guided meditation videos that is tailored to individual’s unique idea of bliss, showcasing that “Health is the real Wealth.” Star Health Insurance Launches AI-Driven Face Scan Tool for Remote Health Assessment. PR Newswire, June 20, 2024. AI-driven Star Health Face Scan is an innovative tool designed for remote health assessment. The face scan performs a comprehensive health check-up in under a minute and delivers instant health assessments. ACKO Launches Ambulance Booking Feature on its App in Partnership with RED.Health. DHN, May 7, 2024. ACKO has joined hands with RED.Health to offer ambulance booking services via its ACKO mobile application. Currently, this feature is available in Bengaluru. However, ACKO plans to launch it in other major cities including Delhi, Mumbai, Chennai, Hyderabad, and Kolkata. Tata AIA Launches Industry-first Payment Solutions on WhatsApp. Orisha Diary, April 10, 2024 Tata AIA Life Insurance Co. Ltd. has launched a premium payment service on its WhatsApp platform. Consumers can now use a wide range of payment methods within WhatsApp, and policyholders can now make renewal payments and pay premiums. PhonePe Partners with Star Health to Offer Insurance to Customers. Press release, April 3, 2024. With this partnership, PhonePe users will now be able to avail “Star Comprehensive Insurance Policy” on the PhonePe app with coverage up to Rs.1 Crore. Netherlands bunq Enters the Insurance Market. Press release, May 14, 2024. bunq, the second largest neobank in Europe, has rolled out its worldwide one-time activation travel insurance in partnership with Qover. It has also enhanced its AI assistant, Finn, to be fully conversational. United States Allianz Partners USA Rolls Out New Allyz TravelSmart App. Yahoo! Finance, June 13, 2024. Allianz Partners USA has expanded its digital offerings with the introduction of the Allyz TravelSmart app to provide travellers with insurance benefits and advice. The app offers travel services, insurance benefits, and a variety of features for travellers. Allyz TravelSmart app provides geolocation-based hospital finder. Uber Launches Service That Can Help with Eldercare. Morningstar, May 16, 2024. Ride-hailing app, Uber, said it has launched a tool called Uber Caregiver to help arrange transportation for appointments or help restock essentials for a loved one. Uber Caregiver plans to accept payment via Medicare Advantage, Medicaid and commercial insurance from employers through the Uber app to help pay for eligible rides and for deliveries of groceries and over-the-counter items. Sunlight Solutions Launches AI Assist. Coverager, April 17, 2024. Sunlight Solutions announced the deployment of AI Assist, a toolkit that connects modern AI technologies to key insurance use cases. AI Assist can increase worker efficiency and generate actionable insights to empower insurance professionals of all kinds.
India KBL Wise Senior Citizen Savings Account. Product brochure, June 14, 2024. The KBL Wise Senior Citizens Savings Bank Account is a unique banking product designed to cater to the banking, healthcare, and wellness needs of senior citizens. The account comes in two options: the Advantage and Signature. The Advantage offers unlimited online doctor consultations across all specialities, and the Signature offers health checkup vouchers (4 Vouchers - 250 each). United States MetLife Worldwide Benefits and GeoBlue to Offer Joint Solution. Press release, June 25, 2024. Globaline will offer a full suite of expatriate benefit products in a best-in-class single solution. Globaline brings together health coverage and services from GeoBlue. It includes medical, dental, vision, prescription, and wellness benefits as well as an international employee assistance program. It also includes life, accidental death and dismemberment, and long-term disability coverage from MetLife Worldwide Benefits. PGIM Launches Three Retirement Spending Funds for Personalized Spending Goals. Press release, April 3, 2024. PGIM launched three retirement funds designed for investors near or in retirement and aim to help U.S. workers better manage their long-term investments based on their spending goals, and take into account essential and flexible spending. eHealth Announces Launch of ePerks Rewards Program. Press release, April 4, 2024. The program includes year-round support services, access to a dedicated advocate team, and special offers from eHealth partners. Benefits include seamless enrolment, ability to plan checks-ups, access to dedicated advocates, and access to holistic retirement and financial planning services.
