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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, 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
GenAI and Insurance: What OpenAI’s o1 ‘reasoning’ model could mean for insurers J. Heaton, September 2024.
Searching for Simplicity: Improving customer comprehension in life insurance through behavioral science R. Cruz, August 2024.
The Return of the Annuity: How to keep the rebound on track O. Ward and P. Bevan, August 2024.
To Be a Noble Profession, Insurance Must Promote Greater Inclusion C. Pritchard, July 2024.
Lessons from Taiwan's Evolving Life Insurance Market C. Wang, July 2024.
Expert Q&A: Dr. Sajel Lala Kana on advancements in genetic testing D. Zimmerman, July 2024.
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.
Mental health problems affect people of all age groups and from all walks of life. An ongoing effort across the insurance industry seeks to identify consumer needs, create and support programs that address the issue, and refine product offerings to better serve people with mental health challenges. To better understand wide-ranging customer needs, insurers continue to conduct mental health surveys. A few recent examples include an AIA Group (Hong Kong) mental and physical wellbeing survey, an Aflac (US) workforce report, a report by Sukoo Health (India), and a nib (New Zealand) national workplace wellbeing report. RGA has recently published its own Mental Health Survey. Many insurers also offer grants and programs to address the mental health crisis. In the US, the United Health Foundation awarded a grant of $2.5 million to The Arc of the United States to improve mental health for people with intellectual or developmental disabilities. The Cigna Group Foundation announced a new grant program to address youth mental health and will allocate more than $27 million to non-profit organizations over the next three years. Humana and DUOS have a new collaborative program to help improve health for veteran members in the state of Louisiana with chronic conditions. Clover Health launched a new program with Quartet Health called Clover Home Care which offers both in-home and virtual care, led by physicians and nurse practitioners, to address serious mental health issues. On the product side, insurers around the world are implementing a variety of innovative approaches.
Read the full article here.
United States Many insurers offer mental health coverage through employee assistance programs (EAPs) or via group benefit or supplemental health products. Voya Protect is an optional benefit that provides mental health coverage for conditions such as anxiety, bipolar disorder, and major depressive disorder. Voya Financial’s research found that 55% of working Americans believe that the employer has a responsibility to ensure their employees are mentally healthy and emotionally well. Several insurers have teamed with insurtechs and virtual providers of services. Recent partnerships include Independence Blue Cross and Teladoc Health; Blue Cross Blue Shield of Michigan and Cambria Health Solutions; and The Hartford and Marvin Behavioral Health. Services offered through these alliances include 24/7 access to virtual services, coaching services, and a digital platform that offers an array of evidence-based, self-guided mental health programs and tools. Mental health services are slowly being offered to Medicare members in the US Talkspace is rolling out its service to 5 million traditional Medicare members in Florida. Representative Neal Dunn of Florida is making a push in Congress to ensure access to mental health for children on Medicaid. Canada Teachers Life and their Press Start CoLab Program is an accelerator helping young people tackle pressing social issues. The program is focused on mental health in 2024. Another example is Manulife’s support of women’s mental health and wellbeing through the Centre for Addiction and Mental Health (CAMH). A three-year partnership has recently been established to support the Women’s Health Research Cluster. The $1 million donation will support women’s mental health and well-being both in Canada and around the world. Beneva, an insurer, recently improved its group offering for subject matter experts, and now offers an EAP with Telus Health. It was found that 57% of Canadians prefer EAP for mental health support versus group health insurance. EAPs help reduce stigma and assist people with navigating mental health systems. Some of the innovative tools offered include Lumino Health Virtual Care powered by Dialogue, Mental Health Coach by Cloud MD, and a mental health strategy toolkit. Australia AIA Australia introduced its first program for menopausal women aged 40-55 years. The program offers rehabilitation support for mental health disorders, such as anxiety and depression. Medibank launched a low-cost health product, Healthy Living Extra, designed especially for young Australians. It costs as little as $3.45 per week and provides 24/7 mental health phone support. United Kingdom HSBC Life increased the opportunities for mental health coverage with standard terms at the application stage with no back-office underwriting or need for personal health information. Initial tests of this approach reflect a 10% increase in receiving terms for applicants disclosing a mental illness. Seventy percent of applicants disclosing mental health issues received standard terms at the application stage. Bupa is introducing Bupa Well+, a comprehensive health and wellbeing subscription service in the UK, which offers digital solutions for prevention, diagnosis, and treatment. Customers with Bupa Well+ will have access to digital consultations with GPs, nurses, physios, and mental health specialists, as well as access to treatment support from mental health and physio programs. In South Africa the Vimbo App is proven to be capable of reducing the common symptoms of Depression and Anxiety, using proven Cognitive Behavioural Therapy (CBT) The insurer Discovery is now making of Vimbo at the Claims stage. Asia In the Philippines, the government is holding ongoing conversations regarding the coverage of mental health. Recently, the city government of Mati and the Philippine Health Insurance Corporation (PhilHealth) entered into an agreement to offer mental healthcare packages to members. The PhilHealth mental health package started in October 2023 with benefits of PHP9,000 and PHP16,000 per patient. In Thailand, driven by an increase in the number of psychiatric patients, Bangkok Insurance has joined forces with and the Department of Mental Health campaign to raise awareness about depression. With an estimated 1.5 million Thais suffering from depression, this initiative aims to educate the public. Prudential Thailand has launched the “TTB Mao Mao Ultra Care Life and Health Insurance” product, which is designed to provide comprehensive care for customers. The plan offers special additional care for mental health for the insured and their family members. In Vietnam, FWD launched Care Medical Rider 3.0, which offers six protection plan options, ranging from basic to advanced, and the sum assured ranges from VND 50 million to VND 3 trillion. It features dedicated support and counselling services from mental health experts through the Thoughtful app and is free of charge for a year. Etiqa Insurance Singapore launched a new critical illness (CI) plan that offers comprehensive protection against more than 100 CI and mental health conditions across multiple stages of illnesses. The Essential Critical Secure Plan provides a monthly cash payout of up to 200% of the original sum insured. Singlife Dementia Cover is the first insurance plan in Singapore to offer yearly payouts for individuals living with dementia and other mental health conditions – providing financial security for individuals affected by cognitive decline. The plan pays out up to $10,000 each year for dementia and mental health conditions, such as major depressive, schizophrenia, and bipolar disorders. Given their investment in research, programs, and platforms, it is evident insurers consider mental health an important issue. Their product offerings will continue to evolve as more groups of people in need of services are identified. Mental health is now regarded as one of the five pillars of health along with physical activity, nutrition, sleep, and social connections – and an important area for continued expansion of insurance coverage.
Insurance Industry Moves Forward on Mental Health
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Explore Product Trends Around the World
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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.
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Ultra-Processed Foods: Fast Food, Fast Life?
Asia In the Philippines, the government is holding ongoing conversations regarding the coverage of mental health. Recently, the city government of Mati and the Philippine Health Insurance Corporation (PhilHealth) entered into an agreement to offer mental healthcare packages to members. The PhilHealth mental health package started in October 2023 with benefits of PHP9,000 and PHP16,000 per patient. In Thailand, driven by an increase in the number of psychiatric patients, Bangkok Insurance has joined forces with and the Department of Mental Health campaign to raise awareness about depression. With an estimated 1.5 million Thais suffering from depression, this initiative aims to educate the public. Prudential Thailand has launched the “TTB Mao Mao Ultra Care Life and Health Insurance” product, which is designed to provide comprehensive care for customers. The plan offers special additional care for mental health for the insured and their family members. In Vietnam, FWD launched Care Medical Rider 3.0, which offers six protection plan options, ranging from basic to advanced, and the sum assured ranges from VND 50 million to VND 3 trillion. It features dedicated support and counselling services from mental health experts through the Thoughtful app and is free of charge for a year. Etiqa Insurance Singapore launched a new critical illness (CI) plan that offers comprehensive protection against more than 100 CI and mental health conditions across multiple stages of illnesses. The Essential Critical Secure Plan provides a monthly cash payout of up to 200% of the original sum insured. Singlife Dementia Cover is the first insurance plan in Singapore to offer yearly payouts for individuals living with dementia and other mental health conditions – providing financial security for individuals affected by cognitive decline. The plan pays out up to $10,000 each year for dementia and mental health conditions, such as major depressive, schizophrenia, and bipolar disorders. Given their investment in research, programs, and platforms, it is evident insurers consider mental health an important issue. Their product offerings will continue to evolve as more groups of people in need of services are identified. Mental health is now regarded as one of the five pillars of health along with physical activity, nutrition, sleep, and social connections – and an important area for continued expansion of insurance coverage.
Australia AIA Australia introduced its first program for menopausal women aged 40-55 years. The program offers rehabilitation support for mental health disorders, such as anxiety and depression. Medibank launched a low-cost health product, Healthy Living Extra, designed especially for young Australians. It costs as little as $3.45 per week and provides 24/7 mental health phone support.
EMEA HSBC Life increased the opportunities for mental health coverage with standard terms at the application stage with no back-office underwriting or need for personal health information. Initial tests of this approach reflect a 10% increase in receiving terms for applicants disclosing a mental illness. Seventy percent of applicants disclosing mental health issues received standard terms at the application stage. Bupa is introducing Bupa Well+, a comprehensive health and wellbeing subscription service in the UK, which offers digital solutions for prevention, diagnosis, and treatment. Customers with Bupa Well+ will have access to digital consultations with GPs, nurses, physios, and mental health specialists, as well as access to treatment support from mental health and physio programs. In South Africa the Vimbo App is proven to be capable of reducing the common symptoms of Depression and Anxiety, using proven Cognitive Behavioural Therapy (CBT) The insurer Discovery is now making of Vimbo at the Claims stage.
United States Many insurers offer mental health coverage through employee assistance programs (EAPs) or via group benefit or supplemental health products. Voya Protect is an optional benefit that provides mental health coverage for conditions such as anxiety, bipolar disorder, and major depressive disorder. Voya Financial’s research found that 55% of working Americans believe that the employer has a responsibility to ensure their employees are mentally healthy and emotionally well. Several insurers have teamed with insurtechs and virtual providers of services. Recent partnerships include Independence Blue Cross and Teladoc Health; Blue Cross Blue Shield of Michigan and Cambria Health Solutions; and The Hartford and Marvin Behavioral Health. Services offered through these alliances include 24/7 access to virtual services, coaching services, and a digital platform that offers an array of evidence-based, self-guided mental health programs and tools. Mental health services are slowly being offered to Medicare members in the US Talkspace is rolling out its service to 5 million traditional Medicare members in Florida. Representative Neal Dunn of Florida is making a push in Congress to ensure access to mental health for children on Medicaid. MassMutual announced in October 2024 that eligible policyowners will have free access to Wysa Assure, an AI-powered conversational mental health app created by Wysa and Swiss Re. This offering is part of their Health and Wellness Program. Wysa Assure makes every day mental health support accessible through its AI-guided chat support, available 24/7.
Canada Teachers Life and their Press Start CoLab Program is an accelerator helping young people tackle pressing social issues. The program is focused on mental health in 2024. Another example is Manulife’s support of women’s mental health and wellbeing through the Centre for Addiction and Mental Health (CAMH). A three-year partnership has recently been established to support the Women’s Health Research Cluster. The $1 million donation will support women’s mental health and well-being both in Canada and around the world.
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China Huize Partners with New China Life Insurance to Launch “Bliss No.2” – A Customized Lifetime Annuity Insurance Product. Press release, September 19, 2024. “Bliss No.2,” a customized lifetime annuity product, is the latest addition to the “Bliss” series, launched in July with New China Life Insurance. It is designed to meet the growing demand for diversified retirement solutions by providing flexible and stable financial planning, and offers rapid cash value growth, flexibility annuity start times, and a simplified underwriting process. India Ageas Federal Life Insurance Launches Golden Years Pension Plan Featuring Bluechip Pension Fund. Microsoft, August 2024. The Golden Years Pension Plan operates as a Unit Linked Individual Pension Plan (ULIP). The plan introduces two unique features: the Early Investment Booster, and the Golden Waiver of Premium. Shriram Life Launches Deferred Annuity Plan Starting at ₹60,000 a Year. Press release, July 4, 2024. The Shriram Life Deferred Annuity Plan is an affordable annuity plan that balances long-term savings growth with insurance protection. The plan features a Return of Purchase Price, which protects the customer’s initial investment in the event of terminal illness or death. The death benefit received during deferment period is 125% of the total purchase price. United States Security Benefit Introduces TopRidge Bonus Fixed Index Annuity with 20% Premium Bonus and Free Withdrawals up to 30%. Business Wire, September 30, 2024. The TopRidge Bonus Annuity delivers a combination of a 20% premium bonus, a broad set of index crediting strategies, and a cumulative withdrawal option. It also features the Cumulative Free Withdrawal Rider with Rider Charge Refund, allowing clients to withdraw up to 30% of their total premiums without charges or penalties. American Life & Security Corp. Launches MaxGrowth: A Cutting-Edge Accumulation-Based Fixed Indexed Annuity. Business Wire. August 28, 2024. American Life & Security Corp launched American Life MaxGrowth 10 Fixed Indexed Annuity (FIA). MaxGrowth enables policyholders to earn interest based on the performance of a chosen market index. The policyholder’s principal remains protected from market losses, offering policyholders peace of mind.
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.
Kenya Absa, Old Mutual Launch New Insurance for SMEs. Business Daily Africa, July 18, 2024. The product, dubbed Linda, will offer assets, medical, and life insurance. The medical insurance includes inpatient, outpatient, dental, optical, and maternity cover benefits. The life insurance pays a lump sum to the insured following death, disability, or diagnosis of a critical illness. Pakistan EFU Life & EFU General Partner with easypaisa to Introduce Transactional Insurance Combo Product. Press release. EFU Life and EFU General Partner and easypaisa have partnered to introduce a transactional insurance combo product. The introduction of transactional insurance offers an enhanced level of protection for financial transactions, surpassing traditional customer indemnity. It also features accidental death benefits ensuring comprehensive financial security for customers. Philippines FWD Life Insurance's New Product Makes Professional Mental Healthcare More Affordable and Accessible to Filipinos. Press release, September 23, 2024. The One, for mental wellbeing, is an innovative new insurance plan that helps address mental health concerns among Filipinos. It is a one-year, customizable insurance plan with life protection that addresses mental health. The plan includes coverage for accidental death and critical illnesses, including cerebral aneurysm, chronic lung disease, and cancer.
India Bharatsure Announces Insurance Products for Gig Workers, Students. Business Standard, September 6, 2024. Bharatsure has introduced four insurance products for gig workers, students, digital users, and companies seeking advanced employee benefits. The policy for gig workers provides health and personal accident coverage at a premium payment of Rs 69 monthly. The Bharatsure's Student Health Insurance provides coverage for just Rs 1 per day. The plan includes a range of medical expenses, covering over 540 day-care treatments and any form of in-patient hospitalisation. Singapore Bupa’s New Bupa Hero VHIS Plans Empower Your Health Journey. Media Outreach, August 7, 2024. The launch of the Bupa Hero VHIS Plan (Core) (Hero Core) and Bupa Hero VHIS Plan (Core Pro) (Hero Core Pro), expanding its Bupa Hero VHIS Plan portfolio, a certified Flexi Plan under the government's Voluntary Health Insurance Scheme (VHIS). The new plans provide affordable medical insurance with comprehensive and flexible coverage for individuals at various life stages. United States Prudential Financial Introduces Stop Loss Insurance. Press release, September 19, 2024. Prudential Financial, Inc., introduced a Stop Loss Insurance product aimed at helping protect companies with self-funded employee medical plans against catastrophic medical claim payouts. The Stop Loss product suite is available to employers with self-funded medical and prescription drug plans that cover at least 100 employees. Symetra Offers Stop Loss Policyholders Additional Protection with New Critical Illness Step-down Deductible Endorsement. Press release, September 10, 2024. Symetra Life Insurance Company unveiled a critical illness step-down deductible endorsement that offers self-insured employers additional protection. Groups who have Symetra Specific stop loss and offer Symetra Critical Illness Insurance ─ which includes coverage for invasive cancer ─ will receive a $5,000 reduction on their Specific deductible when there’s a qualifying cancer claim. Lincoln Financial Group Expands Compassionate Care Services to Support Beneficiaries. Press release, August 21, 2024. Group Life insurance beneficiaries will receive on-demand, personalized support through a dedicated care team. New grief support services have been launched for Group Life beneficiaries. These services are provided by Empathy, which helps people navigate the logistical aspects of loss, including estate settlement and executing a will. Sun Life U.S. Expands Health Navigator Offering to a Broader Range of Employers, Helping More Workers Access Health Care Services. Press release, July 24, 2024. Health Navigator is now available to employer clients in the medium and small group market. Members receive personalized guidance that helps them get the right medical diagnoses, providers, and treatments for their specific needs.
Australia & New Zealand Zurich Australia Launches First dedicated Women’s Health Benefit. Press release, September 19, 2024. Zurich Financial Services Australia launched the first dedicated corporate income protection benefit designed specifically to cover female health conditions and events. The Women’s Health Benefit forms part of Zurich’s refreshed Corporate Care Income Protection product and is payable to women on behalf of their employer if they experience ectopic pregnancy, HG, pre-term birth, still-birth or neonatal mortality, endometriosis, PMDD, or menopause. Medibank Launches Next-gen Corporate Health Cover. Press release, August 6, 2024. Medibank has launched a new and market-leading corporate health cover program. Its aim is to assist with everyday wellbeing. By providing a dedicated corporate health assist concierge, all customers have access to 24/7 mental health and nurse support lines as well as preventative health programs. Hong Kong AXA Launches CareForAll Hospital Cash Plan to Foster Proactive Care and Alleviate Financial Concerns Associated with Hospitalization. Press release, July 3, 2024. The launch of the new CareForAll Hospital Cash Plan includes a daily hospital cash benefit to support customers every step of the way. This plan is coupled with a relaxed underwriting process, ensuring that customers can focus on their wellbeing without added stress. Customers only needs to answer three simple health underwriting questions focusing mostly on their health conditions for the past two years. Bupa Introduces "Cancer Care" To Help Fight the Challenges and Complexities of Cancer. Press release, July 2, 2024. Cancer Care helps patients navigate a challenging journey with more clarity and support, and helps relieve patient anxieties, elucidate information, and avoid delays in potentially life-saving treatment. India Policybazaar, Aditya Birla Health Insurance Launch Industry First Maternity Cover with 3-month Waiting Period. CNBC TV18, September 26, 2024. Policybazaar and Aditya Birla Health Insurance have introduced a new maternity cover with the waiting period of just three months. The Health Booster Maternity Cover Rider aims to provide expectant parents with quick and affordable maternity insurance. The rider offers a fixed benefit of ₹50,000 and covers all types of deliveries, including normal and caesarean. SBI General Insurance Launches “SBIG Health Super Top-Up” Plan. CNBC TV18, September 26, 2024. The SBIG Health Super Top-Up is a health insurance top-up designed to enhance basic coverage affordably. This plan allows individuals to supplement any existing health insurance policy, whether corporate or personal. The policy’s comprehensive features, including global coverage and a cumulative bonus that increases over time, offer significant value. Star Health and Policybazaar Launch 'SUPER STAR': A Modular Long-term Health Insurance Plan. PR Newswire, September 13, 2024. SUPER STAR is a personalised, long-term, customer-centric health insurance plan with the objective of delivering greater customer value. The digital only policy offers a five-year policy term. ICICI Lombard Introduces ‘Elevate’ An Industry First, Revolutionary Health Insurance Product. Press release, July 2, 2024. ICICI Lombard announced the launch of a revolutionary health insurance product, Elevate. Powered with AI, the first-of-its-kind product is loaded with cutting-edge features and add-ons, including infinite sum insured, infinite claim amount, power booster add-on, reset benefit, and infinite assurance. Japan Lifenet to Launch Term Medical Products Jibun Z and Jibun Z for Women. MarketScreener, September 18, 2024. The new products are term medical insurance – covering short-term hospitalizations – that allow customers to choose from insurance periods of 10, 20, or 30 years Kenya APA Insurance, Hollard Health Roll Out International Health Cover. Capital Business, July 4, 2024. This international medical cover targeting individuals, families, SMEs, and corporations covers Africa, India, Europe, and other worldwide jurisdictions with five comprehensive plans. The solution, which will be available under the HealthMov app, offers personalized health monitoring, lifestyle and behavior tracking, educational resources, goal setting, and progress tracking. Philippines Allianz PNB Life and Anytime Fitness Partner to Offer Free Personal Accident Protection. Orange Magazine, August 13, 2024. Allianz PNB Life policyholders get to enjoy exclusive Anytime Fitness discounts offered through Healthbox. Allianz PNB Life (AZPNBL) now offers free 12-month personal accident insurance coverage for new members of Anytime Fitness who signed up between August 1-31, 2024. Singapore MSIG Asia Collaborates with Serenity Health Partners to Redefine Health Insurance in the Region. Press release, September 5, 2024. MSIG Asia announced a new regional partnership with Serenity Health Partners. The collaboration aims to redefine the health insurance landscape by bridging the gap between local health insurance products and International Private Medical Insurance (IPMI), offering a unique blend of comprehensive, yet affordable, coverage. United States Washington National Introduces New Hospital Indemnity Insurance Product. Yahoo Finance, September 24, 2024. Washington National Insurance Company launched an enhanced Hospital Indemnity Insurance product available directly to worksite and consumer customers. The plan pays benefits to policyholders and their family members when they experience a hospital stay for a covered accident or sickness, now including mental illness. Aetna First Major Insurer to Expand and Simplify Access to Fertility Services. PR Newswire, August 27, 2024. Aetna Inc. began offering intrauterine insemination as a medical benefit for all eligible plans. Members may access this benefit as a test of fertility and, in some cases, to increase the chances of pregnancy. Kooth Launches Youth-Focused Mental Health Services in Illinois. Alliance News UK Corporate, August 20, 2024. Kooth PLC launched its first US private sector service partnership with CVS Health Corp subsidiary Aetna Better Health of Illinois. The provider of digital mental health care has started to deliver its platform's services to thousands of children and young people in Illinois' Medicaid population as part of an initial one-year partnership with Aetna. Humana Backs Healthpilot. Coverager, July 19, 2024. Healthpilot claims to use an AI-powered model to offer Medicare Advantage, Medicare Supplement, and prescription drug plan recommendations based on unique healthcare needs. The digital platform matches enrolees with the best Medicare plan options using their health profile, physician choices, drug use, and cost preferences. Vietnam FWD enhances protection for customers with “FWD Care Medical Rider 3.0". Press release, August 15, 2024. FWD Care Medical Rider 3.0. offers six protection plan options, ranging from basic to advanced, with sum assured ranging from VND 50 million to VND 3 trillion. Some of its features include customers receiving dedicated support and counselling services from mental health experts through the Thoughtful app, free of charge, for one year. AIA Vietnam Introduces Health Insurance Service. Vietnam News Summary, June 8, 2024 AIA Vietnam Life Insurance Company (AIA Vietnam) introduced health insurance services AIA Digital Health Services - DHS. AIA Vietnam has established a partner network, with more than 300 hospitals and clinics, to provide hospital fee guarantee services for customers nationwide.
Canada Pineapple Financial Inc. Launches Pineapple Insurance. Insurance Canada, September 30, 2024. Pineapple Insurance offers a more comprehensive and personalized solution to its mortgage clients, allowing them to choose coverage that fits their unique financial and personal needs, whether it’s life, creditor, or disability insurance. Pineapple provides clients with a seamless, all-in-one solution, simplifying their financial decision-making and ensuring they are fully protected. India Aviva India Redefines Retirement Security with Aviva Signature Increasing Income Plan. Press release, September 10, 2024. Aviva Signature Increasing Income Plan is a guaranteed savings life insurance plan that provides a Lifelong# Badhti Income that gives you Badhti Security and brings you Badhti Khushiyan. The Plan includes a death protection benefit and a premium guaranteed benefit. Tata AIA Introduces Life Insurance Solutions in US$ for Non-Resident Indians. Yahoo Finance, September 3, 2024. The solutions offer US dollar-denominated life insurance products to non-resident Indians through its newly launched offshore branch at Gujarat International Finance Tech-City. The Life Protect Supreme plan covers death, accident, disability, and critical illness risks. The plan also has options, including add-on benefits such as accidental death benefit, critical illness covers, and waiver of premium on accidental total and permanent disability. Tata AIA Introduces Sampoorna Raksha Promise – A Term Plan Offering Multiple New-Age Benefits. Product brochure, August 21, 2024. Tata AIA Life Insurance announced a new term insurance ─ Sampoorna Raksha Promise ─ with innovative features. The policy offers instant payout of Rs. 3 lakhs on death claim intimation. It offers a 100% return of premium with the Life Promise Plus13 plan option and save more. LIC introduces four new term insurance plans designed for young individuals. APAC News, August 8, 2024. The introduction of four new plans offering comprehensive term insurance and financial protection against loan repayments. Yuva Term, Digi Term, Yuva Credit Life and Digi Credit Life. Malaysia Zurich Malaysia Launches Savings Booster: Offering Dual Maturity Benefits Through Zurich Prestige Cover Combination. Press release, September 18, 2024. The Savings Booster, a savings rider designed for individuals seeking financial security with a unique blend of growth and protection, can be combined with the Zurich Prestige Cover. It includes a guaranteed dual maturity feature that is first-of-its-kind in the Malaysian market. Key features include guaranteed dual maturity benefits, guaranteed cash benefits, guaranteed life protection, and guaranteed premium term payment plan. Philippines FWD Life Insurance’s New Product Puts Protection and Wealth Growth within Reach for Young Filipinos. Press release, September 6, 2024. SmartStart Investment-linked Insurance is the insurance plan for people who have no dependents, are investing in their passions, and are looking to diversify their finances. Plans start at PhP1,800+ per month, and benefits include accidental death coverage, waiver of premium, and investment options. AIA A-Life Prime. Product brochure, August 2024. The product offers a death benefit amounting to 200% of the plan's face amount and guaranteed cash payouts equal to 10% of the face amount. Policyholders who reach age 100 will get a lump sum maturity benefit of 200% of the face amount. Singapore Singlife Elite Term II Offers New Limited Pay Option. Press release, September 5, 2024. Singlife Elite Term II Limited Pay is a flexible term life insurance plan that offers a "longevity reward" equivalent to 100% of the total base plan premiums for policyholders who reach the end of the coverage terms. The plan also includes a surrender benefit, which allows policyholders to surrender their policies from the third year. Sri Lanka Sanasa Life Insurance signs MOU with Colombo-Re and Carekleen. Daily Mirror, August 15, 2024. This insurance policy provides employees with life and funeral coverage for an annual premium at a modest Rs. 800. A notable benefit of this policy is its provision of financial security beyond the employee’s immediate family, extending protection to extended relatives such as in-laws. Thailand Muang Thai Life Assurance PCL Unveiled Shield Life. Product brochure, July 2024. Shield Life, which can be bought by people aged up to 99, covers death due to an accident or illness. The available life insurance types are whole, term, and universal life.
Brazil Tokio Marine Expands Individual Life Insurance Coverage and Assistance. LatinoInsurance, July 6, 2024. As of July, the product is more complete, offering Serious Illness coverage of up to 30 diseases (largest in the market). Among the diseases that will become part of the combos offered by the Insurer are Crohn's Disease, motor neuron disease, Hodgkin's Disease, and language loss. (Text in Portuguese) Cambodia AIA Cambodia’s AIA 100 ការពារ (AIA 100 Kapea) Becomes First Local Insurance Solution to Cover 100 Critical Illnesses and Conditions. Press release, June 28, 2024. AIA 100 Kapea is an insurance plan that covers 100 critical illnesses and conditions. The solution also covers complications related to diabetes and offers a 50% payout for early-stage critical illness diagnoses. It provides juvenile coverage from 30 days old encompassing up to 115 medical conditions, including cardiovascular diseases. Mexico Auna Launches the First Integrated Oncology Insurance in Mexico. Yahoo Finance, July 17, 2024. The product offers access to prevention and early detection of cancer, which is the third leading cause of mortality in the country. Philippines Oona Insurance Redefines Insurance: Launches Hassle-Free Coverage for Heart Attack, Cancer and Stroke. Press release, August 1, 2024. The critical illness insurance is designed to provide affordable coverage for three major health threats including cancer, heart attack, and stroke. The product can be purchased online through agents or through partner banks. The insurance offers bundling coverage for all three critical illnesses starting from as little as PHP 145 per year. United States Sun Life U.S. Expands Critical Illness Coverage to Include Family Planning Services. Press release, August 1, 2024. Sun Life U.S. has expanded its critical illness coverage to include family planning care, behavioral health, and a broader range of health conditions and diseases. Supplemental health benefits, which include CI, accident, and hospital indemnity insurance, complement core health insurance by providing lump sum payments to people when they encounter a covered condition.
United States Pouch Insurance Launches AI Tool Empowering Agents with 24/7 Customer Access, Multilingual Support. Press release, September 26, 2024. Pouch Insurance has fully leveraged the flexibility of the INSTANDA platform and its extensive API capability to integrate its groundbreaking multilingual AI assistant, Goodie. This is the first-to-market AI Assistant that takes an agent’s customer from initial contact to generation and delivery of a final insurance quote. First Connect and Root Launch Streamlined Quote & Bind Process for Independent Insurance Agents. PR Newswire, September 5, 2024. First Connect and Root launch Streamlined Quote & Bind Process for independent insurance agents. They will offer API-powered quote and bind capabilities to independent insurance agents. Ascend Launches AI-Powered Automated Invoicing. PR Newswire, August 14, 2024. The launch of its Automated Invoicing (AI)feature, designed to simplify and improve the invoicing process for insurance agents. Agents can now upload any document into Ascend and leverage AI to automatically read and process data.
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.
Brazil CNP Assurances Signs Exclusive Distribution Agreement with Banco de Brasilia. Press release, July 18, 2024. CNP Consórcio and CNP Capitalização signed an exclusive, 20-year agreement for the distribution of their respective products in the network of Banco de Brasilia. This new agreement is part of the CNP Assurances group's ambition to develop in Brazil through its CNP Seguradora brand, with the aim of supporting this new partner throughout the country. India Bandhan Life Partners with Bandhan Bank to Boost Insurance Biz, Eyes Rs 300cr pr. BFSI Economic Times, September 26, 2024. Bandhan Life announced a strategic partnership with Bandhan Bank, with over 1,700 branches, to distribute life insurance products. Max Life, CSB Bank Enter into Bancassurance Tie-Up to Offer Insurance Products. BFSI, September 6, 2024. They aim to provide savings, protection, retirement group life insurance plans. The partnership will give the 2.5 million CSB customers access to insurance alongside banking services. Federal Bank and Bajaj Allianz Life Insurance Announce Strategic Bancassurance Partnership. Business News This Week, July 9, 2024. This strategic partnership will enable Federal Bank’s customers to pursue their long-term life goals by accessing a wide range of value-packed, tailor-made life insurance plans from Bajaj Allianz Life. Federal Bank customers can seamlessly access Bajaj Allianz’s Life insurance products.
Regional Trends
Brazil inDrive teams up with MIC Global for driver accident and medical coverage. Press release, June 25, 2024. MIC Global is partnering with Indrive to provide innovative micro insurance coverages to InDrive drivers and passengers around the globe. This will first be offered in Mexico, Peru, and Brazil. Nigeria Glo, AXA Mansard Health Launch Affordable Health Insurance with a Chance to Earn N1m. Press release, August 8, 2024. The Glo Health Insurance utilizes the advantages of Glo mobile network to provide simple, easy, and affordable micro health insurance cover to all. It can be accessed by all Glo subscribers via SMS, USSD, and through the web. Subscribers can choose from an array of daily, weekly, and monthly subscription at N50/daily, N300/weekly, and N750 monthly respectively.
Australia and New Zealand MetLife Empowers Customers with Digital Solution. Press release, August 29, 2024. MetLife Australia launched Manage My Insurance, an online platform for super fund members. The platform allows viewing insurance details, making cover changes, and accessing policy documents. United Kingdom Prudential Partners with Google Cloud to Build the Future of Insurance with AI. Press release, August 15, 2024. Prudential plc (Prudential) and Google Cloud today announced an expanded strategic partnership to build innovative AI-powered products and applications that will help enhance customer, agent, and employee experiences. The AI Lab is designed to deliver a better customer experience and improve access to affordable quality healthcare. United States Sun Life U.S. Enhances Claims Connectivity to Get Members Their Benefits Faster and Easier. Press release, September 5, 2024. Sun Life U.S. is integrating claims across its disability, supplemental health, stop-loss, and dental products. In total, Sun Life's claims integration connects the company's three largest business groups. Naviant Introduces Health Claims Accelerator as a New Solution. Press release, September 5, 2024. Naviant, Inc. introduced the Health Claims Accelerator solution, which automates data extraction from healthcare claims documents. Health Claims Accelerator Solution will facilitate smooth communication with payers, providers, and healthcare systems. Milliman Launches Milliman Connect to Unify Data and Systems for Group and Worksite Insurers. Business Wire, August 12, 2024. Milliman Connect is an innovative platform that empowers insurance carriers, voluntary benefit providers, MGAs, TPAs, and brokers, to unify their data, streamline operations, and drive informed decision-making.
Australia & New Zealand Nib Launches AI-driven Symptom Checker to Ease Health System Pressures. Scoop.co.nz, August 7, 2024. nib offers members an AI-driven symptom checker will help members navigate New Zealand's healthcare system. The symptom checker, available now to all nib health policyholders through the my nib app, enables users to input their symptoms and offers information on possible conditions. United Kingdom L&G selects Moneyhub to Power its Qualifying Pensions Dashboard Service. Press release, September 2, 2024. Legal & General’s pensions dashboard will leverage Moneyhub’s Open Finance technology to improve experience for the provider’s 5.3 million DC members. It will provide easy access to pensions data in one place. United States Income Lab Launches Innovative Annuity Features to Enhance Retirement Planning. Press release, September 16, 2024. These interactive annuity tools help clients thoroughly evaluate and understand how annuities work, empowering them to make more informed decisions.
Hong Kong ESDlife and FWD Hong Kong join forces to launch MAX Health Shop. Press release, July 29, 2024. The launch of MAX Health Shop, an all-around health and wellness platform jointly introduced by health.ESDlife and FWD MAX. The platform connects consumers with over 2,000 health checkup options, products from more than 100 healthcare brands, and a network of over 70 medical partners. Pakistan EFU Life launches wellness proposition, WIN. Press release, September 6, 2024. EFU Life Assurance Ltd announced the launch of its wellness proposition, EFU Life WIN. EFU Life WIN is a holistic wellness solution that encourages healthy living. It offers policyholders the unique opportunity to enhance their savings while actively improving their health. United States The Right Resources at the Right Time: Introducing Prudential's Enhanced Employee Well-Being Solutions at the Core of... Press release, August 21, 2024. Through the launch of its new digital hub, Prudential is enhancing the access already provided to employees and members during life’s key moments such as welcoming a new child, a job change, or during a disability or leave event. Some of the features include identification of behavioural health needs, caregiving support, financial education, and financial health support.
