Lifepal was founded in 2019 by former Lazada executives Giacomo Ficari and Nicolo Robba, along with Benny Fajari, who co-founded the handmade product marketplace Qlapa, along with Reza Muhammad, the former chief technology officer of baby product marketplace Orami.

At present, the company offers more than 300 insurance products, such as health, life, automotive, property, and travel, from over 50 insurance partners. The company also released a statement saying since last year, its users have grown at least 12 times.

Currently, the marketplace offers 300 policies for life, health, automotive, property and travel coverage. The company claims that it is one of the largest marketplaces in Indonesia by traffic, with 4 million monthly visitors and 1 million combined social media followers.

Ramneek Gupta, founder and managing partner of ProBatus Capital, told the media, “We invested in Lifepal because of its potential to change the way Indonesian consumers buy insurance. Finally, their contact centre model allows consumers to engage with live agents to address potential questions and aids in payments and claims processing. We believe that this three-pronged approach, tailored specifically to the needs of the Indonesian market is driving impressive growth that Lifepal has demonstrated since its launch in 2019.”

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Among the 35 different awards at stake, Cocogen is the only company from the Philippines that won in the Insurance category alongside other leading insurance companies all over the world. Regarded as one of the strongest and largest non-life insurance companies in the country, Cocogen has over 50 years of distinctive experience in the market, and over time, the company has established itself as a leader in the insurance space. As the world was dealing with the Covid-19 health crisis, Cocogen came forward to help the Filipinos by providing easy and affordable insurance during such uncertain and trying times.

So what is COVID-19 Assist+? It is a personal accident sachet insurance that offers financial assistance for hospitalisation and death due to Covid-19. Cocogen offers two affordable packages: Basic at Php 50 and Prime for Php 75. It is noteworthy that Cocogen is also the first non-life insurance company that offered Covid-19 microinsurance in the Philippines.

Cocogen launched COVID-19 Assist+ to help its citizens with the financial impact caused by the pandemic, which has not only affected people but has also affected and challenged the country’s economy, healthcare system, and society at large. The company’s main priority was to show that they are committed to the wellbeing of its citizens and lend a helping hand during these challenging times. Cocogen COVID-19 Assist+ was introduced under the company’s microinsurance offering last year on October 16, 2020.

The company added by saying that their latest product covers accidental death and disablement,  burial benefit in case of death and daily hospital benefit for hospitalisation, both caused by an accident and cash assistance in case of death due to other causes. Insurers who test positive for Covid-19 can claim daily hospital benefits for a maximum of 15 days and they also provide cash assistance in case of death due to the coronavirus.

Besides this, Cocogen has also launched two new interesting products to add to their roster of new normal insurance essentials. Since the majority of the workforce had to quickly adapt to working from home, and students switching to online distance learning, Cocogen launched Pro-Tech Computer Insurance which covers desktops and laptops from accidental damage and loss. Similarly, the company also launched Parcel Protect which covers shipment deliveries by land to cater to the massive demand of online shopping. 

With regard to its future plans, Cocogen told International Finance,  “We have more innovations in the pipeline such as the natural course of digitisation of our processes and operations, and the continuous development of insurance solutions that are responsive to the changing needs of the market.”

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GREAT Green SP is a three-year single premium endowment plan that provides 1.5 percent interest per annum guaranteed yield upon maturity. Customers can invest a minimum amount of $5000 and up to a maximum of $100,000. The plan also offers protection against death and total permanent disability, with no medical underwriting needed.

Group CEO Khor Hong Seck made a note of the growing group of customers who are environmentally conscious and want to promote sustainable living. He told the media, “This initiative is part of our overall sustainability approach to achieve a low-carbon economy, improve people’s lives and drive responsible business practices. We note there is a growing group of customers who are environmentally conscious and seek to contribute towards sustainability outcomes through their purchasing decisions, including financial product.”

The proceeds and donation from the company will go to the local charity Zero Waste SG and they will also support programmes to educate and advocate for the mindful usage of natural resources. Founded in 1908, Great Eastern is a well-established market leader and a reliable brand based in Singapore and Malaysia. The insurer is a subsidiary of the leading bank, OCBC Bank.

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After receiving the brokerage licence, LISS can help banks, asset managers, funds and corporates of all sizes to access, automate, and streamline trade credit insurance coverage with the help of their LiquidX 360 platform. It helps the entire trade credit value chain for quoting, policy management, and risk monitoring.

Jim Toffey, CEO of LiquidX told the media, “The MAS licence is a huge milestone for our business in Asia. With a growing market for trade credit insurance, carriers and brokers are looking to technology to scale their growth, cut expenses, and digitally connect with their partners and policyholders. In addition, funders and corporates that manage and finance working capital on our platform can now seamlessly integrate trade credit insurance coverage.”

He also added that the insurance broking licence will allow LiquidX to reach its vision of becoming the global leader in digitising the trade credit insurance market. The company prides itself as the only solution platform that integrates trade credit insurance with next-generation capabilities for buying, selling, and managing accounts on the same platform.
According to experts, the trade credit market is expected to double in size from 2021 to 2027, from $9billion to $18billion after it participated in mitigating trade risk in uncertain economic environments. It is estimated that by 2025, around 30-50 percent of trade credit insurance will be managed, and transacted online.

Image credits- Dealstreet Asia

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According to the deal, AXA will sell its stake of 49.99 percent in AXA Affin General Insurance and its 49 percent stake in AXA Affin Life Insurance. AXA earlier revealed that the deal will be closed in the second quarter of 2022.

Rob Leonardi, regional officer, Generali Asia told the media, “This is an exciting time for Generali in Malaysia and for our growth strategy in Asia. Over the last five years, we have enjoyed working together with our business partner to reshape MPI Generali and now we can further optimise our strategic position, secure economies of scale for more efficient operations and deliver even greater value for our customers.

“We have ambitions to further transform and strengthen our business in this important market and look forward to working with our customers, employees, agents, partners and distributors on this journey.”

Earlier this month, Generali also completed the acquisition of AXA’s property and casualty insurance and life and savings businesses in Greece for €167 million.

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In order to help people understand this issue, Instant Quote Marketplace came up with a collaborative platform that will help intermediaries access information faster. The platform will also help insurers to distribute their products more efficiently so that the customers have a complete and sound idea of the product. This helps business match demand with supply.

Derren Teo, co-founder of Surer told the media, “Surer helps intermediaries save 95 percent of their time on product quote sourcing and 70 percent of time spent dealing with administrative processes. The digitalisation of their workflow leads to greater speed and efficiency. With more time, intermediaries can increase their focus on prospecting and advising clients, including the 70 percent of uninsured or underinsured SMEs in Singapore. The launch of our Instant Quote Marketplace allows intermediaries access to instant quotations and furthers our value-proposition to the entire insurance ecosystem, where intermediaries can be more efficient in quote sourcing whilst insurers can be more effective in product distribution and recruitment.”

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With regard to the funding round, Ignatica chief executive officer and co-founder Manuel San Miguel told the media, “The insurance industry is going through an era of unprecedented transformation, with consumers seeking the convenience of buying and interacting with insurance services easily with nothing more than their mobile phone.”

Hong Kong’s Insurance Authority (IA) recently rolled out its new group-wide supervision framework (GWS) and regulatory regime for insurance-linked securities (ILS) business. Clement Cheung, Chief Executive Officer of the IA told the media that the GWS framework is in full alignment with international standards and best practices, positioning Hong Kong as an ideal base for large insurance groups and a coordinator of supervisory efforts among all relevant jurisdictions in Asia Pacific.

Singapore’s Ministry of Health (MOH) also recently announced that it has formed a 12-member Multilateral Healthcare Insurance Committee (MHIC), media reports said. The committee will be officially established on April 27th April 2021.

The healthcare insurance committee comprises representatives from the Academy of Medicine Singapore (AMS), Consumer Association of Singapore (CASE), Fee Benchmarks Advisory Committee (FBAC), Life Insurance Association (LIA), Singapore Medical Association (SMA) and private hospitals.

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The healthcare insurance committee comprises representatives from the Academy of Medicine Singapore (AMS), Consumer Association of Singapore (CASE), Fee Benchmarks Advisory Committee (FBAC), Life Insurance Association (LIA), Singapore Medical Association (SMA) and private hospitals.

The purpose of the committee is to manage the increasing healthcare costs in the healthcare insurance system. Further, the committee will also guide the establishment of platforms to address complaints and conflicts arising from healthcare insurance claims.

Singapore-based insurtech firm Igloo is partnering with Philippines-based insurance broker Philpacific Insurance Brokers (Philinsure) to provide access to digital insurance products in the country. The products will target mostly micro, small and medium-sized enterprises (MSMEs). Igloo said in a statement that the goal of the partnership is to provide accessible and affordable insurance to Filipinos in the country to support their need for security and protection.

Digital insurance penetration in the Philippines is under 1 percent, according to media reports. The insurance sector in the Philippines mostly runs offline and through traditional distribution methods. Through the partnership with Philinsure, Igloo will also strengthen its hold in the Philippines insurance market.

Last year, Singaporean fintech Pay2Home joined hands with Chubb Insurance to offer insurance cover to foreign nationals working in the city-state. The insurance product known as Priority2Project is designed for low-income individuals who are working in challenging conditions in Singapore.

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The strategic partnership between Pacific Life and ThaiRe Life is expected to bring Pacific Life Re’s technical and product development expertise together with ThaiRe Life’s insights and standing in the local life industry.

Mr Andrew Gill, managing director of Pacific Life Re Asia and Australia told the media, “This is a significant step for us as we continue to enhance our proposition in the Thailand life insurance market. We are thrilled to be joining forces with ThaiRe Life, an established local reinsurer in delivering opportunities to significantly transform and redefine the local life insurance industry. Together with our technology subsidiary, UnderwriteMe, our partnership will bring our vision of making life insurance more accessible and affordable a reality for the people of Thailand.”

Last week, it was reported that AIS Insurance Service is collaborating with Mitsui Sumitomo Insurance Group (MSIG) with the support of the Office of Insurance Commission (OIC) to launch Thailand’s first motor insurance plan. Called Prakan Kubdee, it calculates premiums from real driving behaviour through the use of tech such as IoT.

The plan can help motorists save on insurance premiums by as much as 50 percent. The premiums are calculated by considering factors such as distance, speed, journey time, time of the day driven, and the area the driving takes place.

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Digital insurance penetration in the Philippines is under 1 percent, according to media reports. The insurance sector in the Philippines mostly runs offline and through traditional distribution methods. Through the partnership with Philinsure, Igloo will also strengthen its hold in the Philippines insurance market.

Raunak Mehta, chief commercial officer of Igloo told the media, “This pandemic brought about an urgent need for traditional industries to tap technology, and this is especially evident in the insurance sector in the Philippines. This partnership with Philinsure aims to support a very important sector in the Philippines, such as small business owners whose work has a very real and immediate impact on their communities. We want to be able to provide them with affordable and relevant protection to give them the confidence to focus on their business and their livelihood.”

It is also reported that the Singaporean life insurance industry has grown by 3 percent in the fourth quarter of 2020 despite economic uncertainties and the coronavirus pandemic. According to the Life Insurance Association, Singapore (LIA Singapore), it recorded a total of SG$4.38 billion in weighted new business premiums for the fourth quarter of 2020.

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