In today's rapid development of digitalization, the insurance industry is actively embracing technological innovation, and is increasingly emphasizing the application of big data, artificial intelligence, data analysis, and the Internet of Things, which can not only enhance the customer experience, but also maintain competitiveness in a fierce market. In order to keep you abreast of the development trend and supply of product innovation in the overseas insurance market, Baoguan will organize the highlights of overseas innovative insurance products and services every month, hoping to help you understand the more cutting-edge product trends. The following are the new overseas insurance products in September.
1
31 Products & Services:
Involving 43 insurance companies, new insurtech companies began to actively participate in innovation
In September, Baoguan counted a total of 31 products and services, a decrease from the previous month, including 25 insurance products and 6 insurance-related services.
In terms of regional distribution, the United States is still in a faulty lead, with more than half of the insurance products and services coming from the United States. In addition, Singapore, India, Canada and other regions also played an important role in innovation in September.
In terms of the main participating insurance institutions, a total of 43 insurance institutions were involved in this month's products and services. At the same time, it can also be found that many young insurtech companies have begun to actively participate in the development and innovation.
Next, we will look at the products and services respectively, which types of insurance are involved in these innovations, and what are the key points worthy of our attention.
Source: Baoguan finishing
2
Emerging fields such as sharing economy and new energy vehicles,
Drive the update and iteration of property insurance products
Among the 25 innovative insurance products sorted out in September, they can be divided into three categories: life insurance, property insurance, and health insurance.
Specifically, life insurance products include Tata AIA's non-India resident life insurance, Munich's longevity reinsurance program; Property and casualty insurance includes personalized travel insurance from SiriusPoint, hurricane response insurance from Tower; Health insurance includes Prudential's stop-loss insurance plan, HL Assurance's critical illness insurance plan, etc.
1. Tata AIA launched a dedicated U.S. dollar-denominated life insurance product
As early as July this year, the India government said it was considering revising the foreign direct investment limit in the insurance sector to expand the further development of financial and insurance services and achieve "universal coverage". Against this backdrop, Tata AIA has launched a term life insurance scheme that pays benefits in US dollars.
It is reported that the scheme covers a range of risks, including death, accident, disability and critical illness, and covers the age of up to 100. Non-resident Indians can choose a plan that meets their needs based on their lifestyle and medical history. In addition, additional riders cover a wide range of conditions, including accidental death, critical illness and permanent disability.
Life insurance products denominated in US dollars are very rare in the current India insurance market. Tata AIA said that the entire insurance industry in India is currently changing, and plans will launch an investment-linked life insurance product that allows policyholders to invest in global equity markets, which will further meet the unique needs of non-resident India who need to provide financial protection.
2. HL Assurance launches critical illness insurance plan
According to relevant data reports, between 2023 and 2024, medical expenses in Singapore have increased by 10.3%, while the coverage amount of critical illness insurance products for ordinary adults in Singapore is usually around S$59,700, but the actual demand is far from enough, and there is a significant gap in the coverage of critical illness insurance, which may lead to financial constraints for families with critical illnesses.
In response to market demand, HL Assurance launched a critical illness insurance plan. The program has a number of features to meet a wide range of needs.
Comprehensive coverage: Comprehensive coverage for a wide range of diseases such as cancer, heart disease, and stroke.
Intensive Care Unit (ICU) Benefit: An additional 20% reimbursement for ICU admissions, up to a maximum of S$25,000.
High Claims: 100% reimbursement for critical illness diagnosis, up to S$300,000.
Repeatability: The policy can be renewed up to the age of 99, providing long-term protection, especially for the elderly.
Flexible Premiums: Discounted premium packages are available, including a 20% discount on initial application and a 10% discount on one-time payment.
3.Income launched comprehensive car insurance for electric cars
Income is a car insurance company based in Singapore, and Singapore's plan to phase out gasoline-powered vehicles by 2040 and plan to achieve a goal of 80% of passenger cars to be electric by 2040, which has led to the rapid development of Income's business.
Recently, Income launched comprehensive auto insurance specifically for electric vehicles, mainly to help customers solve range anxiety and the high cost of replacing batteries after accidents. It is reported that the product mainly includes two major services, namely emergency mobile rescue services. Once customers experience battery depletion while driving, they can enjoy free 24/7 emergency mobile assistance, which moves the car near the charging unit, providing a 30-minute fast charge to restore up to 20% of the battery capacity, enough to reach the nearest charging station. Secondly, if the customer's car is in an accident or the battery is aging, they can enjoy the $3,000 coverage for damaged battery costs.
Given that EV battery repair costs are often high, Income's comprehensive auto insurance will be of great help to our EV customers.
Finally, among the 25 innovative products, most of them are mainly property insurance. There are only three life insurance products, such as longevity reinsurance products, final cost insurance, etc., and only two health insurance products, which shows that property insurance products are the main innovation position of insurance companies today. Emerging areas such as the sharing economy and new energy vehicles, as well as the recovery of the tourism industry, will drive rapid innovation in property and casualty insurance products to meet market demand, improve customer experience, and gain an advantage over the competition.
3
If you want to stay competitive in the market,
There is a need to be agile and open to insurance service innovation
There are a total of 6 insurance-related services in September, involving three parts: claims, property insurance, and customer service.
1. Allianz launches AI-based claims service website
In recent years, Allianz has been enhancing RPA technology and replacing it with AI-powered claims automation, and after a long period of research and development, Allianz has launched a universal claims portal dedicated to making the claims process easier for customers.
It is reported that the redesigned website has brand new content and an improved user interface, which mainly has the following features.
Provide a live chat feature: Allow customers to speak directly with an agent and get answers in real-time.
The document upload feature has also been upgraded: an easy-to-understand list is automatically formed based on the type of claim submitted, to help eliminate issues that may arise when submitting a claim.
The claims status bar has been redesigned to better visualize the customer's current status and dynamically update as the claims process progresses.
Increased communication of the claims process: The status of the customer's claim can be confirmed via SMS, email, or the claims portal.
Allianz said the new claims portal will increase the speed of claims and greatly enhance the customer experience.
2. Mitchell launches auto repair status update service
Mitchell is a provider of intelligent technology solutions for the automotive insurance and collision repair industries. Recently, Mitchell launched a well-received real-time update service on the status of vehicle repairs.
As we all know, the average time for car repair or claim is generally longer, which will affect the experience and satisfaction of policyholders. Mitchell uses software links that allow collision agencies to send updates to policyholders via email or text message on the status of automated vehicle repairs within the Mitchell platform and publish post-repair satisfaction surveys based on customer communication preferences. These reports will determine the damage to the vehicle, including the estimated cost of parts, labor, repair or replacement operations, and regional taxes, to maximize the customer's understanding of the damaged vehicle.
In addition, the solution provides a comprehensive post-repair satisfaction survey tool, enabling repair organizations to immediately collect valuable customer feedback and respond positively to any negative experiences.
With Mitchell's software link, collision repairers and auto insurers can stay digitally connected with policyholders throughout the claims and repair process, increasing customer satisfaction, building brand loyalty, and delivering a superior experience.
3.Farm Bureau launched home fire prevention service
Recently, the Farm Bureau launched a fire safety program in Michigan, United States, which will provide free Ting smart sensors and three years of fire prevention services to residents.
It is reported that the program uses Ting plug-in sensors to monitor electrical hazards in homes that can lead to fires, including early detection of problems related to home wiring, appliances and equipment. To date, Ting plug-in sensors have helped more than 900,000 homes, protecting more than 1.4 homes from potentially devastating fires.
According to the Farm Bureau, it is a win-win situation to launch a free fire protection service, which can reduce the cost of claims, and allow us to continue to provide this service to our customers, which is a sound business decision and a virtuous circle. At present, the Farm Bureau has provided fire protection services to more than 10,000 policyholders, and plans to expand the coverage in the future.
From the above cases, it can be found that insurance companies want to open up new revenue streams, and bold innovation in related services is a very good direction. Of course, this is only one of the goals, the main goal is customer satisfaction, customer experience, brand loyalty. At the same time, if insurance companies want to stay ahead of the fierce market competition, they also need to be agile and open to insurance service innovation.
Last but not least, we will continue to monitor the latest information on overseas insurance products and services every month, and we hope you will stay tuned.