FCA probes 500 insurance policies in test case preparation

FCA | June 01, 2020

FCA probes 500 insurance policies in test case preparation
The Financial Conduct Authority has reviewed more than 500 business interruption policies from 40 insurers in order to pull together a sample of 17 policy wordings as part of its plans to bring forward a High Court test case. In an update this morning (June 1) the regulator confirmed it had selected the 17 policy wordings which will be used in the court case to represent key issues in dispute between policyholders and insurers.

Spotlight

For several years, Wolgast Restoration has relied on processes and systems to complete work, with great success. Developing and implementing a system or process to accomplish a specific task is the most efficient way to get something done. We have found that the same systems-driven, process mindset that we employ can also apply to the homeowner when dealing with a property insurance claim. Experiencing a home disaster is an extremely stressful situation, and planning for one is next to impossible. But preparing yourself with some basic knowledge of how to handle a disaster when it does occur can make the experience much less daunting. From identifying the extent of the damage to filing a claim, to making repairs, the whole ordeal can be systemized to speed up the claim process and reduce the amount of stress on the homeowner and their family members.

Spotlight

For several years, Wolgast Restoration has relied on processes and systems to complete work, with great success. Developing and implementing a system or process to accomplish a specific task is the most efficient way to get something done. We have found that the same systems-driven, process mindset that we employ can also apply to the homeowner when dealing with a property insurance claim. Experiencing a home disaster is an extremely stressful situation, and planning for one is next to impossible. But preparing yourself with some basic knowledge of how to handle a disaster when it does occur can make the experience much less daunting. From identifying the extent of the damage to filing a claim, to making repairs, the whole ordeal can be systemized to speed up the claim process and reduce the amount of stress on the homeowner and their family members.

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CORE INSURANCE

Sensely Announces Partnership with Krungthai-AXA Life Insurance

Krungthai-AXA Life Insurance | December 28, 2021

Virtual assistant pioneer Sensely announced a strategic partnership with Krungthai-AXA Life Insurance, a Thailand-based carrier providing health insurance to approximately 500,000 members. Under the partnership, Krungthai-AXA Life has integrated Sensely's technology and health solutions into its recently launched Emma by AXA application, a powerful all-in-one digital solution which offers policyholders instant access to a range of convenient healthcare services and policy information in one application. Emma by AXA includes the evidence-based Sensely Symptom Checker, which highlights Sensely's groundbreaking conversational AI interface, which utilizes a combination of voice, chat, and avatar-based interaction. To start with, users enter their symptoms by conversing with the Sensely avatar. In just a few minutes, users receive a recommendation for the appropriate level of care and information on where to go next. Fast, reliable, and available in both the English and Thai languages, the Sensely Symptom Checker provides Krungthai-AXA Life members with quality information and valuable peace of mind. In addition to the Symptom Checker, Emma by AXA also includes a wide range of other service options: including telehealth, network directory location information, health content, and policy information services, such as electronic insurance cards. "Providing enhanced access to world-class health services creates immediate value for our members, The Emma platform offers a full spectrum of tools and services to enhance health and wellness, helping members to live their best lives, while being delivered with a modern customer experience that leads the industry. Partnering with Sensely helps accelerate our efforts, and we look forward to broadening and deepening the relationship." -Pakawipa Charoentra, Chief Customer Officer of Krungthai-AXA Life. "We've been impressed by the AXA team's commitment to being their policyholders' go-to resource for accessing and navigating healthcare services in a friendly and helpful manner, with digital services playing a leading role, Enabling easy, user-friendly access to trusted health information has never been more important, and we're looking forward to continuing to work with Krungthai-AXA Life to drive increasing member value over time." -Adam Odessky, CEO and Co-founder of Sensely. About Sensely Sensely's avatar and chatbot-based platforms assist insurance plan members and patients with the insurance services and healthcare resources they need, when they need it. With offices in San Francisco, London, Kiev, Manila, and Tokyo, Sensely's global teams provide virtual assistant solutions to insurance companies, hospital systems, and pharmaceutical clients worldwide. About Krungthai-AXA Life Insurance Established in 2007, Krungthai-AXA Life Insurance Public Company Limited (KTAXA) is a partnership between Krungthai Bank PCL., and the AXA Group. Today, Krungthai-AXA Life Insurance Public Company Limited is a fast-growing Life Insurance Company with a new brand promise "Know You Can" which encourages our customers to have self-belief and positions the company as a life partner that aims "to empower people to live a better life."

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CORE INSURANCE

Yum China to Further Upgrade Employee Benefits, Adding One Million Yuan Medical Insurance Coverage for Restaurant General Managers

Yum China Holdings, Inc. | November 26, 2021

Yum China Holdings, Inc. (the "Company" or "Yum China",NYSE: YUMC and HKEX: 9987) announced at its 2021 Restaurant General Managers ("RGMs") Convention, held virtually, that it will offer enhanced medical insurance coverage of up to RMB 1 million to each of its approximately 10,000 RGMs. The Company will also increase critical illness insurance coverage for family members of qualified RGMs to RMB 200,000. As one of the most extensive employee benefits plans in the industry in terms of number of people covered, the newly upgraded benefits will be implemented from January 2022 and will build on existing initiatives including equity incentives, family insurance and housing subsidies. The Company is also upgrading its "Family Care Fund" plan for the restaurant management team (RMT) and restaurant service team leaders, increasing critical illness insurance coverage under the plan to RMB 150,000, while offering access to certain expedited medical services for eligible employees and their family members. The newly upgraded benefits are expected to cover more than 60,000 RMT employees and their family members, as well as 26,000 restaurant service team leaders, helping them mitigate the financial risks brought about by critical illnesses. "The Company is extremely grateful to our restaurant managers for their diligence and agility on the front lines of our restaurants, particularly while navigating the challenges of Covid-19. Thanks to their dedication, Yum China has been able to provide customers with uninterrupted access to meals and excellent service while also supporting the community through trying times, Employee satisfaction is the key to customer satisfaction. Therefore, it is the responsibility of our company to create a working environment for employees guided by our principle of Fair, Care and Pride, as well as taking steps to protect their families." - Joey Wat, CEO of Yum China. Yum China has always adhered to a "people-first" philosophy, ensuring that the health and wellbeing of employees is the Company's top priority. Additionally, the Company continues to increase investment in protecting the health of employees and their families. The upgraded medical insurance package for RGMs covers a wide range of mild and severe diseases, providing greater support against the challenge of high medical expenses. In 2018, Yum China launched the "Family Care Program" for RGMs. In 2020, the Company launched the "Family Care Fund" for RMT employees, which entitles them to additional coverage for critical illness for their parents as well as additional accident insurance coverage for their children and spouses. This scheme goes beyond others in the market by increasing the age cap to 75 years for employees' parents and 22 years for their children. In December 2020, the fund was extended to also provide critical illness coverage to restaurant service team leaders. The newly announced benefits upgrade is the latest manifestation of Yum China's long-standing commitment to its RGM No.1 corporate culture. The Company believes that RGMs are the most important leaders at Yum China and play a key role in the Company's long-term success. Yum China not only provides employees with competitive salaries and benefits, but also ensures that employees share in the Company's success. After becoming an independently listed company in 2016, Yum China announced that it would award RSUs valued at US$2,000 to every qualified RGM. Following its secondary listing in Hong Kong in 2020, the Company awarded additional RSUs valued at US$3,000 to eligible RGMs. Up to now, a total of 14,000 RGMs have received RSUs. About Yum China Holdings, Inc. Yum China Holdings, Inc. is a licensee of Yum! Brands in mainland China. It has exclusive rights in mainland China to KFC, China's leading quick-service restaurant brand, Pizza Hut, the leading casual dining restaurant brand in China, and Taco Bell, a California-based restaurant chain serving innovative Mexican-inspired food. Yum China also owns the Little Sheep, Huang Ji Huang, East Dawning and COFFii & JOY concepts outright. In addition, Yum China has partnered with Lavazza to explore and develop the Lavazza coffee shop concept in China. The Company had 11,415 restaurants in over 1,600 cities at the end of September 2021. Yum China ranked # 363 on the Fortune 500 list and was named to TIME100 Most Influential Companies list in 2021. Yum China has been selected as member of both Dow Jones Sustainability Indices (DJSI): World Index and Emerging Market Index. In 2021, Yum China was named to the Bloomberg Gender-Equality Index and was certified as a Top Employer 2021 in China by the Top Employers Institute, both for the third consecutive year.

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INSURANCE TECHNOLOGY

DRC Releases Enhanced Product APIs for its RS X Rating solution.

Decision Research Corporation | November 06, 2020

Decision Research Corporation (DRC), a leading provider of enterprise software solutions for the P&C insurance industry, announced today the release of enhanced Product APIs for its RS X Rating solution. RS X Rating empowers business users and subject matter experts by allowing them to model, design and configure new insurance products using a familiar, easy-to-use Excel® interface. DRC's release of new Product APIs for RS X Rating now allows even complex and custom products to integrate effortlessly with third-party systems. By continuing to invest significantly in their development, DRC recognized the increasing value to insurers of creating custom touch points through APIs. RS X Product APIs make the development process easier, and faster, by providing all essential information needed to seamlessly integrate with RS X Rating, DRC Quote and DRC Policy. This, in turn, allows insurers and brokers to curate and enrich the experience of their customers without sacrificing the power, speed and security of DRC's processing platform.

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