Insurance package to cover three generations in one policy

straitstimes | May 23, 2019

Insurance package to cover three generations in one policy
SINGAPORE - A new insurance policy that aims to break new ground by covering three generations of a family is being launched on Thursday (May 23).The product will provide cover to the policy holder as well as his children and parents. The initiative aims to tackle the growing financial burdens of what is known as the sandwich generation - those with kids and ageing parents to care for while juggling housing loans, rising childcare costs and tuition fees. Insurer Great Eastern is behind the new policy, called the Great Family Care package. A policy-holder can be insured against death, total permanent disability, terminal illnesses and critical illnesses for a sum assured between $50,000 and $3 million. In addition, every child of the policy-holder - including those born in the future - is automatically given free coverage until 18 against various critical illnesses and juvenile conditions.The lump sum payout - which is 25 per cent of the sum assured - is capped at $50,000 per child.

Spotlight

Challenge to change is a three-part whitepaper series that explores the future growth drivers of the global Insurance industry. The papers, entitled Embracing change, The impact of technology and The future of insurance, look at the economy, regulatory landscape, technological innovation, business process, workforce and talent issues, and many other areas. They examine the drivers, opportunities and challenges of an incredibly rich and evolving sector. The Challenge to change series is for multiple insurance businesses - from life to property and casualty, large commercial to long term care - across multiple delivery channels and operations types. It is designed to be an important discussion tool to facilitate strategic thinking about how to create new business opportunities and respond to challenges positively.

Related News

INSURANCE TECHNOLOGY

Hub International Launches Hub Drive Safe App

Hub International | November 10, 2021

Hub International Limited (HUB), a leading global insurance brokerage and financial services firm announced today the launch of its HUB Drive Safe App, a fleet risk management solution that provides driver coaching at scale, automatically detects collisions and helps fleets reduce their insurance costs through safer driving behavior on iOS and Android mobile devices. "The HUB Drive Safe App is our newest fleet risk management solution to help clients across various industries, including transportation , agribusiness , construction and hospitality , to keep their drivers safe, manage driver behavior and reduce collisions and loss. Technology continues to revolutionize the world we live in, and we have been focused on using digital technology to streamline our clients' experience and helping them better manage their costs for doing business." - Lisa Paul, Chief Strategy Officer of HUB's Transportation Specialty. According to a study 1 , the bottom quartile of commercial line drivers account for more than 50% of collisions. With the use of technology that relies on artificial intelligence and machine learning algorithms and leverages massive datasets of driving behavior data, a driver's behavior can improve and reduce collision risk by up to 49%. The HUB Drive Safe App offers immediate feedback and coaching after every trip to ensure that commercial drivers avoid collisions and remain safe on the roads. The mobile app also allows fleet managers to get a detailed overview of the safety and efficiency of their drivers - all via one comprehensive dashboard. The HUB Drive Safe App is powered by a global dataset and first-of-its-kind mobility risk intelligence (MRI) platform to ensure the most precise collision detection and first notice of loss capabilities on the market. Additional safety features on the HUB Drive Safe App include: View and customize a driver profile to improve driving behavior with tips based on performance tracked in the app Gain high-level insights on the fleet's performance with a fleet score Automatically detect collisions, alert the fleet manager and notify an emergency contact or trigger insurance claims process Encourage consistent improvements in driving behavior with positive reinforcements and/or rewards With the HUB Drive Safe App, HUB continues its commitment to providing tailored insurance solutions designed to best manage its clients' risks and needs. About Hub International Headquartered in Chicago, Illinois, Hub International Limited is a leading full-service global insurance broker and financial services firm providing risk management, insurance, employee benefits, retirement and wealth management products and services. With more than 13,000 employees in offices located throughout North America, Hub's vast network of specialists brings clarity to a changing world with tailored solutions and unrelenting advocacy, so clients are ready for tomorrow.

Read More

Acrisure Acquires AI Leader Tulco’s to the insurance brokerage industry

Business Wire | July 30, 2020

In a transformational move, Acrisure today announced that it has acquired artificial intelligence (AI) leader Tulco LLC’s insurance practice to bring best-in-class data science, AI, and machine learning capabilities to the insurance brokerage industry. This transaction enables true deployment of “insurtech at scale” as it combines the global distribution power of Acrisure, the fastest growing broker in insurance industry history, with the world-class, proven AI expertise of Tulco. The deal, which was conducted as a stock-for-stock trade resulting in Tulco becoming a significant minority shareholder in Acrisure was announced by Greg Williams, Co-Founder, CEO and President of Acrisure and Thomas Tull, Chairman and CEO of Tulco.

Read More

INSURANCE TECHNOLOGY

Cowbell Cyber and Mylo Partner to Enable Distribution of Cyber Insurance for Small Businesses

Cowbell Cyber | November 05, 2020

Cowbell Cyber, the business' first AI-fueled cyber protection supplier for little to moderate sized organizations (SMBs), today reported it has joined forces with Mylo the computerized representative dispatched by the world's biggest autonomous merchant, Lockton to empower expanded dissemination of Cowbell's independent cyber protection to the private company market, a region generally underserved by cyber protection. Organizations of all sizes are getting more dependent on a computerized climate given the present far off setting, frequently leaving them presented to expanded cybersecurity weaknesses including information breaks, ransomware assaults, cyber wrongdoing, and then some. Along these lines, the interest in cyber inclusion has radically expanded as organizations acknowledge cyber protection is currently a need, not an extravagance. Mylo selected Cowbell Cyber because Cowbell Prime – Cowbell's standalone, admitted cyber insurance programs addresses the challenges faced by small businesses when considering insurance including: • Clarity of the policy terms: business owners can now immediately understand the protection they will receive • Relevancy: Quote and policies are customizable in a few clicks for higher relevancy for the policyholder • Admitted program: Ensures that everything has been thoroughly vetted by state level agencies • Superior risk management tools: Free risk assessment and mitigation tools add value to small business on day-one of the policy "We are excited to partner with Mylo to deliver on the promise of customized cyber coverage and easy-to-use risk management tools for their expanding client base," said Dan Law, Head of National Accounts at Cowbell Cyber. "Partnering with Mylo will allow us to better distribute cyber insurance to the currently underserved markets, ultimately helping customers with their cyber resilience." "As an advocate for small business owners, we care about helping them prepare for a cyberattack that could threaten everything they've worked so hard to build," said Mylo COO, Belen Tokarski. "Mylo and Cowbell Cyber are a great fit because we both focus on using technology to give businesses the protection they need to anticipate and recover from serious risks." The partnership brings significant efficiencies to Mylo's agents including: • Speed: Cowbell Prime enables agents to prepare multiple, customized quotes in a few clicks • Ease of use and transparency: Selling of cyber insurance is simplified with coverages that are presented to policyholders in an easy to understand manner, along with Cowbell Factors to identify risk deviation from the industry average • No binding delays: Every quote issued by Cowbell Prime can be instantaneously bound About Cowbell Cyber Cowbell Cyber is dedicated to providing standalone, admitted, individualized and easy-to-understand cyber insurance for small and mid-size businesses. In its unique AI-based approach to risk selection and pricing, Cowbell's continuous underwriting platform, powered by Cowbell Factors, compresses the insurance process from submission to issue to less than 5 minutes. Cowbell Insurance Agency is currently licensed in 34 U.S. states and provides SMBs with admitted cyber insurance on AM Best "A" rated paper with up to $15 Million in coverage. About Mylo Mylo is a digital one-stop-shop that makes it easy for businesses and individuals to compare and purchase top-rated insurance products from multiple carriers, including business, small group benefits, home, auto, life and individual health. Launched in 2015 by Lockton, the world's largest privately held independent insurance broker, Mylo offers expert insurance recommendations online or on the phone with licensed agents. Mylo can be easily integrated into a partner's customer experience, providing a proven boost in customer engagement.

Read More

Spotlight

Challenge to change is a three-part whitepaper series that explores the future growth drivers of the global Insurance industry. The papers, entitled Embracing change, The impact of technology and The future of insurance, look at the economy, regulatory landscape, technological innovation, business process, workforce and talent issues, and many other areas. They examine the drivers, opportunities and challenges of an incredibly rich and evolving sector. The Challenge to change series is for multiple insurance businesses - from life to property and casualty, large commercial to long term care - across multiple delivery channels and operations types. It is designed to be an important discussion tool to facilitate strategic thinking about how to create new business opportunities and respond to challenges positively.