Issue No. 36 October - December 2018
Message from the PresidentIndustry Events
Industry NewsQ&A with Kevin Stone

Message from the President

 LIA President - Mr Patrick Teow

Double digit growth for the first nine months of 2018
Continuing the growth momentum from the start of 2018, Singapore's life insurance industry achieved a 15 per cent increase in weighted new business premiums[1] compared to the same period last year. This amounted to S$3.17 billion for YTD 3Q2018.

Our industry continues to focus efforts on meeting the protection needs of individuals in Singapore, and will provide more details of industry-wide initiatives aimed at bridging the protection gap. This follows from the recent completion of its qualitative study to understand the barriers, and opportunities to getting more individuals in Singapore adequately protected. Economically active individuals in Singapore have an approximate 40 per cent mortality and critical illness gap totalling approximately S$893 billion in all, according to findings of the Association's Protection Gap Study (PGS) 2017.[2]

Growing the talent pool driving the industry's transformation
The life insurance industry expanded its workforce with a net increase of 330 employees and 306 tied representatives in the third quarter of 2018 alone to reflect a quarter-on-quarter increase of four per cent and two per cent respectively. 

Member companies employed a total of 8,001 individuals as at the end of third quarter of 2018, increasing its workforce by 954 employees over a 12-month period. Positions being filled are in data analytics, cyber security, and business operations as our industry steps up digitalisation as well as experiences business expansion.

Looking forward
Strong growth has been achieved so far and 2018 will likely end on a positive note.

However, the forecast for the global economic outlook warns of negative impact kicking in from protectionist measures and counter-measures. Life insurance is a resilient industry and the value of having financial protection offered by our products during challenging times becomes better appreciated by individuals.

Appreciation and good wishes
It leaves me to thank staff of member companies, their representatives and colleagues for making 2018 another year of strong growth, and wish one and all a great celebration during this holiday season, Merry Christmas and a Happy New Year!

Patrick Teow
President

[1] Weighted new business premiums measures premiums collected on new policies by taking into account (1) 10 per cent of the value of single premium products, (2) all of a year's premiums for annual premium products, and (3) adjusted value for products with premium payment durations of less than 10 years. The figure is calculated as follows: 10% Single Premium Insurance + 100% Annual Premium Insurance + Adjusted premium for Insurance with premium payment durations of less than 10 years.

[2] More details on findings of LIA Singapore's Protection Gap Study 2017 available at: http://www.lia.org.sg/node/195941

Industry Events

14 October 2018
2018 Great Eastern Women's Run
Celebrating another milestone of healthier and better living

Great Eastern Women Run - Photo1
Great Eastern Women Run - Photo2
Great Eastern Women Run - Photo3
Great Eastern Women Run - Photo4

Over 14,500 women of all ages converged at the iconic Singapore Sports Hub for the Great Eastern Women's Run on 14 October in celebration of their commitment to leading an active lifestyle.

GEWR, Southeast Asia's largest all-women run, marked its 13th year in unifying women in health and fitness and continued to garner awards, the latest being the Gold Award for Excellence in Sports Marketing. Participants enjoyed a picturesque run as the new routes took them through some of Singapore's most iconic landmarks, and saw them finished in style at the National Stadium.

Joined by Guest-of-Honour Ms Grace Fu, Minister for Culture, Community and Youth, thousands of enthusiastic runners lined the streets of Nicoll Highway as they embarked on their quest to break their personal bests and reach their fitness goals. The event was also graced by Mr Lim Biow Chuan, Member of Parliament (Mountbatten) and Deputy Speaker of Parliament, as well as Great Eastern top management helmed by Group Chief Executive Officer Mr Khor Hock Seng.

The Elite Open category was won by Kasumi Yoshida from Japan. In second place was Namjilsuren Semjid from Mongolia, followed by Zhang Meixia from China.

To mark Great Eastern's 110th anniversary, the '110-Metre Sprint' was introduced to provide an added dimension to GEWR, and attracted great interest from schools. Catered to runners who preferred short distances, it was the first time a mass running event in Singapore organised a sprint category for those age 13 and above.

Participants were treated to post-race massages, a powder room to freshen up in and unique photo booths for Instagrammable photo opportunities! There were exciting treats in store for the little ones, including bouncy castles, sculpted balloons, face painting and a colourful My Little Pony Garden.

The event raised $51,500 in support of two women-related causes - Breast Cancer Foundation and Women's Health Research and Education Fund. Participants chipped in by customising their race bibs and t-shirts, as well as bought colourful tutus in support of the causes.

Mr Keith Chia, Great Eastern's Head of Group Brand and Marketing, commented, "Our brand purpose as a LIFE company is to help empower the community to live healthier and better and this starts with our employees. Together with the 14,500 participants this year, 900 of our staff and financial representatives participated, a record number.

The Run has grown from strength to strength and we are pleased that so many women have embraced the importance of a healthy lifestyle. They are excellent ambassadors of our LIVE GREAT motto, championing healthier living to their family and friends."

12-16 November 2018
AIA Singapore exhibits its industry-leading digital tools at Singapore Fintech Festival 2018

AIA Booth at FinTech Festival - Photo1
AIA Booth at FinTech Festival - Photo2
AIA Booth at FinTech Festival - Photo3
AIA Booth at FinTech Festival - Photo4

AIA Singapore participated in the Singapore Fintech Festival 2018, with an AIA Booth - exhibiting its industry-leading digital tools at the Festival which took place from 12-14 November.

The Singapore Fintech Festival is the world's largest platform for the global FinTech community, and a great opportunity for companies to share, learn from, and explore collaborations that will drive the industry's digital transformation. This year's Festival attracted a record of 45,000 attendees from almost 130 countries.

We had the honour of having Mr Jacky Chan, Regional Chief Executive  of AIA Group, who attended the Singapore Fintech Festival and gamely spoke with the Asia Advisers Network about the event and, how AIA is leading the charge in transforming what it means to be a life insurer as we go beyond providing coverage to being alongside our customers throughout their entire life journey - from living healthy as a preventive measure, to being there should something happen, and providing support even after that as they recover. Click on the link to find out more about the interview:

http://www.asiaadvisersnetwork.com/Article/aid/44950/Singapore-FinTech-Festival-More-to-come-in-AIA-s-digitalisation-push

AIA Singapore's focus has always been about incorporating and introducing new innovations that put our customers at the heart of what we do. This is why AIA Singapore has been heavily investing in digitalisation to deliver the best customer experiences, making it more convenient, expedient, insightful, and enjoyable for customers - deeply engaging and meeting their evolving needs, with first in market solutions that also elevates the productivity of our workforce and supporting our business transformation.

The Singapore Fintech Festival was a great platform, where AIA Singapore showcased it's first in market customer service humanoid robot and globally-recognised Pepper to the FinTech community who saw how Pepper could assist customers with generic queries on their policies, such as how they could sign up for AIA eCare - a digital and secured platform developed specially for customers which serves to inform, enrich and empower them with 'self-service' technology, giving them access to their policy information, claims details, and they can also perform self-help services 24/7, securely anytime and anywhere. Many, were also mesmerised by Pepper's signature dance moves who eagerly took photos with the humanoid.

Visitors to the AIA Booth also got hands on experience with AIA Singapore's innovative digital servicing tools such as - the award winning POS EZ, the first-in-market innovation that enables it's sales force to facilitate a suite of after-sales customer requests anytime anywhere via its unique remote authentication capability, and iResources - the game changing platform that allows its insurance representatives to customise content that deeply engages customers. They were impressed by these transformational tools that has been developed to empower AIA customers to manage their insurance needs.

Concurrently, this event provided AIA Singapore an opportunity to learn from other innovations within the industry and across other industries. It is with this connection and collaboration would allow AIA Singapore to grow faster as a community.

AIA Singapore will continue to innovate and strengthen our digital platforms and capabilities to enhance the customer service experience as we go beyond providing coverage to being alongside our customers throughout their entire life journey - empowering them to live Healthier, Longer, Better lives.

12-14 November 2018
China Taiping Insurance Singapore ushers a brand new era in innovation

China Taiping Booth at FinTech Festival - Photo1
China Taiping Booth at FinTech Festival - Photo2
China Taiping Booth at FinTech Festival - Photo3

We participated in a 3-day Singapore Fintech Festival 2018 where we showcased China Taiping DiG Lab (SEA)'s innovative solutions. The DiG Lab implements incubation activities, develops innovation capabilities, and serves as a testbed for new technologies such as AI customer management solutions. At the event, we demonstrated settlement of claims via video, instant claims payout via mobile platform, as well as, introduced the first commercial virtual agent in the insurance industry in China.

15 November 2018
Aviva Singapore, one of the best organisations to work for
Resorts World Convention Centre

Aviva bagged three awards at the Tripartite Alliance Award (TA Award) 2018 and was the only insurer to be recognised for its achievements in building a fair and progressive workplace!

The insurer won in The Fair and Progressive Employment Practices category, which recognises organisations with effective workplace and people practices, and The Work-Life Excellence category, which recognises excellence in work-life strategies that effectively maximise employee performance.

Chief Executive Officer Nishit Majmudar also received a Leadership Award (Fair and Progressive Employment Practices) for his outstanding leadership and exceptional contributions in the area of fair and progressive employment practices.

Aviva CEO - Photo1
Chief Executive Officer Nishit Majmudar receiving the awards presented by Minister of Manpower Josephine Teo

Aviva's recognition is the result of its strong focus of putting employees at the heart of its people initiatives. This is exemplified through fair and progressive policies such as the introduction of equal paternity and maternity leave of 16 weeks, as well as company-wide programmes and activities that drive well-being and engagement.

Aviva CEO and employees - Photo2
Aviva employees engaged in company-wide yoga to get fit and live healthily together

Conferred by Singapore National Employers Federation (SNEF), National Trade Union Congress (NTUC) and Ministry of Manpower (MOM), the award recognises exemplary organisations for its fair, responsible and progressive employment practices.

Employers were assessed by industry experts as well as representatives from the government, unions and employer associations and Tripartite Alliance for Fair and Progressive Employment Practices (TAFEP).

Held once every two years, the TA Awards was previously known as the Exemplary Employer Awards, which Aviva won in 2014 and 2016.

21 November 2018
Financial literacy workshop with Singapore Children's Cancer Foundation
Lions Heart Studio

Old Mutual International Singapore recently organised a money box painting cum financial literacy workshop with the Singapore Children's Cancer Foundation (SCCF). It was attended by 14 children from the foundation, together with their guardian.

Old Mutual painting workshop - Photo1
Old Mutual painting workshop - Photo2
Old Mutual painting workshop - Photo3

The workshop started with some interactive games teaching the children the concept of budgeting and saving. The children learned how to differentiate the needs and wants and also how to prioritise and save money for a goal.  After that, it all turned into a beautiful mess when the children started to paint their money box.

All in all it was a morning fill with fun and laughter. This was the second time the Singapore branch has worked with the SCCF and is looking to continue working with them.

6 December 2018
Great Eastern Cares

Great Eastern Cares - Photo1
Great Eastern Cares - Photo2
Great Eastern Cares - Photo3
Great Eastern Cares - Photo4

Great Eastern Cares! On 6 December, 110 staff volunteers from Great Eastern and Lion Global Investors, with their children, embarked on a "MAD (Make A Difference) for GOOD" mission. 

They hosted elderly beneficiaries from AWWA Community Home to an afternoon of rousing performances, carolling and fun activities, including art therapy in the form of tote bag painting. The children had spent the morning making healthy muesli snacks which were subsequently sold in a one-hour speed sale and raised $5,500 for AWWA.

Industry News

Important Guidelines/Circulars issued

6 Dec 2018 MC 123/18 - LIA GUIDANCE NOTES ON HANDLING POLICYHOLDERS WHO LACK OR MAY LACK MENTAL CAPACITY (REVISED 6 DEC 2018)

September 2018
Making more inroads into senior insurance by recalibrating the underwriting process

NTUC Income - Senior Insurance

While much has been said about rethinking insurance - and why the coverage matters - for Singapore's ageing population, a bugbear that stops seniors from getting insurance is the complex health underwriting questionnaires.

In a Nielsen study commissioned by NTUC Income last year, it was found that almost three out of four seniors in Singapore find the standard health underwriting questionnaire tedious, "too broad and vague" and requiring an excessive scope of disclosure. The study was conducted face-to-face with 150 seniors aged 50 to 65 to understand what puts seniors off when applying for insurance.

To address this, Income launched a new tailored questionnaire for those aged above 50, which requests only health declarations that are most relevant to them.

"It's our intent to offer seniors a better medical underwriting experience, and in turn, improve their protection gap so that they enjoy better peace of mind in their golden years", said Andrew Yeo, Income's general manager for life and health insurance.

He added: "This is particularly pertinent since the study revealed that 95 per cent of the seniors interviewed regarded insurance as an important safeguard against health issues that come with ageing." For example, unlike the standard health underwriting questionnaire, applicants who use the senior-focused one no longer need to run through the entire list of statements to indicate the medical conditions relevant to them. Instead, applicants are given a health declaration statement related to key medical conditions such as diabetes, heart attack and stroke."

Also, seniors do not have to declare pre-existing conditions that are deemed less prevalent for the age group based on underwriting guidelines and experience. Examples of such conditions include gastritis, piles, gallstones, urinary tract infection, and pregnancy complications.

Most significantly, seniors are required to make a health declaration only if they are actively managing a medical condition for the past five years and meet any of the defined severity criteria below, regardless of when they were diagnosed.
 
(a) Medical leave and/or on medication for two consecutive weeks and beyond;
(b) Hospitalisation;
(c) Regular follow up with a medical practitioner;
(d) On regular medications;
(e) Use of assistance device or help from another person to carry out daily activities.
 
As a result, the recalibrated underwriting process for seniors removes the ambiguity of having to declare medical conditions, which took place a long time ago, especially when they were one-time occurrences. 

This initiative demonstrates Income's commitment to bridge the protection gap of seniors sustainably and follows closely the introduction of Income's suite of insurance offerings that cater specially to seniors. SilverProtect, for example, offers seniors protection against early and advanced stage cancer even when they have pre-existing medical conditions as long as they are non-cancer related. It also offers the oldest entry age in the market at age 74. Silver Secure, on the other hand, protects seniors against old-age chronic diseases that require long-term care such as Parkinson's disease, dementia, Alzheimer's disease, osteoporosis with fractures, rheumatoid arthritis and diabetic complications, etc. With SilverCare, Income also protects seniors against death and permanent disability due to an accident, covering also medical, home care, rehabilitation and care-giver training expenses.

October 2018
Get Droplet and never have to worry about surge pricing on ride-hailing platforms when it rains!

NTUC Income - Droplet Photo1

Frequent users of ride-hailing apps have more to cheer! A lifestyle-inspired insurance, Droplet, by Income offers a pay-out when prices on ride-hailing platforms surge due to rain. In Singapore, where an average of 167 days of rainfall can be expected a year, Droplet enables you to meaningfully address the pain point of surge pricing due to rain when you book a ride on ride-hailing platforms. Currently, Droplet insures rides that are booked via Grab, and will be extended to other ride-hailing platforms by the end of the year.

Droplet pays up to 60% of your trip fare and/or cancellation fee if it was raining at the point of pick-up. For a premium of no more than $9.60 a day, you can submit as many ride receipts for claim, up to a maximum of $50 per day.

NTUC Income - Droplet Photo2

Droplet's dynamic premium pricing pegged to real-time weather forecast offers you value for money. To enjoy Droplet cover, you must purchase the "rainsurance" at least a day ahead of your ride. To help you make informed decisions about purchasing Droplet, real-time weather forecast is made available at the point of purchase with premium pricing dynamically pegged to rain predictions. This means, Droplet premiums vary according to when you purchase the "rainsurance". You are likely to pay a higher premium when you purchase Droplet closer to the days that forecast rain. With dynamic premium pricing, you can now plan better for protection against surge pricing due to rain when you hail a ride.

Droplet also supports e-claim via PayNow. To make a claim, you can submit an e-claim by simply forwarding your ride receipts to claims@droplet.sg. Leveraging Robotic Process Automation Technology, each receipt can be easily and quickly verified for rain at the time and location of the ride booking. You have up to seven days to make a claim from the day of the ride but can expect a pay-out via PayNow within three calendar days from the day of claim submission.

Chief Operating Officer Peter Tay, who also heads the Income's Digital Transformation Office, said: "Insurance is traditionally known as a means of protection from financial loss. It is primarily used to hedge against uncertain loss. Increasingly, we are taking inspiration from modern lifestyles and exploring opportunities where we can apply this principle of hedge to consumers' pain points via innovative insurance solutions. With something as ubiquitous as rain and surge pricing, we expect Droplet to influence the way in which consumers use and embed such an insurance in their daily lives."

He added: "We are excited about Droplet because it marks endless possibilities in what we have defined as 'lifestyle insurance'. We already foresee Droplet to go beyond a single insurance proposition but one that has potential for other interesting extensions. We are eager to bring to market more surprising insurance offerings that meaningfully play to consumers' lifestyles and needs. We are reimagining insurance and redefining what it could be together with our consumers and that is truly exciting."

You can view the Droplet videos here:
https://www.facebook.com/NTUCIncomeInsurance/videos/514467179030096/
https://www.youtube.com/watch?time_continue=7&v=pSZ15ulrBPY

October 2018
More choices, more rewards, more value for Great Eastern UPGREAT users

Great Eastern - UPGREAT

Since its launch in April 2018, Great Eastern's UPGREAT which provides a single mobile platform where customers can seamlessly enjoy all their loyalty benefits and rewards digitally anywhere, anytime, has grown from strength to strength.

An exciting new dimension was recently added to UPGREAT with the introduction of UPGREAT Points.

UPGREAT has added a bevy of new partners, including KrisFlyer, Shell, Watsons and Robinsons, to its suite of existing rewards partners and users now have more choices to enjoy their rewards.

Shared Ryan Cheong, Managing Director, Strategy and Transformation Great Eastern, "Our aim is to make insurance an enjoyable, everyday experience. A key focus is to build relationships with our customers beyond just insurance to exciting everyday interactions and experiences. One of these ways is to help them enjoy more rewards in their daily life."

October 2018
AIA Singapore pioneer's adoption of Artificial Intelligence in Singapore's life insurance sector

AIA adopt AI - Photo1

Next-generation digitally enabled customer service centre at Finlayson Green will be home to humanoid robots, kick-starting exploration of cutting edge technologies to elevate customer experience

AIA Singapore celebrated the official opening of its newly renovated next-generation, digitally-enabled customer service centre at Finlayson Green on 12 October 2018, by welcoming not one but two of its newest humanoid robots; globally-recognised Pepper and homegrown humanoid robot, Nadine, the brainchild of scientists at the Nanyang Technological University, Singapore (NTU Singapore).

Pepper and Nadine are making history by becoming the first humanoids in Singapore's insurance industry to take on roles in customer service as part of the team at AIA Singapore. This milestone also represents the nation's very first exploration of the use of such intelligent software within the sector to enhance customer experiences.

AIA adopt AI - Photo2

Speaking at the launch event, Mr Ng Keng Hooi, AIA's Group Chief Executive and President said, "As a company that is committed to placing the customer at the centre of everything we do, AIA is always exploring new ways in which we can enhance the customer experience. The launch today in Singapore of this world-class customer service centre demonstrates AIA's leadership in pioneering new ways to engage with our customers as we help them live healthier, longer, better lives."

Mr Patrick Teow, Chief Executive Officer of AIA Singapore said, "As industry leaders, it is our responsibility to constantly push the boundary of innovation to bring greater value and service excellence to our customers. As we strive to become the most digitally enabled insurer, we look to accelerate Singapore's progress in embracing digitalisation for the future. In doing so, we hope to elevate our standard of customer service, increase productivity and create higher-value careers for our workforce."

Visitors to AIA Singapore's Finlayson Green and Tampines customer service centres will be greeted and served by Pepper and Nadine respectively. Both are socially intelligent humanoid robots with the ability to perceive emotions and adapt their behaviours to respond in an appropriate manner and, they will evolve continuously through acquiring new knowledge to become more effective to customers.

Pepper and Nadine will engage with customers by responding to general enquires about AIA Singapore and the customer service centres, details on customers' policy loans and submission on some policy transactions requests, as well as other common enquiries while promoting AIA Singapore's customer portal, AIA eCare, to encourage self-help.

Visitors may also catch Pepper showing-off his signature dance moves at the Finlayson Green customer service centre, and are encouraged to take Instagram-worthy photos with him to be shared on social media. Meanwhile, at the AIA Tampines customer service centre, visitors will be able to interact with Nadine, who is modelled after its creator NTU Professor Nadia Thalmann. Unlike conventional robots, Nadine has her own personality, mood and emotions.

"Incorporating artificial intelligence with Pepper and Nadine is just one of many digitally-driven efforts at AIA Singapore. On this, we are single-minded in creating a customer-centric digital eco-system that  establishes a whole new standard that goes beyond how customers are typically serviced to deepen  engagement with our customers, supporting them in leading healthier, longer and better lives together with their families," added Ms Melita Teo, Chief Operations Officer at AIA Singapore.

Recognised as the industry's Innovator of the Year in 2017, AIA Singapore's digital innovations include introducing the first-in-market Digital Underwriter in its interactive Point-of-Sales (iPoS) system; POS EZ, the first-in-market innovation that allows customers to authenticate their requests without having to physically meet with an insurance representative through a remote authentication function, anytime and anywhere in the world; and the award-winning AIA Vitality Weekly Challenge app, amongst others. 

AIA Singapore is enthusiastic about continually working in close collaboration with NTU to realise the full potential of artificial intelligence and robotics technologies, progressing the capabilities of humanoids, after the initial joint experiment on Nadine to move beyond theory to make significant, positive impact in the way businesses like AIA Singapore can deepen customer engagement. This also includes the potential of introducing other socially intelligent humanoids in the near future.

Prof Thalmann, Director of the Institute for Media Innovation at NTU Singapore, said: "Strategic partnerships with industry leaders such as AIA Singapore build on NTU's strengths in AI and data science, and are key to strengthening NTU's cross-disciplinary research in social robotics technologies, including engineering, computer science, linguistics and psychology. Such collaborations pave the way for tangible tech-enabled solutions to real-world business challenges, as Singapore pushes the frontiers in our Smart Nation drive. Through Nadine's four-month stint at AIA, we hope to define new humanoid features that are necessary for jobs in the insurance and banking industries."

AIA adopt AI - Photo3

In addition to being digitally-enabled, the refreshed customer service centre at Finlayson Green has also been specially designed with the purpose of creating a conducive environment for discussions and more personal interactions between customers and AIA Singapore staff.

This has been achieved by creating a space that features a simple and clean open concept service area, complemented by the choice of warm colours for the walls and hand-picked furnishings to complete the experience. Customers can also seek advice from our AIA customer service officers or our resident humanoids, Nadine and Pepper on how to sign-up for AIA eCare which provides a comprehensive view of the policyholder's insurance portfolio and allows them to make transactions with ease and convenience. Upon signing up, they can log-in and view their policies, change their address, and also perform funds switches, amongst other things.

The second level of AIA Singapore's customer service centre at Finlayson Green has also been rejuvenated and transformed into an exclusive and spacious area dedicated to AIA Altitude members. Offering the convenience of priority and personalised services, a professional team of representatives are devoted to meeting the sophisticated and precise needs of these members. The AIA Altitude programme is a by-invitation only programme solely for selected customers who are entitled to a suite of bespoke lifestyle privileges such as exclusive benefits, invitations to private events, as well as priority service at Finlayson Green.

Collectively, these initiatives are testament to AIA Singapore's commitment to providing customers with service excellence and enabling them to lead healthier, longer and better lives with their families.

4 October 2018
AXA, the #1 Global Insurance Brand for the 10th consecutive year, partners with Liverpool FC

For the 10th consecutive year, Interbrand has ranked AXA as the #1 Global Insurance Brand. In line with its commitment to be closer to customers' lives, AXA is proud to join forces with one of the most famous names in sport. The multi-year partnership with English Premier League legends Liverpool Football Club sees AXA become the club's Official Global Insurance Partner.

AXA partners with Liverpool FC

Working closely with Liverpool FC's players, manager, coaches and health professionals, AXA will create unique and relevant content that will help support the shared goal of promoting a healthy lifestyle, delivering on the AXA brand purpose of empowering people to live a better life.

23 October 2018
AXA Insurance launches Life Treasure and Retire Treasure to offer flexibility and well-rounded protection across life stages

AXA has launched two new insurance plans, AXA Life Treasure and AXA Retire Treasure, which offer customers the flexibility to customise their coverage according to their needs and priorities at different life stages.

AXA Life Treasure is a whole life insurance plan designed to provide comprehensive coverage for death, terminal illness and total and permanent disability, with a wide range of optional riders for enhanced coverage on critical illness for greater peace of mind. Recognising the protection gap in critical illness coverage in Singapore, AXA leveraged the insights from its Better Beyond Survey on Singaporeans' perceptions and attitudes towards critical illness and critical illness protection, which was released earlier in the year, to continue the conversation and educate Singaporeans on the importance of adequate protection.

Additionally, as people are living longer lives and spending more time in retirement, financial planning and preparedness for retirement has become even more critical. AXA Retire Treasure helps customers reach their long-term savings goals and gives them the flexibility to decide the amount of guaranteed annual income they want to receive. Customers have a choice for their premium payment term, from Single Premium to 30 years. They can also choose an income payout period up to 120 years old to cater to their retirement needs, and have the flexibility to redeposit their Guaranteed Annual Income with AXA to earn 3 percent interest per annum if they do not need the money yet.

Commenting on the launch, Sean Goh, Managing Director, Life, AXA Insurance, said, "We have introduced AXA Life Treasure and AXA Retire Treasure to give our customers the flexibility to tailor their insurance plans to suit their needs and budget as we recognise that there's no one-size-fits-all solution. We want to empower them to live better lives by taking control of their protection needs, so they can achieve their financial goals and ensure long-term financial security for themselves and their loved ones at every stage of their lives."

Learn more: https://www.axa.com.sg/latest-news/axa-insurance-launches-life-treasure-and-retire-treasure-to-offer-flexibility-and-well-rounded-protection-across-life-stages

14 November 2018
Aviva has joined Singapore's war on diabetes with MyCoreCI Plan

Aviva launched MyCoreCI Plan, an all-in-one protection plan tailored for Type 2 diabetics and pre-diabetics, to financially protect them against critical illnesses and diabetic complications. The plan is also designed for pre-diabetics and those with high Body Mass Index (BMI), high blood pressure and/or high cholesterol.

Daniel Lum, Director of Product and Marketing at Aviva Singapore, said, "Diabetes is becoming a serious issue in Singapore, which has prompted the government to declare a war on diabetes. At Aviva, we want to do our part by offering coverage that diabetics and pre-diabetics can purchase too."

MyCoreCI Plan covers Singaporeans with these pre-existing chronic health conditions, to help them meet gaps in their overall financial plan. While individuals with pre-existing chronic health conditions are more susceptible to critical illnesses, they are often uninsurable once diagnosed, which may lead to insufficient protection, Aviva observed.

Recognising that not all diabetics are the same, Aviva has adopted a customised approach in pricing MyCoreCI Plan so as to be fairer to customers. Premiums are determined based on the severity of customers' conditions at the point of purchase.

The plan is also designed to offer a no-claim reward of 20% of premiums paid, if no claim is made by the end of the policy.

He added, "Aviva's MyCoreCI Plan empowers them to take control of their finances, which is an important part of their lives. Apart from helping them build a financial safety net for their family, we also want to play a part in motivating diabetic customers to continue managing their condition diligently and encourage non-diabetic customers to stay healthy. This is why we included a reward at the end of the policy if no claim is made."

Q&A with Kevin Stone

Kevin Stone

Kevin Stone
General Manager
Friends Provident International Limited (Singapore Branch)

Kevin was born and educated in the UK commencing his career in financial services in the UK in 1986. Moving to Australia in 2006 with AXA, he was Managing Director of Australia's largest non-institutionally branded advice licensee. Kevin is the holder of the UK Chartered Insurance Institute's Advanced Financial Planning Certificate. Kevin has held senior management roles and worked in UK, Australia, Singapore and Hong Kong. He moved to Singapore in 2017 as Friends Provident head of sales and became General Manager in September 2018.

1. What are some of your career highlights?

The opportunity to work in four different countries and cultures. To have been able to relocate to Australia with my family and to have helped financial advisers and members of my teams succeed.   
 
2. Do you have a personal philosophy for life/career that you strongly believe in?

Continuous improvement at an organisational and individual level has been important to me. The greatest thrill is to see (and sometimes help) others develop their skills and knowledge.  
 
3. What do you usually do in your leisure time?

I like most sports and play golf occasionally. I have a passion for Art and in particular portraiture. In 2015 I took two years out to attend art school in Sydney to study classical drawing.  
 
4. Who are your inspirations in life?

I have always admired great sporting coaches who know how to build teams. I have also had the opportunity to work with a number of great leaders/thinkers who have inspired me to achieve more than I thought possible.   

If I had to choose one person from history it would be Winston Churchill, for his tough decision making in the face of adversity, his oratory skills to inspire and his relentless determination. 
 
5. Tell us about a little-known fact about yourself.
 
As a much younger man, I was a former amateur boxer reaching the English Semi Finals at Batamweight.  
 
6. Describe your proudest moment.
 
So many things to be proud of but I'd probably say to see my two children thrive as young adults and to welcome our first grandchild recently. 

Kevin with his grandchild

7. Complete the sentence: "I love my job because ..."
 
Every day brings new challenges and situations, I like the responsibility of leadership and the decision making that comes with it.

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