Invest Round-Up

Got queries on life insurance? Chatbot can help

Tokio Marine Life Insurance Singapore's TOMI is a self-learning artificial intelligence chatbot that aims to make life insurance easier to understand. It is available 24/7 on Facebook Messenger.
Tokio Marine Life Insurance Singapore's TOMI is a self-learning artificial intelligence chatbot that aims to make life insurance easier to understand. It is available 24/7 on Facebook Messenger.PHOTO: TOKIO MARINE

The Sunday Times highlights a new debit card, a chatbot, a travel app and an emergency home assistance service.

HSBC JADE BY HSBC BANK SINGAPORE

HSBC Jade is Singapore's first debit card for the high-net-worth banking segment, according to HSBC Singapore.

The card provides travel benefits, concierge services, no annual membership fee and cash rebates for card spend.

It is available to Jade members of HSBC Premier, which is an invite-only membership programme for its high-net-worth customers. These individuals meet certain criteria including maintaining more than $1.2 million in cash and investments with the bank.

Jade debit card holders receive complimentary lounge access to over 970 airports worldwide, up to US$2 million (S$2.7 million) in travel accident coverage and emergency travel medical assistance, 24/7 access to "Quintessentially Lifestyle Managers" for support in planning holidays or unique experiences, and cash rebates of up to 1 per cent.

Mr Matthias Dekan, head of customer value management at HSBC Bank (Singapore), said the debit card was developed in recognition of wealthy customers' preference for an all-in-one banking card.

Ms Ooi Huey Tyng, Visa country manager of Singapore and Brunei, noted that 80 per cent of Visa affluent debit card holders here have made three times as many cross-border transactions compared to an average debit card holder.

"In addition, the affluent debit card holder also spends nine times more than an average debit card holder. Hence, one of the propositions of the Jade debit card is to reward card holders with rebates on all spend," she said.

While most affluent cards in the market focus on miles accumulation, HSBC sees an untapped opportunity in the cash rebate space. HSBC Jade debit card holders will enjoy 0.7 per cent cash rebate on all Visa spend.

To mark the launch, HSBC will offer an additional 0.3 per cent rebate on all Visa spend, making it a total of 1 per cent cash rebate. It will also waive the bank's mark-up fees on foreign currency transactions until March 31, 2018.

TOMI BY TOKIO MARINE LIFE INSURANCE SINGAPORE

TOMI is a self-learning artificial intelligence chatbot that aims to make life insurance easier to understand. It is available 24/7 on Facebook Messenger.

The chatbot builds on the success of an earlier version released in January, when TMLS was the first financial firm here to launch a chatbot for its financial advisers.

The new version is aimed at helping the public to understand and manage their insurance coverage more independently by providing instant and accurate explanations of commonly used terms in insurance, information on Tokio Marine's products and solutions, and how to join the industry as a financial adviser with the insurer.

CHUBB TRAVEL SMART BY CHUBB

Chubb Travel Smart is an application that helps employers prepare and support staff on business travel, including having emergency assistance 24/7 at the touch of a button.

"Chubb Travel Smart has been developed to help employers better fulfil their duty of care obligations. With the added component of an online dashboard ... managers can locate and send messages and alerts to business travellers anywhere in the world," said Mr Glen Browne, executive vice-president, accident and health, Asia Pacific for Chubb in the Asia Pacific.

EMERGENCY HOME ASSISTANCE SERVICE BY ETIQA INSURANCE

The service, which is provided by Etiqa Insurance in partnership with Allianz Worldwide Partners Singapore, is a one-stop solution for emergency repairs and assistance when unexpected situations arise at home.

It covers the four most common problem areas at home - plumbing, electrical, locksmith and pest control. For instance, it pays up to a fixed amount for a plumber if there is an emergency.

Home owners can use the service - worth up to $4,000 - after buying a five-year eProtect home plan.

eProtect home is a home contents insurance plan designed to provide comprehensive coverage for HDB home owners.

It covers contents including movable household items and valuables, renovations, and provides high worldwide personal liability coverage and accidental death protection.

Home owners can now enjoy a further 15 per cent savings on a five-year eProtect home plan for a limited period.

A version of this article appeared in the print edition of The Sunday Times on October 15, 2017, with the headline 'Got queries on life insurance? Chatbot can help'. Print Edition | Subscribe