Invest Round-Up

New AIG platform speeds up accident reporting

The Sunday Times highlights three new insurance plans, a new accident-reporting service and an online chatbot.

eEASY SAVE AND eEASY SAVEPRO BY ETIQA

Insurer Etiqa recently introduced two new online insurance savings plans as part of its new "No Pain. Just Gains." campaign.

The eEASY save plan offers customers an attractive guaranteed return of 2.23 per cent a year over a policy term of six years if funds are deposited before Dec 31. EASY savepro is aimed at "the financially adventurous", where customers can yield higher non-guaranteed potential returns of up to 3.14 per cent a year with a policy term of seven years.

The plans are capital guaranteed. Customers can enjoy higher upfront premium discounts and can opt between making a lump sum or a two-year premium payment. For this festive season, Etiqa is giving away gift vouchers on purchase.

FAMILY PROTECT BY NTUC INCOME

Family Protect was developed to enhance the financial security of those who are supporting intergenerational dependants - the so-called "sandwiched" generation.

The product offers two options of coverage - $50,000 and $100,000 sum assured - across a term of 10 years in the event of death, total permanent disability (TPD), terminal illness and upon diagnosis of diseases such as major cancers, stroke, specific heart disease, as well as end-stage lung and liver disease, among others.

Income says the plan plugs the life and critical illness protection gap in the following ways.

First, the monthly premiums of Family Protect are kept affordable as Income's findings showed that the "sandwiched" generation often has little disposable income each month given their high financial commitment. For example, a 40-year-old non-smoking man will pay a monthly premium of $23 for Family Protect for a sum assured of $50,000. It goes up to $45 for a coverage of $100,000.

More significantly, Family Protect offers a "dependant booster" benefit that pays an additional 25 per cent of sum assured for each surviving dependant of the insured (up to 100 per cent of sum assured, or four dependants) in the event of death, total permanent disability or terminal illness.

Family Protect also features a "retrenchment" benefit that provides a payout of 1 per cent of the sum assured for every complete month of unemployment in the event of retrenchment. This payout is made after each complete month of unemployment instead of only after three months like most benefits of such nature. This helps the insured person get through the job-search period without tapping limited savings.

Additionally, if there is no claim due to death, total permanent disability, terminal illness or other serious diseases, the insured gets a cashback of 20 per cent of net premiums paid at the end of the 10-year policy term.

ONLINE MOTOR ACCIDENT REPORTING PLATFORM BY AIG SINGAPORE

The platform allows policyholders to make accident reports and commence the claims process online, reducing time spent at an Accident Reporting Centre (ARC).

It is also the first of its kind to be integrated with the industry accident reporting system - General Insurance Association of Singapore (GIA) Merimen. This enables people to document the accident more accurately.

Users can access the platform via the AIG Singapore website or mobile application where they will be able to select from pre-loaded accident scenarios and use location pins to determine the exact scene.

Ms Cady Ho, head of claims and customer office at AIG Singapore, said the platform is expected to benefit more than 20,000 AIG Singapore motor policyholders a year.

This is how it works for users who want to file an accident report and submit a claim.

Once an accident report has been submitted - a process that takes around six minutes - the user receives a reference number via SMS.

To complete the accident reporting and claim process, the user can then proceed to an ARC. About half of the Singapore Accident Statement (SAS) would already be complete with information from the accident report, as well as policy information furnished by AIG Singapore.

This means less time at the ARC and a faster accident reporting and claims submission process, says AIG Singapore.

If there is no claim to be submitted, the user can file an accident report remotely via the online platform that offers round-the-clock availability to meet the 24 hours reporting requirement.

It takes less than 10 minutes to complete the online reporting without the need to visit the ARC. A copy of the SAS will be sent to the user via e-mail by the next working day.

SCHRODERS GO BY SCHRODERS SINGAPORE

This is the beta version of an online chatbot operating through Facebook Messenger that aims to allow asset manager Schroders Singapore to better engage its clients.

The chatbot lets clients access information on any fund as well as market information. It is as easy as asking a person a question anytime of the day without having to download an app.

Ms Susan Soh, country head of Schroders Singapore, said the service is unique as it offer information not just about Schroders but can also fetch information on other similar funds for comparison.

The full version of Schroders GO is expected to be launched early next year.

The chatbot is able to self-learn and answer three-dimensional questions (for example: Show me US dollar funds in the Asia-Pacific managed by fund manager Robin Parbrook), which makes it a lot more powerful than fund lists commonly provided on websites. It is available in English but is able to understand Singlish.

Besides answering queries, Schroders GO allows users to track and get the latest information on their preferred funds with a Watchlist function.

It also offers a digital learning experience by generating incentivised quizzes to help deepen a user's understanding of investing. Market commentaries from the Schroders team are provided as well.

A version of this article appeared in the print edition of The Sunday Times on December 24, 2017, with the headline 'New AIG platform speeds up accident reporting'. Print Edition | Subscribe