ePLDT Achieves Another Solution Designation as a Microsoft Partner

ePLDT, the ICT arm of PLDT Group, announced its newest designation as a Microsoft Solutions Partner for Security, a recognition of the company’s dedication to skilling and expertise in delivering best-in-class, end-to-end security solutions across the Microsoft cloud suite.

The Solutions Partner designations are part of Microsoft’s AI Cloud Partner Program, which identifies and differentiates service partners with broad technical capabilities, a dedication to competency development and training, and a proven ability to successfully deliver solutions for customers within a specific Microsoft Cloud key area.

The Solutions Partner for Security designation signifies ePLDT’s capability to help its clients safeguard their entire organization with integrated security, compliance, and identity management solutions.

“Security has become a business imperative, and this recognition from Microsoft further solidifies ePLDT’s commitment in helping organizations address today’s evolving threat landscape,” said Victor S. Genuino, President and CEO, ePLDT

Enterprise and small-to-medium business clients can be assured that ePLDT has the certification and expertise to provide top-level security services and consistently deliver measurable outcomes in safeguarding digital environments. The designation reinforces ePLDT’s capability to offer advanced security services from the Microsoft portfolio, including threat detection, response, and remediation.

“This designation exemplifies ePLDT’s commitment to helping our joint customers unlock the full potential of Microsoft Cloud Security solutions,” said Peter Maquera, CEO, Microsoft Philippines.

Playing a pivotal role in driving digitization in the Philippines to generate inclusive economic growth, ePLDT has consistently emphasized the critical importance of cybersecurity for businesses undergoing digital transformation.

By continuously building on its cybersecurity expertise and providing robust security solutions that help businesses protect their data and maintain operations even during cyberattacks, ePLDT enables its customers in various industries to confidently embrace digital transformation initiatives.

GCash Unlocks Affordable and Accessible Insurance for Over 14 Million Filipinos With GInsure

Insurance has long been considered a necessity to building financial resilience. However, for many Filipinos, its perceived costs often make it feel like a luxury only a few can afford. With daily needs considered a larger household priority, protection from future risks like illnesses or scams is often sidelined to save on expenses.

GCash, the country’s leading finance super app, aims to change this. Through its digital insurance platform GInsure, GCash makes flexible, straightforward, and affordable coverage conveniently available on a platform trusted by millions of users to manage their daily finances. Since launching in 2021, GInsure has empowered micro-insurance for over 14.6 million users, offering over 51.4 million policies as of Q1 2025.

“We are humbled to be able to come to the aid of users who are looking for a more affordable and accessible way to protect themselves and their loved ones today and in the future,” said Winsley Bangit, GCash vice president and head of new business.

Affordable protection made simple

With a focus on affordability, GCash empowers more Filipinos to build financial resilience and prepare for a brighter future. Users can choose from over 48 insurance products tailored for their lifestyle needs, including coverage for Health, Life, Travel, and more all within the app’s Marketplace.

Customers can also enhance their protection when transacting online using popular GCash features with just a few taps. Express Send Scam Insurance provides personal cyber protection from common types of scams for only ₱30, good for 30 days.

More recently, GInsure launched Buy Load Plus Health Insurance, which gives free health and accident insurance to customers who purchase mobile load credits with the GCash app. Eligible users can get up to ₱30,000 in free accident and health insurance benefits. If they are unable to work, users can also get hospital income coverage of ₱500/ day for up to 5 days. These benefits come at no additional cost or obligation.

Everyday readiness through micro-insurance

For GCash, micro-insurance provides a practical way to extend financial protection to those who have traditionally been uninsured or under-insured, especially where communities often face the greatest need for financial protection but have limited access to traditional insurance products.

By offering affordable and straightforward coverage through a digital platform, GCash empowers more customers to safeguard themselves from unexpected challenges without added hassle or expense.

As it continues to expand access to affordable insurance, GCash helps make financial protection a realistic part of everyday life for millions of Filipinos, giving them peace of mind and greater confidence to face challenges that lie ahead. For more information, please visit www.gcash.com.

DMAP to Host 10th Digicon to Tackle Personalization, Customer Engagement in ‘The Age of ‘I’’

Manila, Philippines — Celebrating a decade of digital marketing innovation, the Digital Marketing Association of the Philippines (DMAP), the leading organization known for its excellence and innovation in digital marketing, will set the stage for unlocking the next evolution of customer engagement when it hosts the 10th edition of the annual Digital Congress (DigiCon), with the theme, "The Age of ‘I’: Personalization in a Connected World,” on October 16 to 17, 2025, at the Manila Marriott Hotel, Pasay City, Metro Manila.

Now in its 10th year, the major digital convention will gather global and local industry experts, thought leaders, and technology pioneers to dive into navigating the complexities of personalization in an AI-driven world, unlocking strategies for scalable, impactful connections.

DigiCon 'The Age of 'I'' 2025 will offer attendees opportunities to learn, interact, and collaborate through five focused tracks: Data Science and Analytics, Digital Commerce and Retail, Digital Brand Building, Business Transformation, and Innovation. These tracks, along with various practical and immersive activities, aim to enable attendees to explore the latest trends and emerging technologies in personalized marketing, fostering a culture of innovation and collaboration among industry professionals.

"We are entering an era where personalization is paramount. This year's theme, 'The Age of 'I,' celebrates the transformative power of technology to create unique, meaningful connections with customers. In this rapidly evolving digital landscape, brands must navigate how to cultivate personal experiences in a connected world, driving stronger brand loyalty and an effective customer experience. DMAP DigiCon 2025 will be the destination to empower digital marketers to navigate this era and explore the future of personalized experiences," DigiCon 2025 Chair Alan Fontanilla said.

In the tech and AI world, brands leverage personalization to create more engaging and relevant customer experiences by using AI algorithms to analyze data, predict behaviors, and tailor content, recommendations, and marketing messages. About 71% of consumers expect personalization, and companies with high growth see 40% more revenue from it, underscoring the critical role of personalization in meeting consumer expectations and driving customer satisfaction.

This year's theme is a testament to DMAP's mission to future-proof the industry by providing crucial insights and skills, empowering marketers to stay ahead of the curve in the digital age amid evolving consumer behaviors and rapid technological shifts.

"Filipinos are even more connected and are changing their habits digitally, so digital marketers must possess new levels of expertise and adaptability. DMAP is committed to leading the industry in navigating this complex landscape, providing the critical insights and skills necessary to thrive in an era of hyper-personalization. We continue to strive towards fostering an ecosystem where innovation thrives, and where professionals are equipped to shape the future of digital engagement," DMAP President Miko David said.

Building on past successes, DigiCon The Age of 'I' 2025 expects to attract over 2,000 attendees from various sectors, including marketing, advertising, business, academia, media, and innovation.

Early registration is now open to the public. To secure your spot and learn more about DMAP DigiCon The Age of 'I' 2025, you may visit https://www.digicon.com.ph or email conference@dmap.com.ph.

Fusion Specialty Americas adds R&W, Tax, and Contingent Capacity with HDI Global Specialty SE

New York, June 2024 – Fusion Specialty (“Fusion”) is proud to announce the expansion of its global partnership with leading specialty insurer HDI Global Specialty SE (“HDI”) to the Americas, adding further capacity for its R&W, Tax, and Contingent insurance business.

In a market where securing new capacity is increasingly challenging, the expansion of this partnership further strengthens Fusion’s M&A insurance capabilities and presence in the region, exemplifying the company’s strategic vision for global growth.

Commenting on the expanded partnership between HDI and Fusion, David Rogers, Fusion’s Executive Chairman, said: “Fusion’s partnership with HDI has gone from strength to strength over the years. They have been our partner since the inception of our business in Australia, expanded to the UK and the EU last year, and now to the US. The addition of HDI to our Fusion Americas panel of insurers completes the global partnership between HDI and all of Fusion’s hubs.”

Jim Clark, CEO of HDI Global US, explained the significance of the partnership with Fusion: “Our strategic partnership with Fusion in the US marks a significant milestone in HDI Global’s continuing growth strategy in the region. With Fusion’s proven expertise and robust SME portfolio, we are poised to significantly strengthen our service offerings for clients and diversify our risk exposure. This reinforces our reputation as a key player in Transactional Risk insurance within the SME and LMM sectors. In addition, this collaboration underscores our commitment to innovation and growth while allowing us to act as a preferred Partner in Transformation for our client’s business in an evolving market.”

Michael Mora, CEO of Fusion Americas, further noted: “With HDI, we have added an A+ rated carrier, significantly enhancing our ability to offer R&W, Tax, and Contingent Liability products on a primary and excess basis. Expanding our partnership with HDI to Fusion Americas is a testament to our business performance and strong results both in the US and globally.”

Mora, who was recently promoted to CEO of Fusion Americas from Managing Partner, has been instrumental in working with HDI across multiple jurisdictions since Fusion’s founding in 2018.

He added: “Fusion’s global capabilities and partnerships set our offerings apart from every other transactional liability MGA in the market.  We have a truly global team that provides round-the-clock service and expertise in every jurisdiction in which we operate and distribute Fusion’s transaction insurance products”.

Innovation and Collaboration Take Center Stage at the 14th PHILSME Business Expo

Pasay City, Philippines – The 14th Philippine SME (PHILSME) Business Expo, organized by Mediacom Solutions Inc., concluded a successful two-day run at the SMX Convention Center Manila in Pasay City, Metro Manila, bringing together 8,000 attendees, fostering a vibrant atmosphere of innovation, collaboration, and business growth for small and medium-sized enterprises.

The opening ceremony, hosted by distinguished broadcast journalist Rico Hizon, was also supported by Department of Finance (DOF) Undersecretary Domini S. Velasquez of the Office of the Chief Economist.

Through the Expo, small businesses and entrepreneurs are connected with industry experts, offered innovative solutions, and connected to business prospects. SMEs gain valuable insights, explore new opportunities, and, ultimately, push their businesses toward sustainable success.

"It's not every day that you get to have more than 120 exhibitors and over 180 business solutions come together under one roof to showcase what they offer for SMEs," PHILSME Managing Director Trixie Esguerra-Abrenilla said.

"Our overall objective is to help them come together, collaborate with each other, and have them showcase their business solutions.”

SMEs hold immense potential for supporting the Philippine economy as they drive employment, income, and overall development. They represent a significant portion of businesses in the country, accounting for 99.59%, based on the 2022 List of Establishments (LE) of the Philippine Statistics Authority (PSA). 

However, challenges like limited resources, keeping up with the evolving market, and forging strategic partnerships can hinder their growth.

Esguerra-Abrenilla emphasized that the success of the Expo is a testament to the organization’s commitment to supporting the growth and development of SMEs in the country. 

“We will continue to provide valuable resources, opportunities, and support to empower this important sector and foster the spirit of collaboration within the Philippine business landscape,” Esguerra-Abrenilla said.

Sharing solutions and building partnerships

Among the keynote speakers during the event were representatives from project management platform Odoo, which offered how to streamline and automate business operations; financing solutions Security Bank spoke about financing solutions that empower SMEs through financial inclusion; Toyota Financing addressed livelihood through accessible transportation modes; and creative platform Canva empowered attendees by teaching them how to use artificial intelligence (AI) in their creative projects.

These are among the 180 business solutions and opportunities presented by over 120 sponsors and exhibitors across diverse sectors, including finance, banking, advertising, healthcare, IT, logistics, franchising, and telecommunications, amongst many others.

Esguerra-Abrenilla said that these types of activities and the support given to SMEs go beyond the expo through the Philippine Business Network, a monthly gathering of Philippine business owners to get updated with new offers from different companies and an opportunity to interact with other industry service providers.

“Our commitment extends beyond the expo. We strive to continue supporting SMEs by helping them become aware of the latest business solutions, sharing exclusive offers they can take advantage of from various service providers, and providing them exclusive opportunities for the PHILSME Business Network,” Esguerra-Abrenilla said.

As PHILSME looks ahead to future engagements, the organization remains steadfast in its commitment to empowering SMEs, start-ups, and entrepreneurs through the next exhibit on November 22 and 23, 2024, the 15th edition of the SMX Convention Center Manila expo.

For more information about PHILSME and upcoming events, visit www.PhilSME.com and social media pages.

Harvard and Stanford-founded insurtech startup Hive Health transforms healthcare access for SMEs with HMO acquisition

Metro Manila, Philippines, November 2023 - Hive Health, a digital health insurance startup founded at Harvard and Stanford Universities in 2021, has made a significant leap forward in transforming healthcare access for Filipinos with its acquisition of Health Plan Philippines, Inc. (HPPI), one of the pioneering Health Maintenance Organization (HMO) service providers in the country.

"We have just begun the hard work of making healthcare radically more accessible. The goal is for all Filipinos to feel secure that their health is taken care of, and to give employers a sustainable way to take part in making that happen," stated Camille Ang, Co-Founder and CEO of Hive Health. “Hive Health’s journey to date, especially with the acquisition of HPPI, marks a significant milestone, not just for our company but also for the Philippine startup landscape. It underscores the potential of startups like Hive Health to shrink the change and make an impact on intractable problems.”

With this strategic initiative, Hive Health will be able to share its technology and data-driven innovations with HPPI’s existing members. Moreover, it will be able to integrate HPPI’s nationwide provider network and institutional knowledge built across 37 years with its core capabilities to further redefine the patient experience across virtual and in-person care.

“Hive Health has been a valued partner of HPPI given our shared missions. I have seen how the team is able to deliver changes to improve the patient experience much faster than I would have expected, and how they genuinely care about making healthcare accessible to more Filipinos. We are excited for the journey ahead as Hive Health and HPPI join forces," shared Natasha Reyes, CEO of HPPI.

Hive Health, as a full-stack digital health insurer, offers hassle-free, comprehensive HMO health plans for SMEs and startups, encompassing outpatient, inpatient, emergency, and dental care through an extensive nationwide network of 1,700 hospitals and clinics, and over 60,000 doctors across the country. 

“We started Hive Health with the mission to make healthcare more accessible in the Philippines and in many other developing countries where social safety nets are capped. Our goal is to leverage tech and data to make quality healthcare more affordable and easier to use, especially for the underserved SME segment,” said Jiawen Tang, President and Co-Founder of Hive Health. 

Hive Health's digital platform empowers patients to manage their own care and their dependents' care effortlessly—enabling tasks such as requesting letters of approval within minutes to allow patients to skip the long lines in hospitals, viewing plan benefits, finding nearby providers, scheduling annual physical exams, and accessing medical records — all from their phone or computer. Additionally, members enjoy fast out-of-network reimbursements within 3-5 days and exclusive wellness perks.

“We’re also proud of our one-of-a-kind vertically integrated telehealth and care coordination model that bridges virtual and in-person care. Patients can book on-demand video teleconsultations with our team of Hive doctors, who use our in-house electronic medical records system to enable patients to get more accurate diagnoses and access the right care whenever they need it,” Tang explained.

The company is also dedicated to promoting inclusivity for minorities such as LGBTQIA+ and domestic partners while offering essential benefits like mental health, medicine, preventive care, and maternity care.

Furthermore, for small business owners and HR managers who have limited bandwidth to go through cumbersome paperwork, Hive Health’s HR dashboard simplifies onboarding and offboarding, streamlines invoicing, and empowers business owners and HR to encourage employee engagement and wellness.

Challenging journey ignites healthcare revolution

Born from personal experiences and the challenges brought about by the COVID-19 pandemic, Hive Health's founders, Ang and Tang, were motivated to address the gaps in healthcare accessibility and affordability in the Philippines. In particular, the limited coverage and frustrating processes of existing health plans inspired the duo to pioneer transformative changes in the healthcare landscape.

During the pandemic, both Ang and Tang were simultaneously pursuing dual MBA and MPA in International Development degrees at Harvard and Stanford. 

“We learned that over 1.5M Filipinos are forced into poverty each year due to health shocks, while a surprising <10% of the population have access to health plans beyond PhilHealth. For those that are lucky to have an employer-sponsored health plan, the average out-of-pocket spend is at 56%, and Filipinos find it quite difficult to use one’s health plan,” shared Ang, who grew up in the Philippines.

Having earned accolades from esteemed institutions like Harvard, Stanford, and MIT, including the grand prize at the Harvard New Venture Competition that propelled Grab's launch in 2011, and gaining support from leading global venture capital firms including YCombinator, the premier tech accelerator in Silicon Valley, the duo embarked on bringing their thesis coupled with personal challenges into action in 2021.

Hive’s impact is already being felt by SMEs across the country. InvestEd CEO Carmina Bayombong notes how Hive Health’s patient-first approach is truly differentiated. “Our employees are super happy. They tell me that they never want to go back to these brick and mortar HMOs. I myself experienced this—I first tried to line up for a Letter of Authorization (LOA) in the hospital but decided to test Hive’s in-app LOA feature while in line. I was so shocked that it came even before it was my turn in line, while other HMOs take 3 days. I ended up saving both time and money.”

With a steadfast commitment to making quality healthcare accessible to all, Hive Health is on a mission to ensure that all Filipino employees receive the best possible care, starting with their groundbreaking health plans.

AIA Thailand builds upon core initiatives with employee wellness

AIA Thailand no.1 life and health insurance provider, has always focused on employee experiences as it sees the importance of employees having excellent experiences of their own, to be able to deliver exceptional experiences to customers.

To promote this value, the company has introduced their innovative employee wellness initiative “WorkWell with AIA,” which aims to support all employees with objectives in achieving their overall well-being, a supportive work environment that benefits both employees and the communities they serve. This initiative has been designed to align with AIA’s mission to “One Billion People Live Healthier, Longer, Better Lives.”

The initiative focuses on four key well-being dimensions: physical, mental, community & social, and financial. 

In the first half of 2023, AIA Thailand rolled out an impressive series of 76 sessions which were held both face-to-face and virtually to accommodate the hybrid working environment. 

For the Live Well facet of the initiative, which focuses on physical health, the company conducted medical check-ups, consultation with nutritionists, AIA staff clubs, fitness and exercises, AIA Vitality, health market, massage by the visually-impaired, mobile dental service, CPR workshops, health talks, health tips. The company also offers staff recreation such as karaoke room, and music room.

Additionally, AIA also provided mental health training, and hyper care for new hires in adjusting themselves to the new environment under the Think Well aspect highlighting the importance and recognition of mental health. AIA staff can also consult with psychologists online through the Mordee Application if they are seeking help.

The company also held activities under the Feel Well facet, which focuses on community & social health. These activities included ESG initiatives such as blood donations Plastic Free Day, grants for library renovations, and DE&I activities like International Women’s Day, Pride Month, and same-sex marriage leave entitlement.

For the Plan Well aspect that highlights financial health, AIA offered a voluntary programme for Employee Share Purchase Plan, and a series of knowledge sharing on financial and tax planning, insurance privileges, and discounts for employees.

AIA Thailand noted that by prioritising these initiatives, it has created a workplace culture that nurtures the personal and professional growth of employees, leading to higher job satisfaction and overall well-being.

AIA Thailand has actively engaged and received highly positive feedback and satisfaction, as well as high engagement scores from all employees at all levels. This success has been acknowledged by the Asian Experience Awards 2023, as AIA Thailand clinched the Thailand Employee Experience of the Year - Life Insurance category. By embracing the four dimensions of well-being and reinventing the traditional wellness programme, AIA Thailand remains committed to delivering ongoing quality in employee well-being.

The prestigious awards programme seeks to recognise the enterprising initiatives of companies that deliver meaningful brand experiences to their stakeholders.

The Asian Experience Awards is presented by Asian Business Review Magazine. To view the full list of winners, click here. If you want to join the 2024 awards programme and be acclaimed for providing meaningful brand experiences to stakeholders, please contact Jane Patiag at jane@charltonmediamail.com.

MSIG Singapore’s partnership with Fermion to combat motor insurance fraud has won Claims Initiative of the Year at Insurance Asia Awards 2023

SINGAPORE - MSIG Singapore has been honored with the Claim Initiative of the Year award at the prestigious Insurance Asia Awards 2023. This recognition is a testament to their exceptional efforts in combating motor insurance fraud in Singapore. MSIG Singapore partnered with Fermion, a provider of SaaS solutions to create insurance ecosystems, to pioneer the implementation of TrueSight Fraud Intelligence, an advanced artificial intelligence tool that is designed to mitigate motor insurance fraud. Through rigorous testing, refinement, and the digitization of processes, MSIG Singapore’s efforts helped to determine and shape the e-claims processes, ensuring the accuracy and reliability of the data fed into the AI solution.

“TrueSight Fraud Intelligence leverages sophisticated data sets and artificial intelligence to identify instances of claims fraud. By adopting this cutting-edge technology, MSIG Singapore has demonstrated their commitment to deterring criminals and maintaining the highest standards of professionalism and integrity in the industry,” stated Mr Sebastian Tan, Fermion Singapore’s Country Director. 

 

The Insurance Asia Awards 2023 serves as a platform to celebrate excellence, innovation, and remarkable achievements within the insurance sector across Asia. This award acknowledges the collaboration between MSIG Singapore and Fermion, which marks a new standard in the fight against motor insurance fraud.

 

MSIG Singapore played a crucial role in the development of the AI solution by identifying where there were weaknesses in data integrity and helped to strengthen the data sources and quality such that the AI solution has data veracity. Through Fraud Modelling, cases were flagged for MSIG to check for accuracy, and MSIG Singapore ran internal workshops to build domain expertise around claim assessment and fraud detection, which contributed to defining and refining the AI model’s rule base. Moreover, MSIG was able to teach the AI model to look for suspect or repudiated cases or scenarios, which strengthened the model’s ability to identify potentially fraudulent claims. 

 

MSIG Singapore and Fermion have collaborated to automate manual tasks such as data entry, documentation verification, and claims triage to accelerate the claims process, resulting in improved turnaround times and enhanced customer experiences. With TrueSight Fraud Intelligence, MSIG Singapore expects to automate at least 50% of screening checks using this advanced tool, enabling their claims staff to focus on higher-value work, such as interviewing claimants and evaluating complex claims.

 

The successful collaboration between MSIG Singapore and Fermion in the development of TrueSight Fraud Intelligence marks the first step in an ongoing journey to embed AI across the claims process. Fermion recognizes numerous opportunities to augment human intelligence with machine-powered insights, ranging from reviewing policy certificates for coverage using Generative AI and processing medical bills with OCR to assessing damage based on photos using machine vision.

 

To learn more about TrueSight Fraud Intelligence, please visit www.fermion.io.

MSIG Singapore partners with Fermion to combat motor insurance fraud with AI tool

Leading general insurer MSIG Singapore has partnered with Fermion to bring a new artificial intelligence tool to the market to help combat motor insurance fraud. Fraudulent claims have long been a problem for insurers and a combination of industry and in-house efforts have been used in the past to uncover these fraudulent activities. However, with the sheer number of claims processed every day, it can be a difficult task to detect fraudulent activities. MSIG Singapore believes that using AI technology, such as TrueSight Fraud Intelligence, will help to combat these fraudulent claims and reduce the cost of fraud.

According to Sam Tan, Senior Vice President and Head of Claims Services at MSIG Singapore, "With this new AI solution, we can rapidly uncover insurance fraud by cross-referencing data points. The tool offers, in one glance, the information needed to accelerate the claims management process." MSIG Singapore expects to automate at least 50% of the screening checks using TrueSight Fraud Intelligence, freeing up claims staff to focus on more important tasks such as interviewing claimants and assessing complex claims. The AI solution is expected to save MSIG Singapore over SGD 100,000 per year, with the potential for that number to increase in the future.

In 2017, the General Insurance Association of Singapore (GIA) reported that around 20% of all incurred motor claims are fraudulent. The general insurance sector paid out a total of SGD 1.24 billion in claims in 2021. This is why the TrueSight Fraud Intelligence tool is so important. The tool taps into data gathered in Singapore from millions of motor claims processed annually by insurers using Fermion Merimen's eClaims system, giving the AI tool greater accuracy in detecting and preventing fraud compared to other competitive solutions.

Agus Budiman, Head of Product Development at Fermion Merimen, said, "Existing AI fraud solutions in the region tend to lack accuracy in detecting fraud, generating high volumes of false alerts. A root cause was insufficient structured data to train the AI model effectively. To rectify this gap, we decided to take it upon ourselves to overcome this challenge." The TrueSight Fraud Intelligence solution is designed to augment Fermion Merimen's popular eClaims management platform. Once the data is processed by the eClaims platform, the AI tool assesses the potential for fraud and makes recommendations. Results from the automated checks are then presented in a visual network diagram, which helps insurers quickly identify scams as they occur.

The initiative to implement TrueSight Fraud Intelligence is a result of the strong partnership between MSIG Singapore and Fermion Merimen, who work together to innovate the digital claims process. This collaboration has already led to other successful solutions, such as the Interactive Video, which revolutionized the way motor claim surveys are conducted.

Sebastian Tan, Director of Singapore Operations at Fermion Merimen, said, "Insurers like MSIG with an admirable Kaizen spirit to innovate and serve customers better have inspired us to invest heavily in R&D. It’s our privilege to work closely with MSIG Insurance in Singapore to pioneer this solution and now we are looking ahead to roll this solution out to the rest of the industry."

To learn more about TrueSight Fraud Intelligence, visit www.fermion.io.

Ian Hutchinson Joins io.insure as Head of M&A for SMEs in Tech and InsurTech

Singapore, 31 Jan 2023 – M&A Tech and InsurTech firm io.insure – creator of ‘Mio’, the world’s first online mergers and acquisitions (M&A) insurance marketplace for small and medium-sized business (SME) transactions – has appointed Ian Hutchinson as Senior Partner in Asia-Pacific (APAC). 

Based in Singapore, Hutchinson will be responsible for developing strategic partnerships that will enable the evolution of io.insure’s marketplace platform, which also digitises financial lines and other specialty insurance products.

The io.insure platform was created in response to the growing demand from brokers and insurers, as well as legal, accounting and private equity professionals and banks to digitise insurance and deliver a better customer experience. In this role, Hutchinson will also lead distribution, sales and product development to enable multiple partners to efficiently leverage io.insure’s cutting-edge technology.

 

Hutchinson brings over 15 years’ experience across business development, M&A law, in-house counsel, product development, strategy, operations, and general management roles.  Based in Asia over the last six years, he most recently led the Singapore business of Hyphen Group, one of the region’s largest fintech companies as General Manager, where he was also responsible for the company’s Singapore insurance brokerage.  He previously held the roles of General Counsel and Chief of Staff at Hyphen. Prior to this, he practised as an M&A lawyer including stints at the Dublin offices of law firms William Fry and Eugene F. Collins (part of Addleshaw Goddard).

 

Killian McDermott, Co-Founder and Executive Partner, io.insure said: “Ian joins us at this exciting time as we develop new solutions to meet the needs of APAC’s growing SME M&A and financial lines insurance markets. Having recently launched Mio, the first global M&A insurance platform for SMEs, which was created to address the significant risk protection gap in the SME market, we have several other exciting initiatives planned for the region in 2023. Ian’s expertise in FinTech, M&A and insurance will support the significant momentum in our growth and our wider business goals in this very important market.”

 

David Rogers, Co-Founder and Executive Partner, io.insure added, “We are building a global ecosystem of clients, brokers, advisors, insurers and MGAs as commercial partners on the io.insure platform. Our plan is to provide a platform for a full suite of specialty products. Ian’s expertise will support us in spearheading our growth in the region as we continue to digitise and transform the specialty insurance market through the power of partnerships.

 

“I am looking forward to working with the team at io.insure as the firm continues to experience well-deserved global success. Having worked in this space for some time I have seen first-hand the problem in finding appropriate and niche solutions in the SME M&A and broader specialty space.  io.insure, with its specialist underwriting expertise enabled by data and technology, as well as its highly efficient tech-driven partnership distribution, will go a long way in helping to bring capacity to the underserved small and mid-size business markets here in APAC,”  said Hutchinson.

All About Insurtech: Do I Need Insurance if I Rent a Place?

Home prices in Singapore rose to record levels in the third quarter of 2022, shooting up by 3.8% after rising by 3.5% in the previous three months. With the outlook for 2023 not looking any sweeter due to looming issues such as higher mortgage rates, inflation, and a potential economic slowdown, many in Singapore are turning to renting a property instead of purchasing their own. According to reports by the Urban Redevelopment Authority, rentals of landed properties increased by 10.9% in the third quarter of 2022, compared to a small 3.2% increase in the previous quarter. On the other hand, rentals of non-landed properties also increased by 8.3%, an uptick when compared to the 7.1% increase in the previous quarter.

The sharp increase in home rentals shows a growing trend among residents in Singapore, with a growing preference against purchasing a property. In becoming new tenants, there are common misconceptions in terms of home insurance and whether the landlord’s coverage extends to them. If you are planning on becoming a tenant, here are the reasons why you should still invest in your own home contents insurance plan: 

1. Your landlord’s insurance plans do not cover you

• If an accident occurs on the premises of your rental, your landlord’s insurance plan will not extend to you and your possessions. Take a house fire for example—it can consume all of your belongings ranging from your laptop, clothing, important documents, and luxury goods. Without a personal home insurance plan to cover yourself, you will have to replace everything that you have lost out of your own savings. Covering yourself with a unique home insurance plan will save you all that money in the event of an unfortunate accident. 

2. Accidental Damage to Property 

• Accidents happen from time to time. Damage can happen simply to negligence, such as leaving the stove on or dropping something heavy and damaging the floor. Purchasing a home insurance plan ensures that the repair costs are covered. Additionally, if the residence is damaged, the plan can provide you with an allowance for emergency accommodation while repairs are underway. Benefits can include 24-hour home maintenance services, electrical services, and locksmith services among others. While still being accountable to your landlord for the damage, you can have the peace of mind that expenditure due to repairs will be covered. 

3. Accidents and Personal Injury

• Personal accident policies within home insurance plans can cover family personal accidents, with some even giving worldwide coverage. Personal accident insurance that comes with home insurance plans can provide cover for you and your loved ones, and supply Worldwide Personal Liability against any legal liability for accidental property damage or loss or accidental death of or bodily injury caused by negligence.

Property prices are continuously on the rise, and it is not surprising to see people shifting focus to renting instead of owning property. When it comes to insurance, many tenants might be under the impression that they are covered by their landlords, or that accidents won’t happen to them. Knowing whether you are covered or not can make a huge difference in the event of a housing accident, and can either make or break your checkbooks after everything is said and done.

Opting to purchase a home contents insurance plan such as the HL Assurance HomeProtect360 is safe, as it provides the peace of mind of knowing that you will be covered in the event of potential accidents. 

YAS and Avata Join Forces to Launch Embedded NFT Warranty Service to Cover the Cyber Risks of Digital Assets Globally

Hong Kong, October 2022 - YAS Group (BVI) Ltd (YAS), an insurance-on-blockchain pioneer, is joining forces with Avata, an insurtech company, to launch an embedded NFT warranty service worldwide. The warranty service is purchased and issued at the check-out stage of NFT purchases, to cover certain cyber hacks and risks associated with the potential exploitation of smart contracts of digital assets.

YAS and Avata formed this partnership, as these two insurtech companies share the same vision and goal, to protect digital assets and the web3 economy from cyber-criminals. Together, they are onboarding merchants, including NIBIRU, Pluck, Bapes, Wert, and iKonic whose combined NFT transactional value exceeds USD 500M. The warranty for the NFTs typically ranges in price from 0.05 - 0.1 ETH. The warrantied NFTs typically range in price from 0.05 - 0.1 ETH. Both YAS and Avata intend to focus on making NFT warranty service essential for every NFT transaction. Their target clients are game publishers, individual artists, museums, and audited NFT projects.

NFT warranty typically insures the transfer of valuable assets to cover the risk of the asset being intercepted during the process by hackers, a common type of digital crime experienced by game publishers and gamers. Joachim Rittfeldt Hofvenschiold, Avata's Co-founder and CCO, adds, "We are very excited to bring the first global NFT warranty service to the market. The traction is huge because there is a real need for NFT owners to insure their digital properties in the same way they insure their physical goods."

YAS Co-founder Andy Ann states, "Having experienced the hype of NFT these past year combined with the skyrocketing price of a cryptocurrency, we think it is time for the market to cool down and rethink the true value of NFTs in the creator's economy. Therefore, we think it’s time for us to announce this partnership to provide protection to NFT creators and owners for the long term and aid in making it sustainable and providing extra confidence to market players in the industry."

Many Singaporeans doubt their ability to retire in comfort, reveals Etiqa Insurance Singapore Retirement Survey 2022

Singapore, 6 Sept 2022 – Etiqa Insurance Singapore, a leading life and general insurer, has released findings from its Etiqa Insurance Singapore Retirement Survey 2022 to learn about Singaporeans’ attitudes towards retirement, targeted at the local population to find out if they are ready for retirement, as well as their attitudes towards planning for their golden years. 

Singapore has one of the highest life expectancies in the world, and at the age of 65, the Singaporean female is expected to live for another 23 years and a male for another 19.3 years.1 As such, Singaporeans need to prepare for about two decades of post-retirement living.

As life expectancy lengthens, issues pertaining to aging take on greater urgency such as failing health and loss of income due to retirement. The survey found almost half the respondents (48%) indicated low confidence in retiring comfortably. This is a strong indicator that more must be done now to ensure a happy outcome for a rapidly aging Singapore.

 

Other key findings from the Etiqa Insurance Singapore Retirement Survey 2022 include:

• Making a move: Most Singaporeans (83%) intend to stay in the country after they retire. For those who plan to migrate, the main reason is to seek a lower cost of living for housing and expenses 
• More family time: With much of their time spent working, 70% of Singaporeans are looking forward to spending time with their family after retirement with more men (74%) than women (66%) expressing this desire to spend time with family. 
• Continued productivity: Most Singaporeans plan to spend their time wisely by continuing to contribute to society. 1 in 2 respondents (49%) plans to continue working part-time post-retirement while 1 in 4 respondents (27%) intends to devote time to volunteer work. 
• Top concerns for retirement: Finances and health are top concerns for Singaporeans after they retire, with 84% of respondents indicating financial independence to be of utmost importance and 73% of respondents seeking to be physically independent. Other worries include failing health (42%) and running out of funds (23%). 
• Starting point: Younger Singaporeans are more worried about retiring comfortably by the age of 65 than their older counterparts. 1 in 5 have started retirement planning from the age of 24 or even younger. 

“To truly get the most out of their later years, Singaporeans need to have the wealth and health to do what they want after retirement. Amassed savings resulting from early financial planning can help to ensure that retirement needs are met later in life. At Etiqa Insurance Singapore, we aim to protect the joys of a longer life expectancy, which is why we developed savings and investment solutions to help people attain their retirement goals, as well as protection products to ensure their retirement plans do not derail”, shared Raymond Ong, CEO of Etiqa Insurance Singapore. 

 

About Etiqa Insurance Singapore Retirement Survey 2022 

In a bid to better understand Singaporeans in their retirement planning, Etiqa Insurance Singapore surveyed 1,029 individuals aged 18 to 64 years old in Singapore in May 2022. Conducted in collaboration with Kantar, the online survey focused on how Singaporeans feel about retirement, their fears, and plans after retirement. 

 

About Etiqa Insurance Pte. Ltd. (Etiqa Insurance Singapore) 

Protecting customers since 1961, Etiqa Insurance Singapore is a licensed life and general insurance company regulated by the Monetary Authority of Singapore (MAS) and governed by the Insurance Act. The local insurer is the Singapore operating entity of Etiqa Insurance Group – a leading insurance and takaful business in ASEAN offering life and general insurance and family and general takaful products through its agents, branches, offices, and bancassurance network in the region. Etiqa is rated ‘A’ by credit rating agency Fitch for the group’s ‘Favorable’ business profile and ‘Very Strong’ capitalization. 

 

Etiqa is owned by Maybank Ageas Holdings Berhad, a joint venture company that combines local market knowledge with international insurance expertise. The company is 69% owned by Maybank, the fourth largest banking group in Southeast Asia, and 31% by Ageas, an international insurance group with footprints across 16 countries and a heritage that spans over 190 years.