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Wednesday, 13 January 2016
AXA Insurance offers cyclists non-financial benefits
Personal accident policies for cyclists may not be new, but
one novel product takes it a step further by arranging non-financial services
like a doctor's home visit and even housekeeping and meal services.
AXA Insurance offers cyclists non-financial benefits
Samuel Ee 13 January 2015
Personal accident policies for cyclists may not be new, but one novel product takes it a step further by arranging non-financial services like a doctor's home visit and even housekeeping and meal services.
AXA Insurance Singapore's SmartFamily personal accident (PA) product covers injuries due to leisure cycling, defined as cycling for recreation. Professional cyclists are not excluded from buying it but they are not covered in the course of cycling as part of their profession.
AXA is the republic's second biggest motor insurer, after NTUC Income, and over the years, it has come up with motor insurance products for special groups like women drivers and MPV or multi-purpose vehicle owners.
AXA also has other PA products which pay out for medical treatment and death from a cycling accident. But SmartFamily is unique as it is the first to offer non-financial services on top of financial coverage.
The average PA plan available in the market also covers claims for some of these non-financial services, but AXA says it makes the necessary arrangements with the service providers.
According to AXA, this allows consumers to receive the non-financial assistance they require to ease them of their day-to-day tasks. The services include home visits by doctors, transportation to medical appointments, home modification as well as housekeeping and meal services.
Under SmartFamily's three coverage plans, customers pay one premium based on the annual coverage amount for both financial payout and non-financial services. When a serious accident occurs, the customer can decide on the proportion of the financial payout and non-financial services to be used, as long as the total amount does not exceed the coverage amount.
The non-financial services are extended to the insured as long as he or she still requires them for recovery and is within the coverage amount.
For example, if a S$1 million sum insured plan is purchased, the policyholder can utilise the non-financial services in any proportion, until the total amount of cost usage reaches the S$1 million sum insured.
AXA chief technical officer Johann Simon explained: "We realise customers are at a loss when a serious accident happens. Issues such as what to do, where to go, who to look for, how to travel to and from medical appointments are their common worries."
As a result, he said AXA wanted to develop "an innovative yet highly relevant personal accident plan that addresses these worries, on top of providing the financial coverage".
In Singapore, PA includes travel insurance and is only the sixth biggest class of business for general insurers, accounting for under 10 per cent of the industry's gross premiums (motor is the largest with about a third).
But the line was instrumental in driving underwriting profits in 2014, with a very healthy loss ratio of below 30 per cent - the best among the seven classes.
The market leader in PA is AIG, with slightly more than a fifth of market share. Other big players include MSIG, ACE Insurance and NTUC Income.
1 comment:
AXA Insurance offers cyclists non-financial benefits
Samuel Ee
13 January 2015
Personal accident policies for cyclists may not be new, but one novel product takes it a step further by arranging non-financial services like a doctor's home visit and even housekeeping and meal services.
AXA Insurance Singapore's SmartFamily personal accident (PA) product covers injuries due to leisure cycling, defined as cycling for recreation. Professional cyclists are not excluded from buying it but they are not covered in the course of cycling as part of their profession.
AXA is the republic's second biggest motor insurer, after NTUC Income, and over the years, it has come up with motor insurance products for special groups like women drivers and MPV or multi-purpose vehicle owners.
AXA also has other PA products which pay out for medical treatment and death from a cycling accident. But SmartFamily is unique as it is the first to offer non-financial services on top of financial coverage.
The average PA plan available in the market also covers claims for some of these non-financial services, but AXA says it makes the necessary arrangements with the service providers.
According to AXA, this allows consumers to receive the non-financial assistance they require to ease them of their day-to-day tasks. The services include home visits by doctors, transportation to medical appointments, home modification as well as housekeeping and meal services.
Under SmartFamily's three coverage plans, customers pay one premium based on the annual coverage amount for both financial payout and non-financial services. When a serious accident occurs, the customer can decide on the proportion of the financial payout and non-financial services to be used, as long as the total amount does not exceed the coverage amount.
The non-financial services are extended to the insured as long as he or she still requires them for recovery and is within the coverage amount.
For example, if a S$1 million sum insured plan is purchased, the policyholder can utilise the non-financial services in any proportion, until the total amount of cost usage reaches the S$1 million sum insured.
AXA chief technical officer Johann Simon explained: "We realise customers are at a loss when a serious accident happens. Issues such as what to do, where to go, who to look for, how to travel to and from medical appointments are their common worries."
As a result, he said AXA wanted to develop "an innovative yet highly relevant personal accident plan that addresses these worries, on top of providing the financial coverage".
In Singapore, PA includes travel insurance and is only the sixth biggest class of business for general insurers, accounting for under 10 per cent of the industry's gross premiums (motor is the largest with about a third).
But the line was instrumental in driving underwriting profits in 2014, with a very healthy loss ratio of below 30 per cent - the best among the seven classes.
The market leader in PA is AIG, with slightly more than a fifth of market share. Other big players include MSIG, ACE Insurance and NTUC Income.
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