Microinsurance

Hong Kong

YAS empowers insurtech with disruptive innovations for the future and beyond reshaping the insurance industry with a new ecosystem and business model. PR Newswire, July 23, 2020.
YAS, which utilizes innovative technologies such as 5G, AI, blockchain, data analytics, and open API, is set to reshape the insurance industry. With the introduction of 5G technology, telehealth will be at the customer’s fingertips, with instant access to a virtual assistant during emergencies or real-time video streaming to a doctor from their home country while traveling will all be achievable.

Philippines

UnionBank, partners push microinsurance to cover untapped $4.2-B PH market. Business Inquirer, August 22, 2020.
Insurance service provider Igloo, UnionBank, and Akulaku now offer a range of personal accident insurance products on the digital platform of the Aboitiz-controlled bank. These microinsurance products are easy to purchase, simple to understand, and highly affor­dable with three-, six-, nine-, and 12-month payment plans.

RCBC unveils financial inclusion ‘super app’. Inquirer.net, July 2, 2020.
DiskarTech is touted as a financial inclusion “super app” that offers in sachet format vital services needed by “unserved” and “underserved” consumers. Customers can create their own deposit accounts, which have a goal-oriented digital savings feature that allows users to set their life goals. More services are expected to be introduced, including microinsurance and a marketplace for enterprising Filipinos.

Boost and Aspirasi launch microinsurance underwritten by Great Eastern Life Assurance. Fintech News Malaysia, July 01, 2020.
Aspirasi Protect is a microinsurance plan which provides affordable, accessible, and on-demand protection to Malaysians. For just RM1.50 it offers seven-day insurance coverage, up to RM37,500 for accidental death of various causes, RM12,500 for critical illness protection for major head trauma or coma, and RM5,000 bereavement benefit upon accidental death.