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Several insurance companies disclosed new products and coverage enhancements in recent days.

Life and health

Philippines-based FWD Life Insurance Corp. launched a range of insurance products called Set for Tomorrow. The plans have three variants: the short-term cover, which provides coverage for five to 10 years; the income protector product, which ensures protection after the death of a family "breadwinner"; and the estate protector, a whole-life plan which provides life cover until 120 years old. Set for Tomorrow will be offered to Filipinos aged 18 to 70, and will soon be available in Security Bank Corp. branches, FWD Philippines' bancassurance partner.

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Puerto Rico's Triple-S Salud Inc. entered into a three-year agreement with Puerto Rican pharmacy benefits manager Abarca Health LLC that will consolidate the management of the former's prescription drug benefits programs for its commercial and Medicare business lines. Under the agreement, Abarca will provide prescription drug claim processing, pharmacy network management, and support or delivery of clinical programs for Triple-S Commercial and Medicare Advantage members. The agreement will take effect Jan. 1, 2019. Triple-S Salud, a managed care subsidiary of Triple-S Management Corp., entered the deal on behalf of its parent and another subsidiary, Triple-S Advantage Inc.

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Anthem Blue Cross and Blue Shield in Georgia offered new Medicare supplement plans to residents in Georgia who have original Medicare, namely the Medicare part A and part B. Medicare supplement plans A, F, G, and N provide copayments, deductibles, coinsurance and other hospital costs, which the original coverage does not. The plans have no provider networks. Those enrolled in the supplement plans will gain membership to SilverSneakers, which engages participants in exercise though a variety of venues and programming, as well as an option to enroll in Georgia Extras, a program that helps customers with their overall health. Anthem Blue Cross and Blue Shield, the trade name of Anthem Insurance Cos. Inc., is part of Anthem Inc.

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Prudential Hong Kong Ltd. unveiled a multi-claim critical illness plan named PRUhealth critical illness multi-care prestige for Hong Kong residents. Features of the plan include a child's developmental care extra benefit, which offers up to about 20% of the current sum assured for nine designated developmental disorder conditions, such as attention deficit hyperactivity disorder and autism spectrum disorder. Other features include the renewed life protection benefit, which provides 100% life protection after a major disease claim, as well as home care service.

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New York Life Insurance Co. established a long-term care solution, named NYL My Care. It covers home care, community-based care and facility care, and offers four pre-designed plan levels: bronze, silver, gold and platinum, as well as a deductible and coinsurance, among others. Benefits include a return of premium up to age 65, waiver of premium after deductible is satisfied, access to care planners, coverage increases up to age 70, coverage for in-home support equipment and client loyalty discount.

Property and casualty

Swiss company Bâloise Holding AG teamed up with furniture and home appliance manufacturer Pfister to offer insurance coverage for Pfister furniture. Under the partnership, Bâloise will insure items bought by customers against mechanical damage, improper use, short circuits or voltage fluctuations.

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Indian insurer HDFC ERGO General Insurance Co. Ltd. rolled out a personal cyber insurance policy which offers protection against cyber crimes, including cyberattacks, identity theft, phishing, as well as reputational risks, including bullying and trolling. The E@Secure policy provides cover between 50,000 Indian rupees and 10 million rupees, and also covers costs for legal help or advise, as well as counselling.

As of Sept. 4, US$1 was equivalent to 71.97 Indian rupees.

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California insurance technology managing general agency startup Urban Advantage Insurance implemented Majesco policy for property and casualty as well as Majesco billing for P&C on the Majesco CloudInsurer platform in 95 days for dwelling fire. Majesco policy for P&C provides pre-configured ISO content, including all rates, rules, forms, taxes, fees and surcharges for 52 jurisdictions, including Washington, D.C., and Puerto Rico.

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Progressive Corp. formed Smart Haul, an electronic logging device, or ELD, and usage-based insurance for commercial truck drivers. The product offers customers savings of 3% on their initial commercial auto policy period for signing up and sharing their ELD driving data. ELDs automatically record driving data, including the hours of service in a day, and were mandated April 1 for owner-operators and small fleets that operate interstate.

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Aon PLC launched a silent cyber solution aimed at protecting insurers from silent cyber exposures through reinsurance. The solution helps insurers identify and quantify their silent cyber exposures. It also helps establish appetite and methodology to underwrite, price and reinsure cyber across multiple lines of business. Aon sourced US$350 million of capacity prior to the launch.

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XL Catlin introduced a space insurance coverage for satellite owners, manufacturers and launch providers. The policy covers satellite and launch vehicle physical damage exposures from pre-launch to launch activities and offers limits up to US$5 million. XL Catlin is the global brand used by XL Group Ltd. insurance and reinsurance companies.

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