Page 19 - Insurance Times April 2020

Lloyd’s. Swiss Re switches to ProRisk from Lloyd’s for capacity

Lloyd’s further stated that in order to deal
help the policyholder find the right For capacity in financial lines, property, accident, casualty and health insurance,
contact at Lloyd’s he or she can con- Professional Risk Underwriting (ProRisk) has switched to
sult the market directory. However, if Swiss Re Corporate Solutions from Lloyd’s. ProRisk Execu-
they are unsure who to contact then tive Director Hamish McDonald Nye said, “The new part-
they can reach out to Lloyd’s at nership opens up opportunities for the underwriting
coronavirus@lloyds.com. agency and its broking partners.”

“Swiss Re Corporate Solutions is a business with an impeccable track record of
Munich Re, Porsche & delivering highly rated insurance products and industry-leading technical exper-
MHP and sign pact for a tise to the market, and they share our vision for the future of ProRisk,” he said.
joint venture The agreement covers directors’ and officers’, management liability, associa-
tion liability, professional indemnity, medical malpractice, general liability, small
Porsche, MHP and Munich Re have business pack and general property business.
signed an agreement for a joint ven-
ture. The alliance “FlexFactory: Digital China nudges its insurers to bring cheaper medical in-
Factory Performance” will intend to
offer digital, flexible production strat- surance policies for coronavirus
egies along with innovative software The Government of China is pushing the insurance companies to bring cheaper
solutions. medical insurance policies related to the coronavirus. The
government is also assuring the insurers of approving the
“There’s great market demand for new products fast, according to the source’s information.
bespoke products. The challenge is to The move is expected to mark a shift in the Chinese insur-
manufacture small batches profitably,” ance market. However, China Life, China Pacific Insurance,
says Lutz Meschke, Deputy Chairman Ping An Insurance Group and Zhong An Online P&C Insurance Co, among oth-
of the Executive Board at Porsche AG ers, have included coverage for the virus in their existing medical insurance
and Board Member responsible for Fi- products, according to their websites.
nance and IT.
PhonePe offers international travel insurance
“That’s why Porsche, Munich Re and
MHP see great potential in pooling our PhonePe is offering international travel insurance that covers for virus-based
areas of expertise from different indus- pandemic diseases in order to provide aid to the users to manage offshore medical
tries, combining Munich Re’s risk-man- costs. PhonePe provides an insured sum of up to $1 million and special pricing
agement expertise with Porsche’s soft- starting at INR 216. In addition to that, users opting for the coverage will have
ware skills and production know-how,” access to instant refunds with no cancellation charges before the travel start
says Meschke. date and 24×7 international travel assistance across 220+ countries.
Users can purchase travel insurance on the PhonePe app and save their policy
Torsten Jeworrek, Member of Munich certificates along with their basic information on the app to make repeat pur-
Re’s Board of Management, said, “For chases simpler, easier, and faster.
us, this joint venture is all about devel-
oping innovative production strategies Bangkok Airways join hands with AXA Thailand to of-
and services that add up to a compre- fer new travel insurance
hensive solution, which we can then
market as a complete and tailored Bangkok Airways and AXA Thailand, a leading insurance company in Thailand
package. In turn, customers will quickly have entered into a partnership with the aim of offering a new travel insurance
reap strategic benefits and genuine product for passengers on the airline’s domestic and international routes. Un-
added value through the pooled com- der the Bangkok Airways’ “Protective Wing” travel insurance plan, passengers
petencies of our companies.” will benefit from both outpatient (OPD) and inpatient (IPD) coverages through
AXA Thailand and will not be required to make advance payments for medical
expenses at more than 39,000 hospitals worldwide.
The Insurance Times, April 2020 19