John Foord launches instant online asset-valuation service for insurance
Insurance-focused global asset valuation specialist John Foord has launched a cloud-based platform providing insurers and reinsurers, in addition to asset owners and financiers, with instant, accurate and real-time reinstatement and valuation costs for commercial and industrial fixed assets.
Beta trials conducted with global insurers in the last quarter revealed underinsurance to the tune of over $10bn in sums insured across the books assessed, which covered the power generation and property sectors.
The new platform provides instantaneous and reliable valuations, significantly speeding up and improving the underwriting process and enabling under-, or over-insurance, to be immediately identified and corrected.
The valuations are created by applying artificial intelligence and machine learning to millions of data points on similar assets. This information is also constantly validated and augmented with external data sources, including commodity and labour pricing and ongoing valuation research.
Depending on the number of data points used, three levels of valuation are available which can provide users with an estimate that falls within 5%-30% variation to results typically expected from a more traditional full physical survey.
The system uses drop down menus akin to price comparison website architecture to help guide the user through the assessment process. Users will be charged on a usage basis, as part of an annual subscription service.
Initially launching in the power generation and buildings sector, more industries will be added to the John Foord Analytics platform over the next eighteen months. A
HSBC Life opens new channel, launches new currency options for existing plans
HSBC Life has enabled its customers to apply for HSBC Voluntary Health Insurance Scheme Flexi Plan (HSBC VHIS Flexi Plan) online and launched new currencies of HSBC Swift Save Insurance Plan (HSBC Swift Save).
Customers can now purchase HSBC VHIS Flexi Plan on HSBC’s digital channels through a simple and guided quotation and application process. They can also choose to extend the VHIS protection to up to nine other family members.
When customers log into HSBC personal internet banking, their personal information will be pre-populated, and they will be able to complete the required medical history questionnaire online. Payment can be made monthly or annually with HSBC bank accounts or HSBC credit cards.
The entire application process takes less than five minutes, and HSBC Life also provides a tele-underwriting service to assist customers who may need to disclose specific medical histories.
From now until 31 March 2022, a special 20% first-year premium discount will be available for eligible customers who apply for an HSBC VHIS flexi plan online. Eligible customers who apply for two or more family members can enjoy an additional 10% family discount throughout the coverage period.
HSBC Life also announced the launch of new tranches of HSBC Swift Save. On top of the British pounds currency option currently available, the digital savings plan offers customers with a choice of three additional policy currencies including Hong Kong dollars, renminbi or US dollars. A
Solarvest, QBE Malaysia and Anora to offer solar investment insurance
Solarvest Holdings (Solarvest), QBE Insurance (Malaysia) (QBE Malaysia) and Anora Agency (Anora) have signed a tripartite memorandum of understanding to offer solar photovoltaic (PV) investors better coverage.
Under the collaboration, Solarvest will be able to take up, as well as provide its solar PV investors the SolarPro Line-Stoppage insurance policy, a comprehensive general liability policy with consequential loss underwritten by QBE Malaysia, through Anora.
The SolarPro Line-Stoppage insurance provides an added layer of protection and assurance for both PV investors and property owners through allowing for coverage of consequential loss, which is not covered by ordinary comprehensive general liability policies, due to accidents or damages to the property during and after the installation, erection or construction of the PV system. A
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