Tag Archives: insurance policy

insurance policy

Financial, Funding, Insurance, Insurance Services, Investment

Hong Kong’s Innovation and Technology Venture Fund part of insurtech startup Ignatica’s Pre-A round of financing

ZÜRICH, 7-Jul-2021 — /EPR FINANCIAL NEWS/ — Ignatica, the insurance policy administration platform that offers digital self-service and intelligent automation solutions for insurers, is excited to announce that the Innovation and Technology Venture Fund (ITVF) has become its strategic investor.

The ITVF is a HK$2 billion fund established in 2017 by the Hong Kong Special Administrative Region (HKSAR) Government to co-invest with selected venture capital funds in local innovation and technology (I&T) start-ups.

“Becoming a portfolio company of the ITVF is core to Ignatica’s love and commitment to Hong Kong and its burgeoning start-up and technology sector,” said Ignatica President and Co-Founder, Travis Callahan.

As the first insurtech investment made by the ITVF, Ignatica’s platform lets insurers quickly and efficiently build and launch new products at low cost, while drastically reducing administration costs and transforming the servicing experience for consumers.

“The investment aligns with the ITVF’s primary objective to support the development of I&T start-ups in Hong Kong. We look forward to supporting Ignatica’s innovative work that creates new markets and value for the insurance industry,” said an ITVF spokesperson.

As of July 7, 2021, the ITVF has invested US$1.75 million in Ignatica.

“As a lifelong Hong Konger, it means a great deal to me to enter into this partnership with the city,” said Ignatica CTO and Co-Founder Adhish Pendharkar. “Ignatica is a reflection of the diversity, innovation, and sense of community of Hong Kong.”

Ignatica’s suite of SaaS offerings allows insurance product managers to create and edit coverages and plans, dynamically adjust pricing, and change product configurations in seconds. They also enable servicing and back-office operations to be automated and pushed to the front edge for digital self-service for even the most complex insurance products.

“The ITVF is an ideal investor as we continue to scale our business globally,” said Manuel San Miguel, Ignatica’s CEO and Co-Founder. “It’s an honor to be chosen by the city’s own, premiere investment fund.”

“We welcome the Innovation and Technology Venture Fund to join as a co-investor of Ignatica. We believe Ignatica will be better positioned growing in the Hong Kong market, and in turn contributing to Hong Kong’s fintech industry,” said Ming Shu, Partner of Lingfeng Capital. “As the lead investor of the company’s Pre-A round of financing, we are very pleased to introduce Ignatica to the ITVF. Moving forward, we aspire to continue our post-investment value-add to our portfolio companies and together building the future of insurance technology in the Greater China region and beyond.”

ABOUT IGNATICA (www.ignatica.io/)

Ignatica was founded in 2018 by Manuel San Miguel, former Manulife CTO for APAC, fellow technology and insurance industry veteran, Adhish Pendharkar, and longtime C-suite executive and entrepreneur Travis Callahan. Its core platform technology enables insurers to profitably provide every person on the planet the type of insurance they need, at the price they can afford, with the service and speed that today’s customers expect.

ABOUT INNOVATION AND TECHNOLOGY VENTURE FUND (https://www.itf.gov.hk/en/funding-programmes/supporting-start-ups/itvf/)

The ITVF is a HK$2 billion fund established by the HKSAR Government in 2017 with a view to attracting more private capital to invest in local I&T start-ups, thereby creating a more vibrant I&T ecosystem in Hong Kong. The ITVF will co-invest with selected co-investment partners at a matching investment ratio of approximately 1 to 2.

ABOUT LINGFENG CAPITAL (www.lingfengcap.com/)

Lingfeng Capital is a growth capital private equity fund for the fintech sector in the Asia Pacific, particularly in the Greater China region. Its focus is on real applications and underlying tech for the finance industry. Its vision is to become the leading innovative tech fund management company and to facilitate growth and success for the next generation of entrepreneur-driven fintech companies.

SOURCE: EuropaWire

Checking & Savings, Costs, Financial, Financial Information, Financial Services, Insurance, Insurance Services, Money, Personal Finance

Leading Child Trust Fund Provider, The Children’s Mutual, Has Announced The Launch Of A Very Different Return Of Premium Term Life Insurance Policy

thechildrensmutual.co.uk

Traditional Term Insurance products ask people to pay regular insurance premiums on the understanding that if the person insured dies during the policy term a payment will be made to the family or executors. But, if the person insured survives the term neither they nor the family will receive anything back.

The Children’s Mutual has teamed up with insurance experts ACE Europe Life Ltd to offer customers the ACE Return of Premium Term Life Insurance policy, which gives families the financial security of up to £100,000 cover in the event of death, combined with a guarantee that if the worst doesn’t happen all premiums paid will be returned. This ensures that, as well as peace of mind throughout the term, policy holders will have something to look forward to at the end of it too.

Designed to be easy and affordable as well as rewarding, the Return of Premium Term Life Insurance can be applied for online by simply completing 4 straightforward questions to check eligibility. There is no medical to pass and the length of term is selected by the applicant at the time of submission – f r o m 5 to 18 years – to reflect personal circumstances and requirements.

David White, Chief Executive Officer of The Children’s Mutual, leading Child Trust Fund provider, commented: “We are delighted to announce the launch of what we believe to be the only product of this kind in the UK. We have worked closely with ACE to develop a form of Term Insurance that will offer our customers reassurance and value throughout as well as giving them an added reward at term end.”

The new ACE Return of Premium Term Life Insurance policy has been created to provide a win-win situation for policy holders – with protection for loved ones should the worst happen, and money back if it doesn’t.

Benefits include:

– Peace of mind for the whole family
– Up to £100,000 of cover 
– All premiums back if the holder survives the full policy term
– Quick and easy application process 
– Variable length of policy – f r o m 5 to 18 years 
– Affordable monthly payments

To celebrate this innovative new product, a special introductory incentive is being offered, where policy holders pay just 99p a month for their first 2 months of cover. Additionally, if the partner of a policy holder also takes out cover, then they will pay just 99p a month for the first 2 months as well, plus receive 15% off all their monthly premiums after that.

About The Children’s Mutual

Home of the Child Trust Fund The Children’s Mutual’s mission is to help parents, grandparents, family and friends fulfil their hopes for today’s children and secure their financial futures. The company specialises exclusively in family-focused finance products, and is currently the choice of 1 in 4 parents for their child’s Child Trust Fund.

The Children’s Mutual, as an expert in savings for children, made a significant contribution to the Government’s Child Trust Fund consultation process and is widely recognised by the business community and press as an industry expert on family finance. This expertise has led several financial institutions and family-focused high street retailers to choose The Children’s Mutual as their stakeholder CTF partner.

Via EPR Network
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Financial, Financial Information, Financial Services, Insurance, Insurance Services, Money

Sloppy Shed Security Is An Open Invitation To Thieves Warns M&S Home Insurance

A new survey by M&S home insurance has revealed that, with many people set to head out into the garden this Easter weekend, many shed owners may be under estimating the value of the contents of their shed and not taking appropriate steps to secure their property.

The survey by home insurance provider M&S Money found that the average shed contains a massive £888 worth of property. One survey respondent admitted to keeping £30,000 worth of goods in their shed.

However, almost a quarter of shed owners (24%) admitted failing to take steps to secure their shed, such as using a lock on the door.

The lack of security may help to explain why sheds are often targeted by thieves – 30% of shed owners know someone who has had property stolen from their shed.

Judith Roberts: Manager at M&S Insurance, said: “Sheds often contain a wealth of property, including tools or machinery which can cost thousands of pounds. Our survey reveals that many people fail to take even simple steps to secure their shed. It’s not surprising, therefore, that insurers receive many claims for theft from sheds.

“Householders should check whether their home insurance policy provides cover for theft from the shed, and whether there is a limit on that cover. Even if you do have insurance, unless you secure your shed, any claim may be invalid.”

The M&S home insurance policy provides unlimited cover for theft of property from a shed. Policyholders must take reasonable steps to ensure they have secured their shed.

All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 1971 adults. Fieldwork was undertaken between 18th – 20th March 2009. The survey was carried out online. The figures have been weighted and are representative of all GB adults (aged 18+).

About M&S Money
M&S Money (the trading name of Marks & Spencer Financial Services) was founded in 1985 as the financial services division of Marks and Spencer Group plc. The company is now a top ten credit card provider and the second largest travel money retailer in the UK. M&S Money also offers a range of insurance cover, including home insurance, pet insurance, car insurance and wedding insurance, as well as loans, savings and investment products.

In November 2004, Marks & Spencer sold M&S Money to HSBC. The Group serves customers worldwide from around 9,500 offices in 86 countries and territories in Europe, the Asia-Pacific region, the Americas, the Middle East and Africa. With assets of US$2,527 billion at 31 December 2008, HSBC is one of the world’s largest banking and financial services organisations.

M&S Money has an executive committee comprising an equal number of representatives from HSBC and Marks & Spencer. An ISDN line is available for broadcast interviews

Via EPR Network
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Financial, Financial Services, Financial Solutions, Insurance

New M&S Money Survey Reveals Average Student Bedroom Contents Are Worth £1650

Following a new M&S Money survey which reveals that the contents of an average student bedroom are worth £1650, students heading to university are being urged to make sure they have appropriate insurance.

The poll of 2,000 students by M&S Money found that the average student bedroom contains:
– £718 worth of electrical gadgets and appliances
– £498 worth of clothing
– £224 worth of sports equipment
– £210 worth of text books

The huge value of a student’s bedroom is not surprising, with over half of students (53%) owning an MP3 player, 52% possessing a laptop and 42% enjoying movies on their own DVD player. The expense continues outside the bedroom, with a quarter of students owning a bike.

The survey also revealed that 14% of students have been burgled while at university and 22% of student cyclists have had their bikes stolen.

Despite this, only 16% of students have taken out their own insurance policy to cover their possessions whilst living in student accommodation. However, many people heading to university will not need to buy a stand-alone student policy and should check if their parents’ home insurance policy provides sufficient cover.

Steve Price, M&S Head of General Insurance, said: “Insurance may be the last thing on students’ minds as they prepare for the new academic year. It often feels like an unnecessary expense on top of everything else. Many students would be surprised to know that their valuables may already be covered – they just need to check whether their parents’ home insurance policy covers their property when away from home.”

Students whose parents have M&S Premier home contents insurance could even enjoy unlimited cover for their possessions when away from home. This covers events such as damage, flood or theft from halls. Students are also covered if their bike is stolen when they are at university, as long at it is left secured when unattended.

About M&S Money
M&S Money (originally called Marks & Spencer Financial Services) was founded in 1985 as the financial services division of Marks and Spencer Group plc. The company is now a top ten credit card provider and the second largest travel money retailer in the UK. M&S Money also offers insurance for homes, cars, travel, pets and weddings, as well as loans, savings and investments.

In November 2004, Marks & Spencer sold M&S Money to HSBC, one of the world’s largest banking and financial services organisations with over 9,500 offices in 85 countries and territories. The business continues to operate under the M&S Money brand, with an executive committee comprising an equal number of representatives from HSBC and Marks & Spencer.

The company employs 1,200 staff at its headquarters in Chester, delivering personal financial services to its customers, reflecting the core values of Marks & Spencer – quality, value, service, innovation and trust.

Via EPR Network
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