IAG Throws In The Tower For Life Insurance

The shake up in the local insurance market continues with IAG getting out of life insurance. IAG has shifted 50,000 of its State Insurance policy holders to the life insurer Aon. In a letter to State customers, IAG said the decision was difficult but customers were "in safe hands" with Aon.

"At State, we review our products from time to time to ensure we are focused on being New Zealand's best insurer for house, contents and motor insurance. As part of this review, we have made the difficult decision to no longer offer life insurance."

IAG said life insurance was only a small part of its business, and customers would be better supported by Aon. It gave assurances their policies would not change and would continue to be underwritten by the country's largest life insurer Sovereign, which is owned by the international insurance group AIA.

The move is one of many made recently by IAG, owner of State and AMI, to reshape its business.

Last year it raised home insurance premiums to reflect the risk of earthquakes and floods in some areas, and has become more selective in its choosing of contents insurance customers.

Bullying Takes Many Forms

Bullying may take many forms, from physical assault, verbal abuse and social exclusion to cyber bullying. Generally, to be considered bullying, the practice must be carried out either by an individual or a group, repeatedly over time, and with an intent to hurt an individual person.

The fact that we have no clear definition might explain why it is sometimes difficult to estimate the prevalence of workplace bullying. In 2017, the Workplace Bullying Institute estimated that 60.3m workers in the US alone have been affected by workplace bullying. In the UK, the Advisory, Conciliation and Arbitration Service (Acas) reported having received 20,000 calls from workers related to bullying and harassment in 2016, many of whom were from an ethnic minority employed in the public sector or women who worked in traditionally male-dominated professions.

The real figures may be distorted as bullying is not always reported, out of fear of retaliation or perhaps because the person affected might not realize they are being bullied. If your self esteem has been crushed, you may end up blaming yourself, thinking you are worthless and even justify being bullied – not realizing you are actually being abused.

Low IQ stereotype - Bullies have traditionally been viewed as having low IQ and being socially inept – lacking in social cognition. We now know that this often isn’t the case, but it may contribute to people failing to recognize themselves as bullies.

Some researchers have found evidence that bullies actually score high in their social information processing abilities, as it takes a certain amount of skill to recognize who to target and how. What bullies often do is to seek out people with low self-esteem to pick on. In doing so, they maintain their standing and increase their confidence, which in turn raises their own self-esteem to unrealistically high levels.

However, bullies often lack empathy – a sense of understanding for how those affected might feel when they bully. This could also contribute to them failing to associate their bevaviour with bullying. They may intend to hurt an individual in the brief moment they are attacking them, but afterwards tell themselves that it wasn’t a big deal, that the victim somehow deserved it or that it was a one off.

Red flags

So how can you know whether you are a bully? It is not possible to “diagnose” in an article such as this, but if you think some of the points below apply to you, it may be worth paying attention to how you are treating others. 

1: You repeatedly upset someone around you. You may notice this if someone gets angry at you a lot, complains about your behaviour or is tearful often. These reactions are indeed a red flag and should be taken seriously.

2: You have a lack of empathy. This is not always easy to recognise in oneself. You may want to ask people around you whether they think that is the case, or even take an empathy test.

3: You can get aggressive. This may include openly shouting, threatening or humiliating someone in front of others. But it could also be passive aggressive comments, such as “Oh, you are doing it that way, that’s brave".

4: You thrive around insecure people. If you make yourself feel better by evoking discomfort or insecurity in a colleague, that would be a classic sign of bullying. This could be done, for example, by persistently picking on someone or deliberately setting them up to fail.

5: You spread malicious rumours about a staff member. It may not seem like a big deal, but spreading rumours could make someone’s life a living hell – costing them professional and social success. 

6: You misuse your power or position about performance issues. For example, you may intentionally block someone’s promotion or take away duties and responsibilities without any rationale or substance. Other possibilities include deliberately and persistently ignoring or excluding someone from joint collaborations and social events.

Bullying is especially likely to take place in stressful workplaces with poor leadership and a culture that rewards aggressive, competitive behaviour. We know that bullying can trigger an array of mental health issues including depression, burnout, increased absenteeism, low self-confidence and stress.

Employers who do not provide a safe environment for their employees are in fact breaking the law. While most countries have some sort of policy on tackling bullying in place (including Canada, Australia, the Netherlands, Sweden, France and Denmark) we need a greater global push to recognize how widespread the problem is.

Educating people about bullying is a positive step forward. This will also create a safer environment for victims to come forward. Hopefully, the change brought about by the #metoo movement with regards to sexual harassment will soon spread to include bullying. In the meantime, we should all make sure we are doing everything we can to treat others with respect.

AIA Partner Medix

Last week, AIA, the largest public listed pan-Asian life insurance group, announced a landmark partnership with Medix, a global health management solutions provider that will benefit AIA customers in the Asia Pacific region. Under the expanded regional partnership, building on already successful collaborations between AIA and Medix in Hong Kong and Singapore, AIA and Medix will work together to launch in more markets in 2019, including Indonesia, Malaysia, Thailand and Australia.

What’s it about - Under the exclusive partnership with Medix, selected AIA customers will have access to “Personal Medical Case Management Services”. When diagnosed with a serious or complex condition AIA customers will be supported by a dedicated case team throughout their medical journey, from diagnosis through treatment until full recovery. They will gain access to a holistic medical assessment, re-evaluation of their condition, referral for additional diagnostic testing -- where needed, ongoing multi-disciplinary consultations, full care coordination, on-going guidance and emotional support provided by Medix's team of renowned medical experts from around the globe. 

Eligible AIA customers will have their medical case reviewed by Medix's expert team of 300 in-house physicians and a global quality accredited network of over 3,000 world-leading and independent medical specialists, ensuring they have the tools to make educated, quality driven decisions and receive the best possible care throughout their medical journey.

What’s the trend - Last month, AIA entered into a first-of-its kind collaboration with Singtel, the largest mobile operator in Singapore, to digitally engage their combined base of more than 5 million customers and reward them to get active and stay healthy. In December 2018, AIA partnered with MyDoc, a digital managed care platform, to digitally deliver health screening results of AIA Vitality members in Singapore.

AIA first partnered with Medix in May 2018 to provide Personal Medical Case Management Services (PMCM) to its customers. The service aims to help AIA Singapore’s customers facing serious medical conditions by making sure they obtain the right diagnosis as fast as possible, have access to optimal treatment, and are supported through their treatment journey till recovery.

On the record - “With the advances in medical treatments and technologies, the expectations of Asian consumers have changed significantly, with personalised, quality medical care at the top of their list. This strategic partnership with Medix exemplifies our leadership role in driving economic and social development across the region. It demonstrates our pledge to go beyond the traditional, passive insurance business model by becoming an integral part of our customers' life journey”, said Ng Keng Hooi, AIA's Group Chief Executive and President in a statement.

Sigal Atzmon, CEO of Medix said, “Through this partnership, we provide personalised medical care, empower patients with the knowledge and tools they deserve to make educated decisions and offer active coverage in the daily lives of each policyholder. As such, we are enabling an unprecedented democratisation of the entire healthcare landscape”.

PTPTN Is Dying From Non-Performing Loans

Statistics show that the National Higher Educa­tion Fund Corporation (PTPTN) will not be able to sustainably provide loans in the future given its current financial scenario, says the corporation’s Public Con­sultation Independent Advisory Panel.

This means that students keen on applying for PTPTN loans in the future may need to turn to other scholarship funds, said the panel’s chairman Sheikh Shah­ruddin Sheikh Salim.

“The total number of students requiring loans from PTPTN is on an upward trend and is expected to grow from 180,000 today to 250,000 by 2040,” he said during PTPTN’s first public consultation town hall session at Universiti Malaya yesterday.

Four more public consultation town hall sessions are scheduled to be held until the end of May.

Sheikh Shahruddin called for more participation from the public to review the 10 big ideas put forward in its public consultation paper so that they could help guide the government in making the best possible policies on PTPTN loan repayment.

Describing the matter as being of “national importance”, he said: “Given that PTPTN’s RM40bil debt has considerable financial implications for the nation and taxpayers, we urge Malaysians to review the 10 big ideas and weigh in with their opinions.

“The future of higher education funding affects every Malay­sian. While current borrowers may feel that they are the biggest group affected by PTPTN’s repayment policies, there is a large group that may not realise that they too have a significant stake in the decisions that have to be made,” he said.

The panel, said Sheikh Shah­ruddin, hoped that all parties – parents, students, employers, NGOs, financial institutions and members of parliament – would cooperate and provide the much needed feedback.

On May 16, PTPTN announced the start of a public consultation process aimed at garnering feedback on ideas regarding a new affordable loan repayment scheme and measures to improve PTPTN’s loan sustainability for future generations.

The 10 big ideas introduced were deferment of repayment for those earning below RM2,000, or for those earning less than RM4,000, implementing Income Based Repayment, mandatory salary reduction, exercising full enforcement by taking legal action, enforcing strict measures on hardcore defaulters, implementing a guarantor system, replacing full scholarships with partial waivers for first-class graduates, increasing the current 1% ujrah for new loan borrowers, and reducing or discontinuing loans to low and non-rated private institutions and courses.

Call To Insure Mental Illness

The Malaysia Psychiatric Association (MPA) has called for mental health treatment to be included in health insurance premiums. MPA patron Tan Sri Lee Lam Thye said such coverage is needed due to the worrying number of people suffering from mental health problems.

He said many of those suffering from mental health issue do not seek treatment due to financial barriers.

The MPA, Lee said, had proposed to the Health Ministry to engage with insurance companies as well associations in the country and find ways to incorporate mental healthcare and treatment in insurance plans.

“Unfortunately, health insurance premiums do not cover the cost of psychiatric services should you require them. There is also a limited supply of specialists, including behavioural professionals and psychiatrists. Much has been spoken about the matter but there has been no positive response so far. Hence, there is a need therefore to initiate discussion on the subject and such initiative should come from the Health Ministry,” Lee said in a statement today.

He said the inclusion of mental health treatment in insurance coverages was nothing new in the region. He cited insurance company AIA, which launched Singapore’s first insurance policy offering coverage for mental illnesses early this year.

“Named ‘AIA Beyond Critical Care’, the plan covers these five conditions namely Major Depressive Disorders (MDD), Schizophrenia, Bipolar Disorder, Obsessive Compulsive Disorder (OCD) and Tourette Syndrome,” he said.

Apart from the ministry, Lee also called on all non-governmental organisations (NGOs) related to the issue to formulate a joint memorandum to the minister and insurance associations explaining in detail the rationale of providing insurance coverage for mental health patients.

“Malaysians with mental health problems must also come forward and stand up for their rights for insurance coverage for mental health just like physical health.”

Lee said the National Health and Morbidity Survey 2017 on mental health among youths showed that one out of five adolescents feels depressed, while two out of five feel anxious with 11.2 per cent of them having suicidal ideation. A total 10.1 per cent of the adolescents had attempted suicide, according to the survey.

More worryingly, he said, the problem also involved students because the ratio of students who had mental problems increased from one in every 10 students in 2011 to one in five in 2016.

Lee said the National Health and Morbidity Survey conducted two years earlier revealed that about 4.2 million Malaysians, aged 16 and above, or 29.2 per cent of the country's population, suffered from various mental problems. This was an increase of 11.2 per cent compared to 2006.

Lee, however, acknowledged that the Health Ministry had been supportive through its efforts in improving the mental health assessment system in the country.

“Nevertheless, more improvements are required mainly through a collaborative effort among the communities as well as governmental and NGOs. It is important to know that early diagnosis and treatment greatly increases the chances of individuals affected by mental illness to regain a reasonable state of health and well-being and satisfying quality of life.”

Reviti Life Insurer - Discount For E-cigarette Smokers

Last April’s launch of UK life insurer Reviti, a wholly owned subsidiary of Philip Morris International, marks a new milestone of absurdity in the story arc of the tobacco industry.

People who switched to e-cigarettes would be offered a 2.5% discount on Reviti insurance premiums. Those switching to Philip Morris’ heated tobacco product iQOS would receive a 25% discount. Those who quit smoking for at least a year would receive a discount of 50%. Reviti is already talking about expanding beyond the UK market.

Who knew that one day we would see a cigarette company selling life insurance?

It was 25 years and one month ago, on April 14, 1994, that the presidents and CEOs of the seven largest American tobacco companies were summoned to face the United States Congress. The president and chief executive of Philip Morris at the time, William I. Campbell, was one of them.

Despite more than six hours of questioning, the top tobacco executives refused to admit that they knew cigarettes were addictive. All seven men stated under oath that they did not believe nicotine was addictive.

Targeting young people is a time-proven business strategy, especially when dealing with nicotine or sugar addiction. To quote a Philip Morris memo from 1981, “today’s teenager is tomorrow’s potential regular customer.”

The tobacco industry has had a well-documented history of targeting young people for its products, especially in large developing markets such as China and Indonesia. In these countries, rather than following the global trend of decreasing numbers of new smokers and more people quitting, the number of young smokers has instead been on the increase.

Almost 70% of Indonesian males smoke (one of the highest adult male smoking rates in the world), including 41% of youths between 13 and 15 years old. Twenty percent of adolescents first tried cigarettes before the age of 10. Packaged as a symbol of liberation, the industry is now targeting young Indonesian women.

In China, where a third of the population light up, 6.4% of youths smoke tobacco. More young men are becoming new smokers while women are increasingly either quitting or not taking up smoking altogether.

Which is why we should be concerned when Philip Morris and others like it are aggressively introducing e-cigarettes into Malaysia. Fundamental to the success of these products are new or existing young smokers.

E-cigarettes range from heat-not-burn (HNB) cigarettes to heating a liquid containing nicotine, propylene glycol, glycerine and flavoring, resulting in a vapor or aerosol (vaping).

The long-term health effects due to the heating of these chemicals and the toxins produced are still unknown.

Findings from the Tobacco and E-cigarette Survey among Malay­sian Adolescents 2016 (Tecma) have resonated and caused concern among many public health professionals: 36.9% of students start using e-cigarettes between the ages of 14 and 15; and more young women are experimenting with e-cigarettes for the first time compared to conventional cigarettes which are viewed negatively.

Because of their form factor, which is often sleek and sophisticated (looking like cool USB drives or glowing pens), coupled with messaging claiming that smoking e-cigarettes is healthier than smoking tobacco, these devices appear to be deliberately designed to attract and appeal to young users.

A recent China Press report found that Standard 6 students in Seberang Perai were using vape devices supposedly smoking fruit-flavored vape juice. How­ever, it would be almost impossible to tell whether said juice had nicotine without testing it.

A common concern regarding e-cigarettes is the possibility of a “gateway” effect where users eventually end up developing a nicotine addiction and taking up smoking tobacco anyway.

The tobacco industry has touted heat-not-burn tobacco products such as iQOS (Philip Morris), Juul (Pax) and Glo (British American Tobacco) as allegedly safer alternatives to cigarettes and as a harm reduction approach to smoking.

What is actually happening is that the industry is simply switching one nicotine delivery device with another.

There is little evidence that offering life insurance discounts to those who switch to other tobacco products or to those who quit would incentivise smokers to kick the habit. It’s just absurd and doesn’t make sense.

Neither does allowing e-cigarettes into Malaysia when countries like Singapore and Thailand have taken a harm restrictive approach and banned them outright. What message are we sending?

If we must admit e-cigarettes into the country, they must be regulated as strictly as conventional cigarettes and imposed with similar duties. It could also be deemed as a prescriptive device.

We must also close the legislative loopholes which have allowed 12-year-old children to have access to these devices.

We need to maintain our focus in working towards the creation of a tobacco-free nation.