This week in insurance: YAS rolls out AI, Prudential upgrades with pet coverage, Resolution Life completes block transaction

Manulife Singapore also shared new digital initiatives.

Asia-Pacific's insurance sector from 30 June to 4 July reported noteworthy partnerships and digital initiatives which involved artificial intelligence (AI), as well as product launches and share transactions.

Insurtech firm YAS has partnered with JOIE, a Hong Kong taxi fleet operated by Tai Wo Management, to roll out an artificial intelligence (AI) driven insurance platform that adjusts premiums based on real-time driving behaviour. 

The initiative will initially cover around 1,000 hybrid and electric taxis and is aimed at enhancing road safety, operational efficiency, and insurance transparency for professional drivers.

Manulife Singapore is rolling out several digital initiatives in light of the anniversaries of its two advisory arms.

These include a new AI-powered Client Portfolio Review Tool, designed to deliver tailored updates and generate clear financial summaries. 

The firm targets 50,000 personalised portfolio check-ins annually using the platform.

Prudential General Insurance Hong Kong has upgraded its PRUChoice Travel Insurance to include new protections such as coverage for trip disruption due to kidnapping and medical expenses for pets travelling with policyholders.

The enhanced plan offers up to $1,300 (HK$10,000) for overseas pet medical costs and up to $6,500 (HK$50,000) for trip curtailment if a pet becomes seriously ill or injured. 

It also provides coverage of up to $6,500 (HK$50,000) for travel interruption due to kidnapping, including trauma counselling.

Resolution Life has completed a $1b block reinsurance transaction with a life insurer in Hong Kong, marking its first reinsurance deal in the market.

The agreement covers a portfolio of in-force participating whole life and annuity policies and transfers nearly all associated risks—including market, policyholder behaviour, and mortality risks—to Resolution Life.