Max New York Life goes mobile…
Pru
streamlines asset management…
Jordan formalises
bancassurance…
Green light for BUPA
Australia’s deal…

TECHNOLOGY

Max New York Life goes mobile

A problem insurers face in developing countries is the difficulty
many customers experience in accessing payment points. Indian
insurer Max New York Life (MNY) has a solution that harnesses the
mobile phone’s ability to provide communications even in remote
areas. In conjunction with US bank Citibank and Indian mobile
payments technology developer mChek, MNY has launched a mobile
phone based payments service that enables customers to pay premiums
and subscribe to and add funds to unit linked investments. The
service is linked to customers’ bank accounts.

TECHNOLOGY

Pru streamlines asset management

UK insurer Prudential’s Asian asset management unit Prudential
Asset Management (PAM) has implemented a solution aimed at
improving operational efficiency. Supplied by Australian investment
technology vendor Charles River Development the solution has
enabled PAM to automate portfolio management and trading as well as
compliance monitoring of interest, swaps and structured products
portfolios of its units in China, Hong Kong, India, Korea, Japan,
Malaysia, Singapore, Taiwan and Vietnam on a single platform. At
the end of 2007 PAM had assets under management of $74
billion.

REGULATION

Jordan formalises bancassurance

The Insurance Commission of Jordan (ICJ) has issued regulations
covering bancassurance in the country. Though 11 banks in Jordan
have since 2004 been licensed to sell insurance products the ICJ’s
regulations represent the first formal bancassurance regulatory
framework.The regulations, said the ICJ’s director general, Bassel
Hindawi are aimed at developing the bancassurance sector, enhancing
product quality and services and strengthening ties between the
banking and insurance sectors.

MERGERS AND ACQUISITIONS

Green light for BUPA Australia’s deal

Australian health insurer MBF has been granted permission to
demutualise, clearing the way for UK health insurer BUPA’s
Australian unit to proceed with its A$2.41 billion ($2.3 billion)
acquisition of MBF. The deal, BUPA’s biggest yet, will create an
insurer with almost 3 million customers and for the first time
result in BUPA generating more than half its revenue outside the
UK.