State of Health Insurance report 2018-2019 released!
As with other markets, every year, the global health insurance industry is faced with emerging trends and novel challenges that influence the solutions and services provided by insurers.
In light of this, Pacific Prime Hong Kong is thrilled to announce the release of our State of Health Insurance in Hong Kong report 2018-2019, a welcome addition to our rich repertoire of guides and reports. Drawing upon valuable insights and figures from our insurance experts and prominent global insurance companies, our team of specialists has curated this report with the aim of educating our existing and potential clients on the ever-evolving landscape of medical insurance across different regions.
This article will serve to offer a pared-look at some of the key insights in our State of Health Insurance report. Click here to download a complimentary copy now and get full answers to the following questions:
- What is the cost of international health insurance?
- How much have premiums increased by?
- What are developing trends and insurance industry changes being seen globally?
- What are the top insurance issues faced by individuals and businesses?
- How has Pacific Prime developed in 2018?
Major changes to the global insurance landscape
This section gives our readers a big picture view of the private international health insurance industry across the world, including:
Governments are imposing stricter restrictions and insurers, as a result, have to adhere to the various updates or even change their business models. These new rules, such as the European Union’s General Data Protection Regulation (GDPR), are leading to more localized solutions and causing insurers to design products to cater to each county’s specific laws.
For in-depth analysis of the impacts posed by the GDPR, download the full version of our guide.
This year, inflation continued and still displayed no signs of abating. While our experts have identified increased medical costs as the surface-level driver of the phenomenon, we also see that the hiking medical costs are largely owing to the increasing demand for private healthcare, particularly among countries with the burgeoning middle class. This demand further pushes up the already expensive high medical costs, and insurance providers have to pass the extra costs onto insurance providers in the form of higher premiums.
More flexible employee benefits
Businesses are turning to more flexible plans to attract and retain top talents, which comprise progressive employee benefits like wellness programs. Meanwhile, employees are given more of a say in what particular benefits and coverages they want, or in some cases, even allowed to opt for their preferred benefits within the company’s budget.
The rise of insurtech
During the past year, we witnessed the emerging trend where insurance and technology blend together. First, it’s the growing prevalence of cyber insurance to address the increasing needs for safeguarding data and privacy. Second, more insurers are taking advantage of wearable techs, such as smart watches and phone apps, to keep track of the physical conditions and sleep patterns of policyholders and identify risks. Finally, insurers are creating digital apps and platforms to streamline common insurance procedures like submitting claims.
An ever-increasing focus on client experience
Amidst the growingly fierce competition in the global insurance market, insurers are placing more emphasis on underwriting to produce premiums that can stand out. Some other insurers take the avenue of creating a great variety of innovative benefits, which focus on fitness, wellness, preventive care, and healthy living.
Clients demand simpler products
Nowadays, one of the key challenges insurers are facing is to find that perfect balance between versatility and simplicity in designing their products. For example, Pacific Prime can offer private medical insurance plans for expats that provide coverage internationally, but also within a specific region of the world, or even only within two particular countries.
Insurers making sure clients are better informed
In 2018, insurers are striving to help clients focus on what is truly important about health insurance. One example is to educate them that price should not be the top priority when it comes to selecting plans. Other information such as the scope, exclusions, and limits of coverage are disseminated via articles, guides, reports, and other means so that they can make a more educated decision.
Insurance trends from industry professionals
In this report, not only do we review the key changes in the past year, which are supported by historical data, but we also look ahead to the upcoming trends. In this newly added section, we have invited specialists from major insurance providers, namely Aetna, Bupa Global, and Cigna, to share their feedback.
Download the State of Health Insurance Report 2018-2019 now
As a leading insurance brokerage, Pacific Prime has grown from its humble Hong Kong beginnings to the global player it is today, with over 19 years of experience and nine offices across the world. Therefore, apart from the State of Health Insurance in Hong Kong report, we have also curated a localized version of the report for five other geographical locations, namely China, Singapore, Dubai, Thailand, and the rest of the world.
Download this compendium of insurance knowledge today to learn more about the existing trends and prepare for the upcoming challenges!
- Voluntary Health Insurance Scheme (VHIS) vs medical insurance: What you should know - March 22, 2021
- 6 tips to protect yourself against cybercrime - September 8, 2020
- Social distancing: Ways to practice under coronavirus outbreak - March 24, 2020