Pacific Prime divulges key insights on the State of Health Insurance
Global insurance intermediary Pacific Prime has released their latest State of Health Insurance Report 2018-2019, which reviews the trends developed over the past year and looks ahead at the future challenges in the world of international private medical insurance.
In its second rendition, the report has leveraged insights and data from Pacific Prime's in-house team of experts and three major insurers, namely Aetna, Bupa Global, and Cigna. The findings revealed in this report should be of high relevance and interest to insurers and brokers who are looking for information on trends and issues faced by both individuals and businesses.
Available for free to download from their website, this compendium of knowledge answers some of the most pressing questions in the industry:
● What is the cost of international health insurance?
● How much have premiums increased by?
● What trends and insurance industry changes are being seen globally?
● What are the top insurance issues faced by individuals and businesses?
Major changes to the global insurance landscape
Our panel of specialists have observed and identified the following changes shaping the insurance market worldwide, including:
● Increased regulation
Governments are imposing stricter restrictions, such as the European Union’s General Data Protection Regulation (GDPR), which leads to more localized solutions and causes insurers to design products that cater to each county’s specific laws.
● Continued inflation
While increased medical costs are the surface-level driver of inflation, the hiking medical costs are largely owing to the increasing demand for private healthcare, particularly among countries with a burgeoning middle class.
● More flexible employee benefits
Businesses are turning to more flexible plans to attract and retain top talent, which comprise of progressive employee benefits like wellness programs. Flexible plans also mean employees have more of a say on what particular benefits and coverages they want.
● The rise of insurtech
Insurance and technology have blended together in the past year. For example, there’s a growing prevalence of cyber insurance to address the increasing needs for safeguarding data and privacy. More insurers are also taking advantage of wearable tech to keep track of the physical conditions and living habits of policyholders and identify risks. Interestingly, there’s a growing trend towards insurers creating digital platforms to streamline common insurance procedures like submitting claims.
● An ever-increasing focus on client experience
Insurers are placing more emphasis on underwriting to produce premiums that can stand out while creating a great variety of innovative benefits, which focus on fitness, wellness, preventive care, and healthy living.
● Clients demand simpler products
Clients are looking for insurance products that are flexible yet intuitive so insurers have to find the right balance between versatility and simplicity in designing their products.
● Insurers making sure clients are better informed
Insurers are striving to help clients focus on what is truly important about health insurance so that they can make a more educated purchasing decision.
Top insurance issues faced by individuals and businesses
This report has also summarized the major insurance issues faced by individuals and businesses, which include the increasing impact of local clients, pre-existing conditions, people opting for simpler, less expensive plans, as well as the competitive global market, businesses wanting more facetime and less selection of policies, respectively.
As an established insurance brokerage striving to simplify insurance, Pacific Prime has grown from its humble beginnings in Hong Kong to what it is today: a global player with over 19 years of experience and nine offices across the world. Therefore, apart from the global version of the State of Health Insurance report, we have also curated localized versions of the report for five other geographical locations, namely China, Singapore, Dubai, Thailand, and Hong Kong.