Consumer Demand for Health Insurance in Asia Will Continue to Grow

Ian Youngman, author of the brand new iPMI report, International Health Insurance 2023, reads the latest report on health insurance in Asia, so you don't have to.

• Consumer demand for health insurance in Asia will continue to grow.
• Now is the time for the insurance industry to enhance its focus on health within their portfolios.
• Health insurance in Asia is defined by a number of realities that point to opportunities for creating a winning model for health insurance.
• Insurers have proven that policyholders are willing and wanting to engage with their insurers on the topic of health and wellness beyond a pure financial protection basis.
• Policyholders want to engage with insurers on the topic of health and wellness beyond a pure financial protection basis.
• Insurers have numerous options to differentiate and win in Asian health insurance.
• These include vertically integrated payer-provider models; health care service offerings that enable a shift from pure payer to partner; digitally enabled engagement to improve overall health and wellness; and clinical capabilities to enhance the experience and quality of care pathways.
• Insurers need to disrupt the traditional product-centric approach through superior, segment-specific, needs-based propositioning.
• Key considerations include how to deliver propositions to underserved segments and how to build consumer trust by better aligning product economics with improved health outcomes.
• Insurers must offer a range of services.
• It is important to determine whether these services need to be provided by partners or can be built internally.
• Insurers will need to establish a clear understanding of their health insurance economics and baseline to enable sustainable management of their portfolio.
• Multinational insurers need to balance between business units and central functions.

Analysis

• This is a thought provoking feature.
• For a long time my view has been that health insurance as a stand alone policy just reacting to health problems is out of date.
• There is a need to have preventative healthcare.
• This should be health care backed up by insurance.
• In the future technology will allow insurers to offer truly personalised policies.
• Too many IPMI policies are still reactive only.

Read the complete report,Capturing the Health Insurance Opportunity in Asia, click here.

Purchase and download a copy of the brand new iPMI Report, International Health Insurance 2023, click here.