About Pacific Prime’s State of Health Insurance 2019-2020 Report

With Pacific Prime’s State of Health Insurance Report, you will gain valuable and holistic insights on the key developments and trends facing the health insurance industry. This includes global drivers of growth such as insurtech and digital technology, as well as country-specific legislations that impact the health insurance industry.
Our report starts with a brief introduction from our CEO and Founder, Neil Raymond, and is followed by the sections outlined below:

Changes and trends shaping the global health insurance industry

The shifting risk landscape
Major healthcare challenges and trends
Healthcare insurance inflation
Technology increasingly takes center stage
Changes and trends shaping the global health insurance industry
Pacific Prime - Regional health insurance trends across five continents
Europe
The Americas
The Middle East
Asia-Pacific
Africa

Regional health insurance trends across five continents

Asia-Pacific

  • Insurtech takes center stage
  • Lack of mental health coverage in group policies
  • Population-related trends and challenges in the region

The Middle East

  • Mandatory health insurance legislation
  • Overprescribing trend

The Americas

  • California Consumer Privacy Act
  • The 2020 US presidential elections
  • Aging population

Europe

  • Impact of the GDPR law
  • Impact of Brexit on UK firms

Africa

  • Potential for health insurance growth
  • Mobile technology to increase prospects

Updates from Pacific Prime

Our report ends with noteworthy updates and recent developments from Pacific Prime in 2019-2020.

What is the state of health insurance
in Asia-Pacific (APAC)?

The vast diversity of the APAC region means that each country in the region is faced with unique challenges and opportunities. Nevertheless, three key trends emerge throughout the region, which includes:

Insurtech takes center stage

Insurers in Asia have been fast to adopt new technology, making the region's employee benefits market more competitive than ever before. The leading insurtech developments to look forward to in the future include:
New apps and digitally-enhanced customer experiences
New apps and digitally-enhanced customer experiences
New technologies that enhance underwriting processes
New technologies that enhance underwriting processes
Download your free copy of our report to discover the major insurtech trends in Asia-Pacific.
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Pacific Prime 2019-2020 State of Health Insurance Report

Lack of mental health coverage in group policies

Mental health continues to be relatively overlooked in the region when compared to other regions like Europe and Latin America. Similarly,
group health insurance plans that provide coverage for mental health conditions remain under-represented in the APAC region.
Small group policies lack mental health benefits
Small group policies lack mental health benefits

Less than half (39%) of small group policies, which cover no more than 50 staff, provide mental health benefits.

Lack of insurers offering mental health coverage
Lack of insurers offering mental health coverage

Only around 50% of insurance providers in Asia-Pacific provide coverage for mental health conditions for large group policies, which cover up to 500 employees.

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Pacific Prime 2019-2020 State of Health Insurance Report
People today are more digitally connected than ever before and continually seek simplicity, flexibility, and affordability. Individual health customers are no different; they choose plans that are tailored to suit their individual needs and plans that are accessible and easy to understand.
Patrick Graham, CEO of Asia Pacific at Cigna

Population-related trends and challenges vary across the region

The APAC region is undergoing a major demographic change. Countries like Japan and South Korea are seeing more of its workforce retire than ever before, threatening the portfolio growth of employee benefits providers. Meanwhile, as a newer generation of millennials enters the job market, employee expectations are also changing, calling employee benefits providers to implement changes to their corporate health insurance solutions going forward.
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What is the state of health insurance in Singapore?

What is the state of health insurance in Singapore?

Our report offers a comprehensive analysis of the major trends and issues shaping
the Lion City’s health insurance outlook, with the most significant being:
Telemedicine soared significantly
Telemedicine soared significantly

Online medical consultations have become increasingly popular in Singapore since the coronavirus outbreak. Most insurers have noted a staggering 40% growth in telemedicine usage, leading them to release a broader range of telemedicine solutions.

Delivery of prescription medications
Delivery of prescription medications

Local legislations have recently changed to allow for the delivery of prescription medications. This allows Singaporean residents to easily gain access to essential medicine, without risking COVID-19 infection from hospital visits.

Adoption of wellness and big data
Adoption of wellness and big data

Usage of big data analytics for market research and product development in Singapore’s health insurance industry has become more widespread, allowing insurers to quickly adapt their employee benefits solutions to suit millennials and Gen Ys who are entering the workforce.

Download your free copy for the whole picture of Singapore’s state of health insurance.

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