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