Opportunities and Challenges of Health Insurance Market … Healthcare Seminar 2016... ·...
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Opportunities and Challenges of Health Insurance Market ASHK Healthcare Seminar “Striving for Sustainable Healthcare Financing” Feb 26th, 2016 Kenneth Dai Vice President and Chief Actuary, Manulife Asia
Transcript of Opportunities and Challenges of Health Insurance Market … Healthcare Seminar 2016... ·...
Opportunities and Challenges of Health Insurance Market
ASHK Healthcare Seminar “Striving for Sustainable Healthcare Financing”Feb 26th, 2016
Kenneth DaiVice President and Chief Actuary, Manulife Asia
Table of Contents
2
Page
Introduction 3
Opportunities 4
Challenges 14
Summary 20
Q&A? 21
Introduction
3
Asia health insurance market
Where we are?
Opportunities
Challenges
Opportunities for Health Insurance Companies
4
Healthcare reforms/changes across Asia
Vietnam
"New National 10” - boost health insurance productsPreferential tax on commercial health insurance
VHIS
Universal HealthCare Bill; Expanded Senior Citizen's Act of 2010.
Govt: “Medishield” upgraded “Medishield Life”;Shield insurers: Standard Integrated Plan (same)
Coordination of Benefits between gov't and private insurers
Allow “day case” to claim hospital benefits
Gov’t roadmap to reduce medical support; More choices of hospitals
Opportunities
5
Public spending / government net
Private insurance
market
Personal expenditures (uninsured and underinsured)
• Smaller than Public currently • But solid/faster growth
Potentials in Private Health Insurance Market
Opportunities
Insurance Gap
6
Personal expenditures (uninsured and underinsured)
Opportunities
Cost of Healthcare
7
Opportunities
Aging population
8
Source: The World Bank
0
2
4
6
8
10
12
14
16
18
20
% o
f tot
al
Year
Population ages 65 and above (as % of total)
Hong Kong
Singapore
China
Vietnam
Malaysia
Indonesia
Philippines
Opportunities
Medical Technology Advancements
9
Opportunities
10
Product innovations
Opportunities
11
Customers
What customers care about probably don’t change
But they are more demanding and less sticky
Opportunities
Interactions with customers Social Media
Mobile Devices / Wearable
12
Opportunities
13
Data Analytics
Challenges of Health Insurance Companies
14
Data/Information
Challenges
15
Asymmetric Information
Adverse selection
Moral hazard
Challenges
16
Legacy Service providers
In-house systems
Challenges
17
Business Strategy
Challenges
18
Competitors Can also from other industries
Challenges
19
Regulations Tighter and tighter?
Summary
20
Get Prepared for the uncertainties
Q&A?
21
Thank You!
