The launch of Pacific Prime UK’s 2019-2020 State of Health Insurance report
Pacific Prime UK is proud to announce the launch of our 2019-2020 edition of the State of Health Insurance report. This year has been characterised by massive COVID-19 related disruptions in various industries, with the international private medical insurance (IPMI) industry being no exception. Allow us to walk you through the main trends and challenges faced by our industry in this report, through providing valuable insights and analysis from our team of in-house health insurance experts and leading global insurance partners.
The State of Health Insurance
Staying true to our motto of ‘simplifying insurance’, our in-depth report is designed to help individuals and businesses understand the UK and global health insurance landscape. Whether it’s the uncertainty as a result of COVID-19, Brexit, or the GDPR law, our report breaks down what’s been happening in the past years and ensures that you’re prepared for what’s to come in the near future.
Our report is divided into the following sections:
- Changes and trends shaping the global health insurance industry
- Regional health insurance trends, including those in Europe and the UK
- Updates from Pacific Prime
Get a free copy of the report today to learn more. Alternatively, read on for a quick overview.
Changes and trends shaping the global health insurance industry
We have categorised the changes and trends into four themes in the report: the shifting risk landscape, major healthcare challenges and trends, healthcare insurance inflation, and the role of technology. Here, we’ll give you our key findings.
Shifting risk landscape
There are two factors influencing the risk levels in the IPMI industry:
- COVID-19 creates economic uncertainty, dampening the fragile world economy as a result of the US-China trade war. Additionally, low interest rates since the 2008 financial crisis may also lead to more debt creation and decrease financial stability worldwide.
- In developed countries like the UK, one major concern is changing demographics like low fertility rates and ageing populations. It will continue to burden local healthcare providers, due to increased spending on welfare and healthcare.
Major healthcare challenges and trends
The global health insurance industry will be burdened by a number of challenges:
- The cost of healthcare rises year-on-year, so there is an increasing need for insurers to remain competitive by finding new and innovative solutions that give customers the best value for money.
- A rise in chronic conditions and non-communicable disease (NCDs) will be seen partly due to poor lifestyle choices and an ageing population. It will result in insurers seeking ways to reduce the chances of claims being made by helping clients live a healthier life.
- Increased awareness of mental health conditions will also increase the scope of wellness programs that can be offered by employers. In the UK, for instance, 77% of employees have experienced a mental health issue.
Healthcare insurance inflation
Inflation in health insurance premiums around the world is another ongoing trend that needs close monitoring. As a global health insurance broker, we are dedicated to keeping affordability in mind when coming up with a quote for individuals, families, and businesses.
The top five most expensive countries for health insurance does not include the UK or any other European country. For individual plans, it is the US, Canada, Hong Kong, Singapore, and Israel. Similarly, family plans feature the US, Canada, Hong Kong, Singapore, and Dubai.
Role of Technology
Finally, we look into how technology is being incorporated into the health insurance sphere, as well as analyse the opportunities and threats arising from this:
- With increased regulation surrounding data privacy, such as the GDPR in Europe, health insurers will need to adapt their client account management tactics to become more transparent and ensure protection of their client’s private information.
- There remains plenty of scope to transform the insurance service model, by assisting with fraud detection and creating client-centric insurance products. This is driven by AI, machine learning, predictive analytics, mobile services, live chats, IoT, etc.
- Insurtech is a growing industry, reflecting the importance that insurance firms place on developing new technologies. A new wave of wellness initiatives and rise of mental health coverage will allow businesses to offer innovative and personalised benefits.
Regional health insurance trends
Country and region-specific health insurance trends are also provided in our report. When it comes to the UK, the main focus is on the outcome of Brexit and the impact of the GDPR law.
“Brexit is set to have a significant impact on the UK insurance landscape, To retain talented EU employees, employers will need to ensure that their benefits are implemented and managed optimally” – Liz Russell, Manager at Pacific Prime UK.
When it comes to the GDPR, UK-based employee benefits providers, businesses, and HRs will be affected in three main ways.
- All parties will need to be aware of any risk when transferring employee data via insecure channels.
- Both businesses and employee benefits providers may be held responsible for any mishandling of employee’s personal data.
- Global employee benefits providers will need to ensure all products for businesses are GDPR compliant.
Updates from Pacific Prime
In the concluding sections of our report, we give you the latest updates within Pacific Prime. We unveil our world-class Prime Care Portal designed for our corporate clients, new office locations worldwide, and much more.
Find out more
If you want to know more about any of the above-mentioned points, or deepen your knowledge about the global health insurance industry, you can check out our 2019-2020 State of Health Insurance report.
For further information, you can also speak to one of our expert advisors at the Pacific Prime UK office for a no-obligation quote or for a plan comparison. No matter what your requirements or budgets are, we take that into account to help you find the best option.
Outside of work, Suphanida enjoys travelling to new places and immersing herself in different cultures.
Latest posts by Suphanida (see all)
- The new COVID-19 variants: Everything you need to know - January 21, 2021
- Brexit: Tips for travelling to the EU in 2021 - January 14, 2021
- New Year’s Resolutions for HR Teams in 2021 - December 29, 2020