Menu
iPMI Magazine Is Proudly Sponsored By:
For a healthier journey.

iPMI Magazine Has Moved

iPMI Magazine successfully rebranded to iPMI Global in 2023 and has moved to a new home on the internet. To visit the brand new international private medical insurance business intelligence platform, please go to www.ipmiglobal.com

Pacific Prime Launches Asia’s Largest Claims Resource Center

Pacific Prime's new claims center is Hong Kong's, and possibly Asia's, largest collection of health insurance related claims documents. Quickly find and download insurer claim forms in order to start a claims process.

Pacific Prime is proud to announce the creation of Asia's largest claims resource center. Focused on Individual health insurance, this claims center provides clients with easy access to the claims forms they will need during the claims process.

Accessible now via the Claims Center button on Pacific Prime's website, or directly via this link, clients in Hong Kong, China, Singapore, and the UAE can access and download a variety of claims forms.

Features of the first version of our claims center include:

  •     Forms for both local (plans that provide local coverage) and international (plans that provide worldwide coverage) providers that Pacific Prime works with.
  •     Medical claim forms
  •     Maternity claim forms
  •     Dental claim forms
  •     Pre-authorization forms
  •     Easy to download forms, all in PDF format.
  •     Access to the claims center via the local Pacific Prime website for each location.

Thomas Freemantle, Medical Claims Manager for Hong Kong, further explained, "This new claims center is by far the largest and most comprehensive centralized resource center – for claims forms at least – in Asia. This claims center gives our clients a simple way to access the essential forms they will need in order to make a claim or to help arrange scheduled treatment, in essence speeding up the process."

Freemantle also explained that the center will continue to evolve over time with the addition of new forms as they come available, and new insurers that Pacific Prime established relationships with.

Read more...

Insurance Claims Complaints Panel Hong Kong Releases Claims Complaints Statistics And Case Review For 2014

The Insurance Claims Complaints Panel (Complaints Panel) today (30 March 2015, Monday) announces the claims complaints statistics and case review for the year 2014.

In 2014, the Insurance Claims Complaints Bureau (Bureau) received 603 complaint cases, representing a nearly 13% increase over the previous year. Of the 344 closed cases, 78 cases were concluded to the satisfaction of the complainants. The aggregate settlement amount of these cases totalled HK$3.86 million. The two main categories of complaints were 'Application of Policy Terms' and 'Excluded Items'.

Mr Michael F S Tsui, Chairman of the Complaints Panel, said, "The Complaints Panel ruled in favour of the complainants in 10 cases and the highest award in a single case was HK$313,000."

The Bureau was incorporated in February 1990 to implement self-regulation in the handling of insurance claims complaints arising from personal insurance contracts. The Complaints Panel was established by the Bureau with the objective of providing independent and impartial adjudication of claims complaints between insurers and policyholders or their beneficiaries. Currently, the Complaints Panel's jurisdiction limit is HK$800,000 and its decisions are binding on all the Bureau Members. However, if the complainants find the decision of the Complaints Panel unacceptable, they are free to seek legal redress and their legal rights are not affected by the decision of the Complaints Panel.

The Complaints Panel is made up of five members. The majority of members come from the non-insurance industry ensuring the independence and credibility of this alternate dispute resolution mechanism. Members of the Complaints Panel acted on a voluntary basis and consisted of:

Mr Michael F S Tsui, Chairman  Barrister-at-law
Ms Charity C S Au Representative of the Life Insurance Council of the Hong Kong
Federation of Insurers (HKFI)
Ms Constance H M Choy Nominee of the Consumer Council
Ms Judy M Y Tong Nominee of the Hong Kong Institute of Certified Public Accountants
Mr Jonathan C H Yau Representative of the General Insurance Council of the HKFI

Details of Claims Complaints Statistics and Case Review for the year 2014 are enclosed.

Read more...

Pacific Prime Clarifies International Private Medical Insurance Inflation

Pacific Prime has reflected on their annual International Private Medical Insurance (IPMI) industry reports, which set out to outline the rates of inflation among major insurers in various regions around the world. Click here to read the reports. The advisor further analysed findings in an effort to explore the methodology used in reporting inflation rates, along with indications of where care should be taken when drawing specific conclusions.

The article demonstrates a requirement for clarification between the data used in regards to promotions and discounts, taking them into account rather than omitting their significance by removing their impact on premium inflation analyses. The advisor deemed it "more beneficial to interested consumers to reflect true pricing at the time of our reporting to give a more accurate depiction of the current landscape of the market". The article makes it clear that this decision left some numbers open to interpretation due to the final figures being presented with an emphasis on inflation percentage. This explanation was given to a query on how some insurers have a seemingly high inflation percentage rate, which may not be an accurate reflection of a given year's rate.

The first example of this came in Pacific Prime's position for William Russell, who appeared to have the highest annual inflation of the year among insurance companies covered within the report. The advisor showed that, at first glance, there could be an assumption that William Russell simply raised premiums at a greater rate than others. However, the issue becomes clear when the context of temporary promotions given as an additional discount to Pacific Prime clients is explained.

Pacific Prime states they used this discounted rate as data for the annual IPMI inflation report, which was not truly indicative of William Russell's published book rates. When the promotion ended, the data was 'artificially exaggerated' and could not be considered a true representation of William Russell's actual inflationary rise between 2013 and 2014. They highlighted that William Russell actually had the 2nd lowest average inflation rate in 2013, and the lowest average inflation in 2012.

William Russell has a long established track record of providing quality insurance products at an excellent value, introducing new measures to combat inflation in the form of new provider and limited direct billing networks. Although the insurer seemingly had the highest inflation in the report, Pacific Prime would like to acknowledge that the percentage increase is not indicative of actual premium price, and expects a return to lower inflation rates in the 2015 report.

Read more...

Clements Worldwide Partners With Starr China To Provide International Insurance Solutions In China

Clements Worldwide, a global provider of international insurance products and reinsurance capabilities, today announced the launch of a partnership with Starr China to deliver insurance coverage to expatriates and international organisations in China.

Starr China, a premier China-based insurer, is joining forces with Clements to target the international individual and group segment in this growing insurance market. Starr China, under license by Clements Worldwide, will introduce Clements Scholars®, a group health program for expatriate educators and school staff, to serve the international school community in China. Clements Scholars is unique in that it provides comprehensive insurance coverage, extensive member access to medical facilities and standardised benefits to educational institutions with locations in multiple countries.

“China has one of the world’s largest number of international schools, with more than 300 educational institutions employing expatriate teachers and personnel,” said Chris Beck, president of Clements Worldwide. “China is a fantastic market for Clements Scholars. The program is already recognised for helping teachers and staff access medical facilities, top providers and resources around the world. With Starr China’s local market leadership, Clements Scholars will soon be the reference in China as well.”

“Clements Scholars offers an affordable, wide-reaching, and comprehensive plan, a best-in-class network of providers and rich member benefits,” said Kevin Liang, president of Starr China. “We are confident about the potential of Clements Scholars in China, as well as the opportunity present in this market for products covering international property, school directors’ liability and others, for a complete suite of expatriate and international risk management coverage solutions.”

Starr China and Clements Worldwide seek to provide insurance coverage to the estimated 633,000 expats living in China, a community growing by about 5 percent each year alongside growth in China’s economy. The partnership affords expatriates access to more choices for international health and other insurance products, addressing the rising costs of medical care at private clinics used by foreigners in China. Mr. Beck adds, “Our expertise in serving the international school market and expatriate markets, in addition to broader multinational corporate market, will ensure our customers receive world-class medical treatment and save money in the process in China and worldwide.”

Read more...

Rise In Premium Growth Plus Low Insurance Take-Up Spells Opportunity For Asia Pacific

Aon Benfield has launched its ‘Welcome to Asia Pacific’ guide – a journey through sixteen of the region’s growing insurance and reinsurance markets to identify growth opportunities. As rapid economic development, population growth and urbanisation lead to increased insurance penetration, Asia Pacific represents a key area of growth in the global marketplace.

 

Aon Benfield’s Insurance Risk Study listed five Asian markets in the top 10 of its Country Opportunity Index, which identifies the world’s most promising property and casualty markets. Singapore comes third in the list of 50 countries, immediately followed by Hong Kong, Malaysia and Indonesia. With an insight into economics fundamentals, rating agency perspectives, political cultures and regulatory environments for local and foreign investors, this guide serves as a snapshot into the 16 countries for global market insurers and reinsurers seeking diversification or Asian firms looking for multi-national expansion. The findings show that India and China – representing the BRIC countries – enjoyed the highest compound annual growth rate (CAGR) of non-life premium at 21% and 20% respectively from 2009 to 2013.

Thailand, Vietnam and Indonesia also enjoyed significant growth with CAGR above 15%. While developing markets in Asia Pacific enjoyed fast growth, the report also reveals that the insurance penetration rates remain low. For the year ended 31 December 2013, non-life penetration rates for India (0.6%), China (1.1%), Vietnam (0.7%) and Indonesia (0.4%) were below the 1.4% Asia Pacific average and well behind developed markets in this region such as Australia, New Zealand and Korea. This highlights the potential of these markets in terms of future opportunities.

George Attard, Head of Aon Benfield Analytics for Asia Pacific, commented, “The Asia Pacific region is home to more than half the world’s population, with diverse societies, cultures, economies and regulatory regimes. Rapid economic development, population growth and urbanisation – combined with rapidly evolving insurance regulation – will lead to increasing insurance penetration. While this will create the potential for significant organic growth, there is also a notable opportunity for growth in specialty lines and product innovation. With many insurance and reinsurance companies already investing in this region and seeking to take advantage of the growth opportunities, an expert insight into these markets is crucial. Aon Benfield’s local teams have produced this guide as both an introduction to and exploration of sixteen key markets in Asia Pacific.”

Malcolm Steingold, CEO of Aon Benfield for Asia Pacific, added, “The greatest opportunity not only for 2015 but for the immediate future is the development of new products to cater for the expanding universe of risk and also to increase penetration into uncovered conventional risk across the region. We see growth opportunities across all the economies of Asia. The scale of the opportunity varies substantially from country to country and is due to a combination of factors including GDP growth, level of insurance penetration and the size of the population. Taking these factors into account China and Indonesia stand out with other Asian economies showing significant potential.”

The data for the guide has been collated from major rating agencies, regulators, industry associations, International Monetary Fund, World Bank, AXCO, Aon Risk Solutions, Aon Hewitt and Aon Benfield. In addition, the guide includes Aon Benfield’s own views of each market’s major risks, regulatory updates and market outlook.

Read more...

Bancassurance In The Asia-Pacific Region: Strategies Of The Region's Top 150 Retail Banking Groups

In the Asia-Pacific bancassurance market, MetLife has the most relationships of any type with the 150 of the region's top banking groups but AXA has the most joint ventures, and Allianz and Prudential the most strategic, long-term partnerships (excluding joint ventures).

According to a new report about bancassurance strategies in the Asia-Pacific region published by Finaccord – Bancassurance in the Asia-Pacific Region: Strategies of the Region's Top 150 Retail Banking Groups – MetLife of the US is the insurance group holding the most bancassurance partnerships among 150 of the largest retail banking groups in the Asia-Pacific region, followed by the UK's Prudential and Japan's MS&AD grouping.

Based on an investigation into the consumer banking operations of 150 of the region's top retail banking groups (spanning 17 countries), Finaccord's research established that MetLife was being utilised as an insurance partner for at least one bancassurance product by a total of 48 of the 150 different banking groups. The US-based insurance group was followed by Prudential with a total of 38 partnerships, and MS&AD counting a total of 36 agreements. Overall, among the 20 most prominent insurance groups in terms of the number of relationships with the top 150 banking groups, eight originated from Japan, six from the US, four from Europe and two from China.

"Competition among international insurance groups for bancassurance partnerships in the Asian-Pacific region has been intense in recent years", comments Richard Dhuny, a Consultant at Finaccord. "This is a consequence of strong growth in the insurance markets of many Asia-Pacific countries plus the rising important of bancassurance as a distribution channel in a number of them. Only two China-based insurance groups make it into the top 20 list in terms of their links with the 150 banking groups surveyed and they focus mainly on mainland China and Hong Kong but it would be surprising if these and other Chinese insurers didn't extend their influence to bancassurance markets elsewhere in the Asia-Pacific region over the next decade."

Finaccord's research also classified insurance groups' partnerships with the 150 banking groups according to whether they were set up either as joint ventures or strategic, long-term relationships or as less substantial, ad hoc distribution partnerships. With a total of five joint ventures among the 150 banking groups, AXA is the insurance group with the most such arrangements and was followed by BNP Paribas with four joint ventures and Prudential with three. However, among the top 20 by total number of partnerships, Allianz and Prudential are the insurance groups with the most strategic, long-term partnerships (excluding joint ventures) with a total of four such relationships, followed by AIA and Sompo Japan Nipponkoa Group with three each and then by Dai-ichi Life and MS&AD with two each.

Nevertheless, note that India's state-owned LIC (Life Insurance Corporation) has as many as six strategic partnerships in its home market yet does not feature in the table overleaf because it is not ranked in the top 20 by total number of partnerships in the Asia-Pacific region.

"Whilst the total number of partnerships is certainly a helpful measure to identify key insurance groups in the Asia-Pacific bancassurance market, it is also important to look at joint venture and strategic partnerships as these commonly have a long-term focus and often generate substantially more revenue than looser distribution agreements", continues Richard Dhuny. "As such, international insurance groups are increasingly seeking these types of deal and the multi-billion dollar agreements established in recent times by AIA with Citigroup and by Prudential with Citigroup which span multiple countries of the region are apt examples in this regard. At the same time joint ventures owned by both bank and insurer have also become an increasingly popular bancassurance model sometimes (as in India) for regulatory reasons which require this kind of set-up."

Read more...

Indonesia Medical Assistance Company

International Private Medical Insurance Magazine reports on all aspects of the medical assistance business in Indonesia, Asia including a guide to Indonesia Medical Assistance Company profiles.

International Private Medical Insurance Magazine provides Medical Assistance Indonesia company, executive, services and industry news including a firm focus of the provision of medical assistance and emergency medical services in Indonesia and across the Asia-Pacific. If you are searching the internet for a medical or travel assistance company in Indonesia, Asia, look no further than iPMI Magazine.

News that travels as fast as your internet connection.

International Private Medical Insurance Magazine (iPMIM) is the ultimate Health and Medical Insurance Digital Media serving expatriate, corporate, health and travel insurance markets. Due to the nomadic nature of the international healthcare industry iPMI Magazine is an internet based news service, for worldwide healthcare professionals, who need to understand the impacts of healthcare and insurance policy, regulatory, and legislative developments. Combined with in depth health insurance industry analysis, best-in-class health insurance industry data, and exclusive, C-Suite Executive health insurance interviews and round tables, iPMI Magazine bridges an information gap between healthcare payor, provider and patient.

Written by the health and medical insurance industry, for the health and medical insurance industry, iPMIM is supported and designed by leading international medical insurance companies and service providers.

Read more...

Indonesia Third Party Administrator Services TPA

International Private Medical Insurance Magazine reports on all aspects of the Third Party Administrator Services TPA business in Indonesia, Asia.

International Private Medical Insurance Magazine provides Medical Assistance Indonesia company, executive, services and industry news including a firm focus of the provision of Third Party Administrator Services TPA in Indonesia and across the Asia-Pacific. If you are searching the internet for Third Party Administrator Services TPA in Indonesia, look no further than iPMI Magazine.

News that travels as fast as your internet connection.

International Private Medical Insurance Magazine (iPMIM) is the ultimate Health and Medical Insurance Digital Media serving expatriate, corporate, health and travel insurance markets. Due to the nomadic nature of the international healthcare industry iPMI Magazine is an internet based news service, for worldwide healthcare professionals, who need to understand the impacts of healthcare and insurance policy, regulatory, and legislative developments. Combined with in depth health insurance industry analysis, best-in-class health insurance industry data, and exclusive, C-Suite Executive health insurance interviews and round tables, iPMI Magazine bridges an information gap between healthcare payor, provider and patient.

Written by the health and medical insurance industry, for the health and medical insurance industry, iPMIM is supported and designed by leading international medical insurance companies and service providers.

Read more...

Indonesia Travel Assistance

International Private Medical Insurance Magazine reports on all aspects of the travel assistance business in Indonesia, Asia.

International Private Medical Insurance Magazine provides Travel or Medical Assistance Indonesia company, executive, services and industry news including a firm focus of the provision of travel and medical assistance and emergency medical services in Indonesia and across the Asia-Pacific. If you are searching the internet for medical or travel assistance in Indonesia, look no further than iPMI Magazine.

News that travels as fast as your internet connection.

International Private Medical Insurance Magazine (iPMIM) is the ultimate Health and Medical Insurance Digital Media serving expatriate, corporate, health and travel insurance markets. Due to the nomadic nature of the international healthcare industry iPMI Magazine is an internet based news service, for worldwide healthcare professionals, who need to understand the impacts of healthcare and insurance policy, regulatory, and legislative developments. Combined with in depth health insurance industry analysis, best-in-class health insurance industry data, and exclusive, C-Suite Executive health insurance interviews and round tables, iPMI Magazine bridges an information gap between healthcare payor, provider and patient.

Written by the health and medical insurance industry, for the health and medical insurance industry, iPMIM is supported and designed by leading international medical insurance companies and service providers.

Read more...

Indonesia Medical Assistance

International Private Medical Insurance Magazine reports on all aspects of the medical assistance business in Indonesia, Asia.

International Private Medical Insurance Magazine provides Medical Assistance Indonesia company, executive, services and industry news including a firm focus of the provision of medical assistance and emergency medical services in Indonesia and across the Asia-Pacific. If you are searching the internet for medical or travel assistance in Indonesia, look no further than iPMI Magazine.

News that travels as fast as your internet connection.

International Private Medical Insurance Magazine (iPMIM) is the ultimate Health and Medical Insurance Digital Media serving expatriate, corporate, health and travel insurance markets. Due to the nomadic nature of the international healthcare industry iPMI Magazine is an internet based news service, for worldwide healthcare professionals, who need to understand the impacts of healthcare and insurance policy, regulatory, and legislative developments. Combined with in depth health insurance industry analysis, best-in-class health insurance industry data, and exclusive, C-Suite Executive health insurance interviews and round tables, iPMI Magazine bridges an information gap between healthcare payor, provider and patient.

Written by the health and medical insurance industry, for the health and medical insurance industry, iPMIM is supported and designed by leading international medical insurance companies and service providers.

Read more...
Subscribe to this RSS feed