Source: AIR eDaily | 25 Feb 2014
In several high medical insurance ownership markets in Asia, people are still eager to buy medical insurance, though they are looking for better products than those they currently own, in terms of reimbursement rates and coverage. In low ownership markets, people want easy entry products or those that supplement government coverage, according to global reinsurance giant Swiss Re.
Value-added features in a health insurance plan (eg coverage for family) are of particular importance to consumers in high medical insurance ownership markets. In low ownership markets, increased education combined with products that are simple to issue and tailored to meet consumers’ immediate needs, may be a catalyst for purchase
In its study on medical insurance in China, Hong Kong, India, Indonesia, Malaysia and Thailand, Swiss Re found that consumers in all these markets exhibit a very high level of awareness of medical insurance products, but penetration varies significantly. The penetration gap is significant in markets like Indonesia and India, but less so in markets like Malaysia and China, where it is somewhat negated by group medical coverage or basic government coverage. “The challenge for insurers is to translate awareness into ownership, especially in markets where a huge gap exists,” said Swiss Re.
Irrespective of the level of medical insurance penetration and the extent of government support, patients still rely very heavily on personal funds or family support to pay medical expenses in the markets surveyed. There is thus a need to better educate the consumers on the value of medical insurance.
Not surprisingly, household income level has a direct bearing on medical insurance ownership. Across all of the markets surveyed, medical insurance ownership is the highest among those in the top 30-percent income bracket. Ownership is also the lowest among those in the bottom 30-percent income bracket – for example, it is almost negligible among those in this income bracket in Indonesia. Similarly, ownership is high in the top 30-percent income bracket in Thailand (78 percent), but extremely low in the bottom 30-percent income bracket (7 percent).
Across all the surveyed markets, claimants’ experience is generally good, with the majority thinking that their claims have been settled fairly. More than two-thirds of respondents in Thailand, Indonesia and China who have made a claim in the past 12 months are satisfied with their experiences. However, claimant satisfaction is lower in Malaysia.
Notwithstanding the high ownership of medical insurance and a reasonable level of government support, respondents in China, Hong Kong and Malaysia show a high intention to purchase a new medical policy or upgrade their existing policy in the next 12 months. The fact that many of them are already policy owners indicates that their existing plans may be insufficient to meet their requirements. In India, Indonesia and Thailand, despite low penetration, the purchase intention is lower than in other markets, but still reasonable at around 30 percent. Lack of knowledge and price/affordability are major barriers when it comes to respondents’ intention to buy, said Swiss Re. There is also a tendency among both Indonesians and Thais to rely on public healthcare/government healthcare/insurance schemes.
The study polled 2,561 respondents aged 20 to 70 years in the six markets to gauge their current medical care situation, medical claims experiences and preferences, as well as future intentions and preferences for product features and channels
In several high medical insurance ownership markets in Asia, people are still eager to buy medical insurance, though they are looking for better products than those they currently own, in terms of reimbursement rates and coverage. In low ownership markets, people want easy entry products or those that supplement government coverage, according to global reinsurance giant Swiss Re.
Value-added features in a health insurance plan (eg coverage for family) are of particular importance to consumers in high medical insurance ownership markets. In low ownership markets, increased education combined with products that are simple to issue and tailored to meet consumers’ immediate needs, may be a catalyst for purchase
In its study on medical insurance in China, Hong Kong, India, Indonesia, Malaysia and Thailand, Swiss Re found that consumers in all these markets exhibit a very high level of awareness of medical insurance products, but penetration varies significantly. The penetration gap is significant in markets like Indonesia and India, but less so in markets like Malaysia and China, where it is somewhat negated by group medical coverage or basic government coverage. “The challenge for insurers is to translate awareness into ownership, especially in markets where a huge gap exists,” said Swiss Re.
Irrespective of the level of medical insurance penetration and the extent of government support, patients still rely very heavily on personal funds or family support to pay medical expenses in the markets surveyed. There is thus a need to better educate the consumers on the value of medical insurance.
Not surprisingly, household income level has a direct bearing on medical insurance ownership. Across all of the markets surveyed, medical insurance ownership is the highest among those in the top 30-percent income bracket. Ownership is also the lowest among those in the bottom 30-percent income bracket – for example, it is almost negligible among those in this income bracket in Indonesia. Similarly, ownership is high in the top 30-percent income bracket in Thailand (78 percent), but extremely low in the bottom 30-percent income bracket (7 percent).
Across all the surveyed markets, claimants’ experience is generally good, with the majority thinking that their claims have been settled fairly. More than two-thirds of respondents in Thailand, Indonesia and China who have made a claim in the past 12 months are satisfied with their experiences. However, claimant satisfaction is lower in Malaysia.
Notwithstanding the high ownership of medical insurance and a reasonable level of government support, respondents in China, Hong Kong and Malaysia show a high intention to purchase a new medical policy or upgrade their existing policy in the next 12 months. The fact that many of them are already policy owners indicates that their existing plans may be insufficient to meet their requirements. In India, Indonesia and Thailand, despite low penetration, the purchase intention is lower than in other markets, but still reasonable at around 30 percent. Lack of knowledge and price/affordability are major barriers when it comes to respondents’ intention to buy, said Swiss Re. There is also a tendency among both Indonesians and Thais to rely on public healthcare/government healthcare/insurance schemes.
The study polled 2,561 respondents aged 20 to 70 years in the six markets to gauge their current medical care situation, medical claims experiences and preferences, as well as future intentions and preferences for product features and channels
No comments:
Post a Comment