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Pacific Prime highlights health insurance trends for 2016

Pacific Prime's latest report, Top International Private Medical Insurance Trends - 2016 has been published on our website, and is available now to download for free. Read on to learn more about what's included in this report.

Posted on Apr 18, 2016 by Robert McBroom

 

Health insurance trends front page

Pacific Prime is pleased to announce that we have released our first annual in-depth look at trends in the international private medical insurance industry, available now on our website. This trends report sets out to provide business owners, managers, and HR teams the information they need to help effectively manage their health insurance solutions.

In order to identify these trends, we talked with experts from five of the industry's leading private international medical insurers, who were able to provide unique insight into not only changes in the industry that businesses should be aware of but also interesting health insurance management strategies companies they work with are employing.

This year’s report, the first in what we hope to be an annual document, utilizes the information generated from six interviews conducted with leading insurance experts including: 

  • Robert Lang, Managing Director, Bupa Global

  • Kevin Melton, Sales and Marketing Director, AXA International Health Business

  • Steve Conway, Regional General Manager, Asia at Allianz Worldwide Care

  • Mike Che, Associate Director, Business Development, Cigna Worldwide

  • Kapil Dhir, Chief Compliance Officer, Aetna International

  • Steve Clement, Lead Benefit Consultant, Human Resources, Aetna International

Together these experts and the information they provided allowed Pacific Prime to identify four key trends that managers and HR teams working with international health insurance plans should be aware of:

  • Implementing Cost Containment Measures - Costs for almost all business functions are increasing, and health insurance is no exception. Because insurance has become a highly requested and even mandatory employee benefit, companies are reticent to eliminate it. This means that managers need to look for ways to manage increasing costs. This section explores effective strategies, as identified by the insurers, that businesses have been implementing.   

  • Management of Benefits - While businesses are not generally eliminating health insurance, they are starting to take an increased interest in the specific benefits offered, and starting to manage these more closely. This year there are two major components driving this trend: the refining of existing benefits, and a shifting focus toward value-added services.  

  • Integrating Technology - Historically, technology has not driven health insurance, but that is starting to change both in terms of how insurers integrate it, and how businesses utilize it when it comes to health insurance management. The insurers believe that this year the trend will focus on increased use of mobile apps, internet portals and, most importantly, analyzing claims data.

  • Working with Regulation - Due to the increasing financial instability in many countries in late 2015 and early 2016, we are starting to see an increase in the amount of financial regulation put in place around the world. This is having a subsequent impact on health insurance, which is forcing many companies to not only be more aware of regulation, but find ways to offer effective coverage.

 

Accessing the report

The report is now available on the Pacific Prime website, simply click on this link to visit the site and read the report. If you would like to download a copy, click here, or click Download at the top of the website to get your free PDF copy.  

To learn more about how you can leverage these insurance resources in your company, contact us today. Our health insurance experts will be happy to help review your existing plan and recommend solutions that meet your employees’ coverage needs, as well as your budget.

 

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