Insurance Talk with Mark Bromhead Archives

15May

Retirement Planning for Millennials: Steps to Financial Security

Millennials are facing unique financial challenges that make retirement planning particularly difficult. From high levels of debt to low wages and job insecurity, this generation has a lot to overcome in order to retire with financial security.

Despite these challenges, it’s important for Millennials to start planning for retirement as early as possible. The earlier you start, the more time you have to save and invest, and the better your chances of achieving financial security in retirement.

The Challenges

High levels of debt: Millennials are burdened with high levels of student loan debt, credit card debt, and other forms of debt. This can make it difficult to save for retirement, as a significant portion of their income goes towards paying off debt.

Lack of savings: Many Millennials struggle to save money, either due to high living expenses, low wages, or a combination of both. This can make it difficult to build a nest egg for retirement.

Low wages and job insecurity: Millennials are often stuck in low-paying jobs with limited opportunities for advancement. This, combined with job insecurity, can make it difficult to plan for the future.

Uncertainty about the future of Social Security: There is a great deal of uncertainty surrounding the future of Social Security, which is a key source of retirement income for many Americans. Millennials are particularly concerned about whether or not Social Security will be available to them when they retire.

Steps to Retire with Financial Security

Start early: One of the most important steps Millennials can take to retire with financial security is to start saving and investing early. The earlier you start, the more time your money has to grow through compound interest.

Create a budget: Creating and sticking to a budget is a crucial step in achieving financial security. By tracking your expenses and finding areas to cut back, you can free up more money to save and invest for retirement.

Pay off debt: Paying off debt should be a top priority for Millennials looking to retire with financial security. The less debt you have, the more money you have available to save and invest for retirement.

Invest in a retirement account: Investing in a retirement account is a great way to save for retirement. These accounts offer tax advantages and can help your money grow over time.

Educate yourself about personal finance: Educating yourself about personal finance is essential for retirement planning. By understanding investing, budgeting, and other financial concepts, you can make informed decisions about your money.

Consider additional sources of income: In addition to saving and investing, consider finding additional sources of income, such as a side job or freelance work. This can help you save more money for retirement and achieve financial security sooner.

Plan for unexpected expenses: It’s important to plan for unexpected expenses, such as medical bills or home repairs. By having an emergency fund in place, you can avoid dipping into your retirement savings and maintain your financial security.

Make sure you have health and life insurance: Getting sick can throw a huge curve ball to anyone’s finances. Having both health insurance and life insurance eliminates a lot of the worry and uncertainty that these events bring.

We help expats find the best insurance covers in Hong Kong. Connect with us to learn more.

2Apr

How AI Can Improve Your Brick and Mortar Store

Hong Kong’s retail market is highly competitive, and businesses need to stay up-to-date with the latest technologies to remain competitive. The rise of e-commerce has brought new challenges to brick-and-mortar businesses, but it has also opened up new opportunities for innovation. One of the most promising technologies for retailers is artificial intelligence (AI). In this blog post, we will discuss how AI can affect brick and mortar businesses in Hong Kong and how they can use AI to their benefit.

Benefits of AI for Brick and Mortar Businesses in Hong Kong

a. Automation – One of the primary benefits of AI for brick and mortar businesses in Hong Kong is automation. AI can automate routine tasks such as inventory management, ordering, and checkout, freeing up employees’ time to focus on higher-value tasks. Automation can also reduce errors and improve efficiency, resulting in cost savings and improved profitability.

b. Personalization – Another significant benefit of AI for brick and mortar businesses in Hong Kong is personalization. AI can help businesses provide a unique shopping experience for customers by analyzing their preferences and behaviors. For example, AI-powered recommendation engines can suggest products that a customer is likely to be interested in based on their purchase history or browsing behavior. Personalization can help businesses build customer loyalty and drive repeat purchases.

c. Customer Service – AI can also improve customer service in brick-and-mortar businesses in Hong Kong. AI-powered chatbots can provide instant responses to customer inquiries, freeing up employees’ time and providing 24/7 customer support. AI can also help businesses identify and resolve customer issues more quickly, resulting in higher customer satisfaction.

d. Inventory Management – AI can help businesses optimize their inventory management, ensuring that they have the right products at the right time. By analyzing customer data and historical sales trends, AI-powered inventory management systems can make accurate demand forecasts and suggest optimal stock levels. This can help businesses reduce waste and avoid stockouts, improving profitability.

e. Data Analysis – Finally, AI can help businesses in Hong Kong analyze customer data to gain insights into their preferences and behaviors. By analyzing customer data from multiple sources, such as sales transactions, social media, and website analytics, businesses can gain a deeper understanding of their customers’ needs and preferences. This can help businesses develop more effective marketing campaigns, product offerings, and customer engagement strategies.

Implementing AI in Brick and Mortar Businesses in Hong Kong

a. Identify Business Needs – The first step in implementing AI in a brick and mortar business in Hong Kong is to identify the business’s specific needs. For example, a business might need help with inventory management, customer service, or personalization. By identifying the specific areas where AI can provide the most value, businesses can choose the right AI solutions and allocate resources effectively.

b. Choose the Right AI Solutions – Once a business has identified its needs, the next step is to choose the right AI solutions. There are many different AI solutions available, from chatbots to recommendation engines to inventory management systems. It’s important to choose solutions that are tailored to the business’s specific needs and goals.

c. Invest in Employee Training – Implementing AI in a brick and mortar business in Hong Kong will likely require employees to learn new skills and adapt to new processes. It’s important to invest in employee training to ensure that employees are comfortable with the new technologies and can use them effectively.

d. Monitor and Measure – Results Finally, it’s important to monitor and measure the results of implementing AI in a brick and mortar business in Hong Kong. By tracking metrics such as sales, customer satisfaction, and efficiency, businesses can determine whether the AI solutions are providing the expected benefits. This information can be used to make adjustments and improvements over time.

AI can have a significant impact on brick and mortar businesses in Hong Kong. By leveraging AI, businesses can improve efficiency, enhance customer experience, and optimize operations. To implement AI effectively, businesses should identify their specific needs, choose the right AI solutions, invest in employee training, and monitor and measure results. With the right approach, brick and mortar businesses in Hong Kong can stay competitive in a fast-changing retail market.

Don’t Forget to Have Insurance If You Decide to Integrate Business with AI

If a brick and mortar business uses AI for some of its operational processes, it is important to have the appropriate insurance coverage to mitigate potential risks associated with the use of AI.

One type of insurance to consider is cyber liability insurance, which covers losses from data breaches, cyber-attacks, and other technology-related risks. This can help protect against potential lawsuits or claims arising from the use of AI in their business operations.

Another type of insurance to consider is errors and omissions insurance, which provides coverage for professional negligence or failure to perform professional duties. This can be especially important if the AI system used by the business provides services or advice to customers, as errors or mistakes made by the AI system could lead to liability claims.

In addition, it may be beneficial for the business to consult with a specialized insurance provider that understands the unique risks associated with AI use and can help tailor coverage to fit their specific needs.

7Mar

How Insurance Companies Can Become Better at Using AI

Insurers Can Use AI to Improve Customer Experience, Develop New Products and Optimize Sales and Marketing Strategies

The insurance industry is ripe for disruption through the use of artificial intelligence (AI). Insurers that are able to integrate AI into every part of their business—from business process optimization to delivering reimagined products, services, and experiences to customers—can move into the achiever category to realize greater value.

Carriers looking to gain momentum with their AI investments can find opportunities in the front office and build out their next phase of growth. Our study explored three key front office use cases that I’ll be diving into in this post: customer experience, product and service development, and sales and marketing.

Customer Experience Intelligence and Journey Automation

When it comes to customer experience optimization, insurers are beginning to make progress compared to other industries—yet they are still in the early stages of AI activation.

Many insurers have invested in developing a single view of the customer and have been able to understand what products customers own, if they have recently made a claim or whether they have received a quote for another product.

While some insurers are starting to gain a better understanding of the interactions they have with a given customer, most insurers struggle to connect the customer journey across multiple channels and touchpoints. Far fewer are able to use those insights to understand the breakpoints in that experience and address them systematically.

Though many insurers have invested in customer relationship management (CRM) platforms to share customer insights across the enterprise, few have layered in AI to use those insights to orchestrate highly personalized customer experiences that span marketing, sales, service, and claims. Leading CRM vendors are integrating AI capabilities into their platforms, making it easier to embed out-of-the-box AI models into any workflow. Choosing such technology is a major opportunity to create omnichannel experiences and build a truly holistic view of each customer.

When it comes to automating parts of the customer journey, conversational AI remains a largely untapped opportunity for the insurance industry as a whole. Those that are creating self-contained conversational experiences that satisfy customers’ needs—rather than simply answering FAQs or pointing customers to where they can get help—are generating higher levels of satisfaction with significant customer service cost savings and reduced reliance on a challenging labor market.

New Product and Service Development

Recently, Accenture found that 88% of executives think their customers’ needs are changing faster than their businesses can keep up with. Factors like climate change and economic uncertainty are forcing customers to adapt to circumstances that are out of their control, moving through territory as they try to make the decisions that are best for them. Our research revealed a need for companies to shift from focusing on customer as consumer to developing a nuanced understanding of the customer as a multifaceted human being with complex and often contradictory desires.

This shift from customer-centricity to an approach we’ve coined “life-centricity” is especially relevant for carriers as they develop products. AI can help carriers widen their understanding of customer behavior and move outside of cookie-cutter customer profiles with data insights. It can help them build offerings that can be tailored to the needs and habits of customers as they move through their life, seamlessly recommending or upgrading individuals’ products to respond to events like the purchase of a new home or providing coverage as climate change reshapes natural disaster risk.

There are plenty of opportunities for insurers to create new products and services that use AI to realize more value and deliver enhanced experiences. We’re already seeing many carriers implementing AI in their auto insurance products to assess driver behavior and offer pay-as-you-drive policies.

As IoT and wearable technology improves, carriers will be able to use AI to gain an even deeper understanding of customer behaviors, meeting their needs and predicting what their needs might be in the future.

Insurers that are looking to gain momentum with their AI investments should focus on the front office, where there are significant opportunities to improve customer experience, develop new products and services, and optimize sales and marketing activities. By leveraging AI to power total enterprise reinvention, carriers can move into the Achiever category and realize greater value.

When it comes to customer experience, insurers should focus on building a single view of the customer, integrating AI capabilities into their CRM platforms, and creating conversational AI experiences that satisfy customers’ needs. For product and service development, insurers should shift from customer-centricity to life-centricity, using AI to widen their understanding of customer behavior and build offerings that can be tailored to customers’ needs and habits. Finally, for sales and marketing optimization, carriers should leverage AI to personalize customer interactions, optimize marketing spend, and identify potential cross-selling and upselling opportunities.

While implementing AI can be a daunting task, carriers that are able to successfully integrate AI into their front office operations will be well-positioned to achieve long-term success in a rapidly evolving industry.

5Feb

4 Ways to Lower Auto Insurance Cost in 2023

A combination of factors including inflation, rising interest rates, and fluctuating gas prices, made life difficult for drivers in 2022. The added strain of increased auto insurance prices only added to the financial pressure.

The main factors behind the increase were more people driving and cars being more expensive to repair. The company predicts that the average annual rate will go up another 7% to $1,895 this year, but they may not stop there. It could be several years before prices fully stabilize.

A recent survey from the insurance comparison website Insurify found that nearly half (47%) of US drivers saw their car insurance costs increase in 2022. Experts believe that insurance companies will continue to raise rates across the country.

According to a recent Yahoo article, auto insurance rates are expected to rise 8.4% in 2023 in the US, and this trend will likely follow in Hong Kong.

While the continued rise of inflation may cause auto insurance rates to go up, there are steps you can take to reduce the impact on your monthly budget.

1. Shopping around for coverage and comparing quotes.

If you haven’t recently reviewed your car insurance options, you may be overpaying for your coverage. Gone are the days of a tedious comparison process – modern technology has streamlined the process of obtaining quotes from various providers. Make sure you understand the value of your car and the cost of repairs or replacement when considering the amount of coverage you need to buy.

2. Keep your driving record clean.

Safe driving can also help lower your rates, as can having a claims-free or violation-free driving record.

As reported by Insurify, a single infraction on your driving record could cause a surge in your auto insurance premium, with an average increase of 34%.

Many insurance providers offer discounts to drivers who maintain a clean driving history and pose minimal risks on the road. If you have prior driving incidents, you can regain your insurer’s trust and improve your chances of getting a discount by taking an accredited vehicle safety or defensive driving course.

3. Increasing your deductible.

When purchasing car insurance, you must agree to a deductible, which is a specified sum you must pay from your own pocket before your insurance company starts covering the costs of a claim.

By increasing your deductible, you have the opportunity to significantly reduce your monthly insurance bill. Keep in mind, however, that you must have enough funds readily available to pay the full deductible if you need to file a claim in the future.

4. Consider using a pay-as-you-go insurance plan.

Usage-based insurance or pay-as-you-go insurance allows you to pay for the driving you actually do rather than the assumptions made by your insurance company.

To facilitate this type of coverage, the insurance company will either provide a plug-in device or a mobile app to monitor your driving habits, including the frequency and distance of your trips, your driving patterns, and your driving style.

You may be eligible for a discount from your insurance company if the data gathered reflects safe and responsible driving habits, such as infrequent and short trips focused on following traffic laws.

However, this system operates in both directions. Engaging in risky driving behaviors, such as driving long distances or frequently braking hard, can result in penalties from your insurance company.

If you need help finding the best auto insurance cover that fits your budget, we can help. Village Insurance Direct specializes in sourcing personal and business insurance for expats in Hong Kong.

4Jan

3 Insurance Trends that Are Changing the Industry

The insurance industry has shown its ability to withstand challenges and change with the times in recent years. By using advanced digital technologies, insurance companies have been able to improve their efficiency and undergo positive changes.

Overall, the past year has had its ups and downs. While there were increases in premiums in both personal and commercial insurance and challenges such as crises and natural disasters, new companies entering the market struggled to effectively innovate in the industry.

From a “glass half full” viewpoint, we did see that ongoing competition encourages innovation. We observed a growing interest in cloud transformation (despite some delays). The emergence of modern ecosystems was also observed. In the middle of all these changes, carriers also grasped the importance of a diversified talent pool and gave hiring, development, and retention top priority.

We foresee three trends that will probably influence the insurance sector in 2023 and beyond, given the industry’s continuous struggles with issues like inflation, rising interest rates, climate change, and a skills shortage.

1. Emerging and Evolving Risks

Insurance companies find it challenging to navigate the risk landscape due to uncertainties sparked by international problems, governmental rules, and economic forces.

Additionally, these types of risks tend to be intricate and interrelated. For instance, extreme weather and natural disasters can create vulnerabilities for businesses and make the workplace hazardous and properties uninhabitable.

Another growing risk is cybersecurity, with a rise in the frequency and intensity of ransomware attacks. Cybersecurity is no longer just a matter of technology but a business risk as well. To address these interconnected threats, insurance companies must be quick to respond and adapt. This means being flexible and proactive in using tools like artificial intelligence, machine learning, and automation to prevent and mitigate risks. In the coming year, data management systems and decision-making tools will likely play a central role in helping insurance companies operate efficiently and effectively.

2. Tech Integration to Normal Life

Insurance companies are focusing on reducing costs and promoting long-term growth as they look ahead to the new year. Some companies are modernizing their technology systems, either by streamlining their legacy systems or adopting new technologies. Others are using insurtech solutions to enhance their offerings.

Ultimately, insurance companies are working to build flexible, scalable, and resilient technology systems that can support growth and add value. This may involve automating certain parts of the claims process, using data from third parties to better assess risk, or implementing digital customer service tools to improve satisfaction. By starting with a strong foundation, insurance companies can take advantage of these opportunities and continue to shape the industry in the coming year.

3. A More Human Experience for Clients

During difficult times, it’s important for insurance companies to remember the emotional impact their actions have on their clients. Customers often want more communication with their insurers, especially when they are in need.

Engaging with agents and providing high-touch support can make customers feel heard and kept informed. Customers also appreciate being able to choose the communication channel that best fits their needs, whether it’s a website, smartphone app, or live conversation.

A poor customer experience can cause people to switch to a different brand, so it’s important for insurance companies to prioritize the customer experience and shift from a policy-focused business model to one that is customer-centric. Companies that do this well will likely find success in the long term. Providing personalized and omnichannel experiences can improve the customer experience and streamline processes.

13Nov

Four Cybersecurity Outlook for Small and Medium Businesses in 2023

In the post-COVID-19 era, the market for cybersecurity insurance is anticipated to grow from US$ 11.9 billion in 2022 to US$ 29.2 billion by 2027, at a CAGR of 19.6%.

Cyber insurance will be bought by more SMBs than ever. Industry research found that only 15% of SMBs had purchased some form of cyber insurance, even though cybercrime was one of their top concerns. This means that for the foreseeable future, cyber insurance represents the single biggest growth opportunity for carriers, brokers, and MGAs.

According to a recent survey by Inc.com, which found that there are more than 30 million small top midscale businesses in the US alone, 77% of these companies believe that adopting technology throughout their company is a key factor in their growth.

Cyber insurance will be a part of every organization that depends on digital technology currently or in the future.

Here are four outlooks for cybersecurity in 2023:

1. Insurance companies will factor in a company’s existing (or non-existing) cyber security measures.

For carriers and policyholders that lack an active risk management system for these risks, the cost of mitigating and insuring data breaches and other cyber catastrophes will keep rising. For small and medium-sized firms, a cyber event often costs insurance more than US$150,000.

The average cost of a cyber incident for large businesses is around US$10 million. Carriers will demand more security from businesses to buy insurance to reduce those expenses and keep a successful book of business.

We predict that, at the very least, policies with limits of more than $500,000 will need to have anti-virus, firewall, two-factor authentication, backup, and encryption.

2. Companies that’ve already experienced data breaches will have a harder time finding a cyber insurance provider.

According to a recent report by the Government Accountability Office (gao.gov), the increasing threat of a cyber breach will drive an upsurge in cyber insurance premiums while reducing availability.

In 2020, 47% more buyers chose cyber coverage, up from 26% in 2016. The cost of cyberattacks roughly doubled for American insurance companies between 2016 and 2019. And as a result, there was a significant rise in insurance prices. Due to the current shortage of insurance capacity in the market and the fact that many firms are unable to obtain cyber insurance at an acceptable price, costs are likely to increase.

3. Costs are projected to rise as a result of the market’s existing lack of insurance capacity and the fact that many businesses cannot find cyber insurance at a competitive price.

Brokerages must now be ready to discuss a packaged approach: a pre-placement cyber risk report, a competitive cyber insurance policy, and a platform that continuously monitors exposures throughout the policy’s lifetime and notifies the insured before a breach occurs. This will help clients avoid a price spike following a breach and a claim.

This strategy may lessen the need for some coverage restrictions or exclusions while preventing premium increases.

4. The adoption of AI-powered automated underwriting for cyber policies will keep expanding.

Providers can help their clients in getting the coverage they require, lower the chance of a breach, and prevent premium increases when carriers and MGAs use tested automated underwriting supported by tested technology. In order to provide the SMB market sector with a cyber insurance policy, automated data-driven solutions are essential.

If your business needs help finding the right cyber insurance, get in touch with us at Village Insurance Direct.

28Aug

Updates on Employees’ Compensation Ordinance in Hong Kong | Typhoon Season

The Labour Department has reminded employers to make prior work arrangements for staff to ensure the safety of employees and smooth operation of establishments now that it’s typhoon season.

The Labour Department (LD) reminded employers to make prior work arrangements for staff during and after tropical cyclone warnings, including arrangements on reporting for duty, release from work, resumption of work and work from home (if applicable) to ensure the safety of employees and smooth operation of establishments.

There are several changes to the Employees’ Compensation Ordinance in Hong Kong. Companies need to be aware of these changes which essentially means that more people are now eligible for compensation if they suffer an injury or illness as a result of their work.

The key details about the ordinance are:

1. The scope of coverage has been expanded to include those who are not employees, such as domestic workers.
2. The definition of ‘compensable injury’ has been broadened to include mental health conditions caused by work stress.
3. The maximum amount of compensation that can be awarded has been increased.
4. The time limit for making a claim has been extended from one year to three years.

How will this affect businesses in Hong Kong?

Companies will need to take measures to protect workers from injuries and illnesses, both physical and mental. This may include providing safe working conditions, and training staff on how to cope with work stress. They may also need to budget for higher compensation payments in the event that an employee does suffer an injury or illness.

The penalty for non-compliance is HK$100,000 and 6 months imprisonment.

The reaction of employers to the new ordinance has generally been positive, as they recognise the importance of protecting workers’ health and safety. Some have raised concerns about the increased financial burden that may be placed on businesses, but overall most seem to support the changes.

One way for employers to reduce the financial burden from their end is to purchase employee compensation insurance, which will now become even more essential.

The cost of employee compensation insurance for a small business is estimated at around $2,000 per year while it costs a medium-sized business $3,000 to $4,000 and a large business $5,000 to $15,000.

Domestic helper insurance policies cost about $500 per year for up to four helpers. Coverage includes personal accidents, hospitalization and repatriation expenses.

Employers and businesses are expected to comply starting from the first day of employees’ first policy year. Changes to the ordinance in 2022 will make it mandatory for all businesses with employees to have employee compensation insurance in place.

Need help finding an employee insurance policy? Our advisors can help you find the right cover for your business.

17Jul

The increased risks for directors and officers Post-COVID

Since the outbreak of Covid-19, directors and officers of companies have faced increased risks and liabilities. These risks include potential litigation from shareholders, employees, and customers, as well as investigations and regulatory actions.

To protect themselves from these risks, directors and officers need to purchase D&O insurance. D&O insurance will help to cover the costs of legal fees and any damages that may be awarded.

With the remote work environment and the increase in cyber-attacks, there is an increased risk of data breaches. Directors and officers need to be aware of these risks and take steps to protect the company’s data. One way to do this is to purchase cyber insurance. Cyber insurance will help to cover the costs of a data breach, including the costs of investigation, notification, and data recovery.

CASE STUDIES

One case study about D&O insurance during the pandemic is about a company named Blink. Blink is a smart home security company and their D&O insurance policy covered them when an employee made false statements about the company on social media. Litigation cost Blink the amount of $2.5 million and their D&O insurance policy covered $1.5 million of that.

Had the company not had the proper insurance coverages in place, they would have had to pay for the legal fees and damages out of their own pocket, which could have been detrimental to the company.

Another notable case of D&O insurance companies can learn from is the case of Hertz which filed for bankruptcy. During the bankruptcy process, it was revealed that the company did not have enough D&O insurance to cover all the potential claims that could be brought against the company. This led to the company having to purchase additional insurance to cover the potential risks.

If companies do not have enough D&O insurance, they may be left exposed to potential risks that could lead to financial ruin. It is important for companies to have the proper amount of D&O insurance in place to protect themselves from these risks.

The cost of D&O insurance in Asia post-pandemic is estimated at $600 million, which is a 50% increase from 2019. The rise in cost is due to the increased number of D&O claims being filed, as well as the increased amount of coverage that is needed.

Now more than ever, it is important for companies to have the proper insurance coverages in place. D&O insurance can help to protect the company from the increased risks that they are facing. Cyber insurance can help to protect the company from the increased risk of data breaches. companies should purchase the proper insurance coverages to protect themselves from the risks that they are facing.

30Jun

Travel is Back! What does this mean for insurers?

With international travel starting to pick up again after Covid-19, what does this mean for insurers?

There is no doubt that the pandemic has had a profound effect on the travel industry. According to the World Tourism Organization, global tourism arrivals declined by 70-80% in 2020.

This represents a loss of 1 billion to 1.2 billion international tourist arrivals and a revenue loss of US$1.2 trillion to US$1.3 trillion.

The good news is that travel is starting to pick up again. Europeans have begun jetting to popular holiday destinations like Portugal, Mexico, and The Caribbean.

What does this mean for travel insurers?

As travel starts to rebound, insurers will need to adapt their products and services to meet the new needs of travellers. For example, many insurers now offer insurance plans that cover Covid-19-related travel disruptions.

Some insurers are also offering Cancel for Any Reason (CFAR) coverage, which allows travellers to cancel their trip for any reason up to 48 hours before departure and receive a partial refund.

With travel starting to pick up again, it’s important for insurers to be prepared for the new reality of travel. by offering products and services that meet the needs of today’s travellers.

Countries That Require Travel Insurance with Covid-19 Protection

There are a number of countries that now require proof of travel insurance that includes coverage for Covid-19 in order to enter the country.

These countries include (This list may change over time so we recommend double-checking with each region’s policies):

– Germany

– Italy

– France

– Spain

– Greece

If you’re planning to travel to any of these countries, be sure to purchase travel insurance that includes coverage for Covid-19.

Asian countries that also require travel insurance with proof of Covid-19 coverage are (This list may change over time so we recommend double-checking with each region’s policies):

– Thailand

– Cambodia

– Laos

– Myanmar

– Vietnam

Do I Need Travel Insurance If I Have Health Insurance?

The answer to this question is, that it depends. Most standard health insurance policies do not cover you for medical expenses incurred outside of your home country. So, if you do get sick or injured while travelling, you will most likely have to pay out of pocket for all medical treatment.

Furthermore, even if your health insurance does provide some coverage for travel medical emergencies, there is a good chance that it will not cover the full cost. In these cases, travel insurance can help to cover the gap.

13Jun

The Value of Digital Health Services Post-pandemic

The pandemic has altered the way health care is given.

Insurance providers have reacted to the rising demand for digital and virtual GP services by developing products to fit customer needs.

Such programs have really taken off in terms of providing mental health support to consumers and those who have been affected by long Covid, and advisers recognise how crucial it is for clients to have access to them.

But, once Covid infection rates start to drop back, and restrictions are lifted entirely, will consumers continue using such solutions in the same way, or will they opt for face-to-face treatment as the country seeks to reclaim normalcy?

Increased Demand for Online Services

Jennifer Gilchrist, protection specialist at Royal London told Health & Protection said, “We’ve seen an increase in demand for digital health services coming out of the pandemic and people are becoming more used to virtual methods of accessing services.”

Gilchrist also added that many insurance providers devised more online and virtual capabilities quite quickly which has accelerated the digitalisation of an industry that’s been heavily reliant on more traditional processes when compared to other industries.

Ian Ranger, head of claims and medical underwriting from Canada Life also agreed and noted that a provider’s virtual support service was becoming part of customer expectations.

Health propositions lead at Aviva UK Health, Nina Brown, shared that for the first quarter of 2022, providers observed the average number of online appointments rise to 7,200 per month, with March seeing a record 8,500 appointments carried out.

Last October 2021, the average number of online appointments made was around 5,000 a month. These numbers are clear indications of continuing growth. Given this, healthcare providers, as well as insurers, need to respond to the demand and adapt.

Two factors must be kept in mind when innovating products/services:

1. speed
2. convenience

Less intrusive services and encourage patients to reach out more readily

The awkward waiting time at the doctor’s office or the energy-draining commute to the clinic can hinder some people to seek care. However, online services take away these factors and allow more people to reach out for mental health checks.

Virtual consults give plenty of breathing room for patients and lessen the anxiety some may feel when going to a therapist. Conducting a session in one’s comfort zone eases away a good chunk of the tension so there is more focus on more pending matters.

As the number of cases grows, digital delivery of services means long-term Covid patients don’t have to travel for treatment, as Dr Julie Denning, managing director of return-to-work rehabilitation firm Working To Wellbeing, points out.

“Those who have complex therapeutic demands, like those receiving cancer treatments or recovering from prolonged Covid,” Denning explained, “digital delivery means they don’t need to make additional travels outside of their home when they may be feeling exhausted, in pain, or concerned.”

The Demand for Digital Services is Unlikely Waning

While companies are making moves to return to work or have a hybrid setup, what healthcare providers and insurance can expect is the steadfast need for fast and convenient online services regardless of loose or non-existent restrictions.

Patients have realised the value of such services and there is very little sign of going back from this point forth.

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