Singapore Private Health Insurance Market

TABLE OF CONTENT

TABLE OF CONTENTS
1 INTRODUCTION 17
1.1 OBJECTIVES OF THE STUDY 17
1.2 MARKET DEFINITION 17
1.3 OVERVIEW OF SINGAPORE PRIVATE HEALTH INSURANCE MARKET 17
1.4 LIMITATION 19
1.5 MARKETS COVERED 19
2 MARKET SEGMENTATION 21
2.1 MARKETS COVERED 21
2.2 GEOGRAPHICAL SCOPE 22
2.3 YEARS CONSIDERED FOR THE STUDY 22
2.4 CURRENCY AND PRICING 22
2.5 DBMR TRIPOD DATA VALIDATION MODEL 23
2.6 AGE GROUP LIFE LINE CURVE 26
2.7 MULTIVARIATE MODELING 27
2.8 PRIMARY INTERVIEWS WITH KEY OPINION LEADERS 28
2.9 DBMR MARKET POSITION GRID 30
2.10 DBMR MARKET CHALLENGE MATRIX 32
2.11 VENDOR SHARE ANALYSIS 33
2.12 SECONDARY SOURCES 34
2.13 ASSUMPTIONS 35
3 EXECUTIVE SUMMARY 36
4 PREMIUM INSIGHTS 39
4.1 SOUTH EAST ASIA PRIVATE HEALTH INSURANCE MARKET- PESTEL ANALYSIS 40
4.1.1 OVERVIEW 40
4.1.2 POLITICAL FACTORS 40
4.1.3 ENVIRONMENTAL FACTORS 41
4.1.4 SOCIAL FACTORS 41
4.1.5 TECHNOLOGICAL FACTORS 41
4.1.6 ECONOMICAL FACTORS 41
4.1.7 LEGAL FACTORS 42
4.1.8 CONCLUSION 42
4.2 PORTERS FIVE FORCES: 43
4.2.1 THREAT OF NEW ENTRANTS: 43
4.2.2 THREAT OF SUBSTITUTES: 44
4.2.3 CUSTOMER BARGAINING POWER: 44
4.2.4 SUPPLIER BARGAINING POWER: 44
4.2.5 INTERNAL COMPETITION (RIVALRY): 44
4.3 SOUTH EAST ASIA INSURANCE SCENARIO VS GLOBAL 44
4.4 CUSTOMIZED DELIVERABLE 45
4.4.1 HOW ARE INSURANCE CLAIMS EVALUATED (I.E., PROCESS FOR FILING FROM HOSPITALS, PHYSICIAN JUSTIFICATION) 45
4.4.2 DATA INTERPRETATION 46
5 INDUSTRY INSIGHTS 59
5.1 DEMOGRAPHIC TRENDS:- 59
5.1.1 AGE 59
5.1.2 GENDER 59
5.1.3 OCCUPATION 59
5.1.4 FAMILY SIZE 59
5.2 NUMBER OF CLAIMS BY TYPE 59
5.2.1 CASHLESS VS. REIMBURSEMENT CLAIMS 60
5.3 EXTRA CARE/TOP-UP INSURANCE OFFERINGS BY COMPANIES 61
5.4 INVESTMENT & FUNDING 61
5.5 PENETRATION OF PRIVATE INSURANCE & DENSITY 62
5.6 INTERVIEWS WITH KEY HOSPITALS AND INSURANCE COMPANIES 63
5.7 POLICY SUPPORT FOR LIFE INSURANCE IN SOUTH EAST ASIA 64
5.7.1 MALAYSIA 64
5.7.2 PHILIPPINES 64
5.7.3 THAILAND 64
5.7.4 VIETNAM 64
5.8 PUBLIC VS PRIVATE HEALTH INSURANCE 66
5.9 OTHER KOL SNAPSHOTS 67
5.10 PREMIUM/COPAY/COINSURANCE 68
6 REGULATORY FRAMWORK 69
7 MARKET OVERVIEW 70
7.1 DRIVERS 72
7.1.1 INCREASING COST FOR MEDICAL SERVICES 72
7.1.2 GROWING NUMBER OF DAY CARE PROCEDURES 72
7.1.3 MANDATORY OPTING FOR HEALTH INSURANCE IN PUBLIC AND PRIVATE SECTOR 74
7.1.4 INCREASING OLD AGE POPULATION 74
7.2 RESTRAINTS 75
7.2.1 HIGH COST OF PREMIUM 75
7.2.2 STRICT DOCUMENTATION PROCESS FOR CLAIM REIMBURSEMENT 76

7.3 OPPORTUNITIES 76
7.3.1 INCREASING AWARENESS ABOUT THE BENEFITS OF HEALTH INSURANCE 76
7.3.2 INCREASING HEALTH CARE EXPENDITURE 77
7.3.3 GROWING MEDICAL TOURISM AMONG COUNTRIES 78
7.4 CHALLENGE 79
7.4.1 LACK OF AWARENESS REGARDING HEALTH INSURANCE 79
8 SINGAPORE PRIVATE HEALTH INSURANCE MARKET, BY TYPE 81
8.1 OVERVIEW 82
8.2 INDIVIDUAL HEALTH INSURANCE 83
8.3 FAMILY HEALTH INSURANCE 83
8.4 CRITICAL ILLNESS INSURANCE 83
8.5 DISEASE-SPECIFIC INSURANCE 84
8.6 OTHERS 84
9 SINGAPORE PRIVATE HEALTH INSURANCE MARKET, BY HEALTH PLAN CATEGORY/METAL LEVELS 85
9.1 OVERVIEW 86
9.2 BRONZE 87
9.3 SILVER 87
9.4 GOLD 87
9.5 PLATINUM 88
9.6 OTHERS 88
10 SINGAPORE PRIVATE HEALTH INSURANCE MARKET, BY PROVIDER TYPE 89
10.1 OVERVIEW 90
10.2 HEALTH MAINTENANCE ORGANIZATIONS (HMOS) 91
10.3 PREFERRED PROVIDER ORGANIZATIONS (PPOS) 91
10.4 EXCLUSIVE PROVIDER ORGANIZATIONS (EPOS) 91
10.5 POINT-OF-SERVICE (POS) PLANS 92
10.6 HIGH-DEDUCTIBLE HEALTH PLANS (HDHPS) 92
10.7 OTHERS 92
11 SINGAPORE PRIVATE HEALTH INSURANCE MARKET, BY AGE GROUP 93
11.1 OVERVIEW 94
11.2 MIDDLE ADULTHOOD (45-64 YEARS) 95
11.3 YOUNG ADULTHOOD (19-44 YEARS) 95
11.4 OLDER ADULTHOOD (65 YEARS AND ABOVE) 95

12 SINGAPORE PRIVATE HEALTH INSURANCE MARKET, BY DISTRIBUTION CHANNEL 97
12.1 OVERVIEW 98
12.2 DIRECT INSURANCE COMPANIES 99
12.3 INSURANCE AGGREGATORS 99
12.4 OTHERS 99
13 SINGAPORE PRIVATE HEALTH INSURANCE MARKET, BY COUNTRY 101
13.1 SINGAPORE 101
14 SINGAPORE PRIVATE HEALTH INSURANCE THERMAL INSULATION PACKAGING MARKET, COMPANY LANDSCAPE 103
14.1 COMPANY SHARE ANALYSIS: SINGAPORE 103
14.2 MERGER & ACQUISITION 104
14.3 EXPANSIONS 105
14.4 NEW PRODUCT DEVELOPMENT 105
14.5 PARTNERSHIP 107
15 SWOT ANALYSIS 110
16 COMPANY PROFILE 111
16.1 AETNA INC. (A SUBSIDIARY OF CVS HEALTH) 111
16.1.1 COMPANY SNAPSHOT 111
16.1.2 REVENUE ANALYSIS 111
16.1.3 PRODUCT PORTFOLIO 112
16.1.4 RECENT DEVELOPMENTS 113
16.2 CIGNA 114
16.2.1 COMPANY SNAPSHOT 114
16.2.2 REVENUE ANALYSIS 115
16.2.3 PRODUCT PORTFOLIO 115
16.2.4 RECENT DEVELOPMENTS 117
16.3 AIA GROUP LIMITED 118
16.3.1 COMPANY SNAPSHOT 118
16.3.2 REVENUE ANALYSIS 118
16.3.3 PRODUCT PORTFOLIO 119
16.3.4 RECENT UPDATE 119
16.4 HCF 120
16.4.1 COMPANY SNAPSHOT 120
16.4.2 REVENUE ANALYSIS 120
16.4.3 PRODUCT PORTFOLIO 121
16.4.4 RECENT UPDATES 121

16.5 ALLIANZ 122
16.5.1 COMPANY SNAPSHOT 122
16.5.2 REVENUE ANALYSIS 122
16.5.3 PRODUCT PORTFOLIO 123
16.5.4 RECENT UPDATES 123
16.6 SUNCORP GROUP 124
16.6.1 COMPANY SNAPSHOT 124
16.6.2 REVENUE ANALYSIS 124
16.6.3 PRODUCT PORTFOLIO 125
16.6.4 RECENT UPDATES 125
16.7 MEDIBANK PRIVATE LIMITED 126
16.7.1 COMPANY SNAPSHOT 126
16.7.2 REVENUE ANALYSIS 126
16.7.3 PRODUCT PORTFOLIO 127
16.7.4 RECENT DEVELOPMENTS 127
16.8 DAI-ICHI LIFE VIETNAM 129
16.8.1 COMPANY SNAPSHOT 129
16.8.2 PRODUCT PORTFOLIO 129
16.8.3 RECENT UPDATE 129
16.9 HSBC GROUP 130
16.9.1 COMPANY SNAPSHOT 130
16.9.2 REVENUE ANALYSIS 130
16.9.3 PRODUCT PORTFOLIO 131
16.9.4 RECENT UPDATE 131
16.10 ACCURO HEALTH INSURANCE 132
16.10.1 COMPANY SNAPSHOT 132
16.10.2 PRODUCT PORTFOLIO 132
16.10.3 RECENT UPDATE 133
16.11 AIG ASIA PACIFIC INSURANCE PTE. LTD 134
16.11.1 COMPANY SNAPSHOT 134
16.11.2 PRODUCT PORTFOLIO 134
16.11.3 RECENT UPDATE 134
16.12 ASSICURANZIONI GENERALI S.P.A. 135
16.12.1 COMPANY SNAPSHOT 135
16.12.2 FINANCIAL ANALYSIS 135
16.12.3 PRODUCT PORTFOLIO 136
16.12.4 RECENT UPDATES 136

16.13 AXA 137
16.13.1 COMPANY SNAPSHOT 137
16.13.2 REVENUE ANALYSIS 137
16.13.3 PRODUCT PORTFOLIO 138
16.13.4 RECENT UPDATE 138
16.14 BNI LIFE 139
16.14.1 COMPANY SNAPSHOT 139
16.14.2 REVENUE ANALYSIS 139
16.14.3 PRODUCT PORTFOLIO 140
16.14.4 RECENT UPDATES 140
16.15 BUPA GLOBAL 141
16.15.1 COMPANY SNAPSHOT 141
16.15.2 PRODUCT PORTFOLIO 141
16.15.3 RECENT UPDATE 141
16.16 ETIQA 142
16.16.1 COMPANY SNAPSHOT 142
16.16.2 PRODUCT PORTFOLIO 142
16.16.3 RECENT UPDATE 143
16.17 GREAT EASTERN HOLDINGS LIMITED 144
16.17.1 COMPANY SNAPSHOT 144
16.17.2 PRODUCT PORTFOLIO 144
16.17.3 RECENT UPDATE 144
16.18 HONG LEONG ASSURANCE BERHAD 145
16.18.1 COMPANY SNAPSHOT 145
16.18.2 PRODUCT PORTFOLIO 145
16.18.3 RECENT UPDATES 145
16.19 INCOME 147
16.19.1 COMPANY SNAPSHOT 147
16.19.2 PRODUCT PORTFOLIO 147
16.19.3 RECENT UPDATES 147
16.20 MANULIFE HOLDINGS BERHAD 149
16.20.1 COMPANY SNAPSHOT 149
16.20.2 REVENUE ANALYSIS 149
16.20.3 PRODUCT PORTFOLIO 150
16.20.4 RECENT UPDATES 150
16.21 NIB NZ LIMITED 152
16.21.1 COMPANY SNAPSHOT 152
16.21.2 PRODUCT PORTFOLIO 152
16.21.3 RECENT UPDATE 152

16.22 NOW HEALTH INTERNATIONAL 153
16.22.1 COMPANY SNAPSHOT 153
16.22.2 PRODUCT PORTFOLIO 153
16.22.3 RECENT DEVELOPMENTS 154
16.23 PACIFIC CROSS 156
16.23.1 COMPANY SNAPSHOT 156
16.23.2 PRODUCT PORTFOLIO 156
16.23.3 RECENT UPDATE 157
16.24 PARTNERS LIFE 158
16.24.1 COMPANY SNAPSHOT 158
16.24.2 PRODUCT PORTFOLIO 158
16.24.3 RECENT UPDATES 158
16.25 PRUDENTIAL ASSURANCE MALAYSIA BERHAD 159
16.25.1 COMPANY SNAPSHOT 159
16.25.2 PRODUCT PORTFOLIO 159
16.25.3 RECENT UPDATE 159
16.26 RAFFLES MEDICAL GROUP 160
16.26.1 COMPANY SNAPSHOT 160
16.26.2 REVENUE ANALYSIS 160
16.26.3 PRODUCT PORTFOLIO 161
16.26.4 RECENT UPDATE 161
16.27 SOUTHERN CROSS 162
16.27.1 COMPANY SNAPSHOT 162
16.27.2 PRODUCT PORTFOLIO 162
16.27.3 RECENT UPDATES 162
16.28 THE ROYAL AUTOMOBILE CLUB OF WA (INC.). 164
16.28.1 COMPANY SNAPSHOT 164
16.28.2 PRODUCT PORTFOLIO 164
16.28.3 RECENT UPDATES 164
16.29 TOKIO MARINE 165
16.29.1 COMPANY SNAPSHOT 165
16.29.2 PRODUCT PORTFOLIO 165
16.29.3 RECENT UPDATE 165
16.30 UNIMED 166
16.30.1 COMPANY SNAPSHOT 166
16.30.2 PRODUCT PORTFOLIO 166
16.30.3 RECENT UPDATES 166

16.31 ZURICH 167
16.31.1 COMPANY SNAPSHOT 167
16.31.2 REVENUE ANALYSIS 167
16.31.3 PRODUCT PORTFOLIO 168
16.31.4 RECENT UPDATES 168
17 QUESTIONNAIRES 170
18 RELATED REPORTS 173