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With the force of a typhoon, the COVID-19 pandemic has swept over most aspects of our lives. Likewise, it did not leave the insurance industry untouched. The pandemic has sped up telehealth innovation and delayed countless treatments, for better or worse. Dive into the biggest 4 health insurance trends in 2021 with our friends at
Pacific Prime Hong Kong.
Asia-Pacific regional changes and health insurance trends in 2021
This year, Asia-Pacific struggles with the twin pressures of an aging population and the pandemic. You’ll likely see an acceleration of telehealth and digital innovation in Hong Kong. What’s more, mental health claims are on the rise, along with delayed treatment. Expect an increased demand for insurance products in certain Asian countries due to economic uncertainty.
What is the state of health insurance globally?
Let’s take a bird’s eye view of the global health insurance landscape. For a much deeper dive, download our latest free State of Health Insurance Report!
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1. Insurers and clients continue to cope with the financial impact of COVID-19
Insurers will need to navigate the tightening regulatory requirements worldwide. However, there is a light in the darkness as more insurers are covering pandemic-related costs.
2. Major healthcare trends and challenges
You may be pleased to learn that healthcare providers are looking for ways to improve the healthcare experience for you. For instance, AI and blockchain technology will facilitate better healthcare and outbreak management in the future. This is one of many crossovers to come between healthcare and technology.
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3. Impact of COVID-19 on the insurance industry
If you’re like most patients, you avoided going to the hospitals in 2020 and 2021. Thus, your claims will be delayed for any elective or non-urgent treatment. Here is where telehealth shines with its virtual consultations for physical and mental health.
In particular, virtual consultations skyrocketed to a 3,000% boost in usage. This is also the case in Hong Kong. Due to COVID-19 restrictions and border closures, both locals and expats in Hong Kong become more vulnerable to mental health issues.
4. Changing consumer needs and expectations for insurtech
Health becomes a priority across all ages. The younger demographics are increasingly health-conscious and interested in health insurance. Likewise, patients also set a higher standard for their health experience.
In Hong Kong and elsewhere, virtual healthcare is still no substitute for in-person sessions. That said, you can be sure that ‘phygital’ (a portmanteau of 'Physical' and 'Digital') or a mixture of physical presence and digital channels will become the norm.
Put your health first with health insurance in Hong Kong
From expat health insurance to travel insurance, Pacific Prime Hong Kong has got you covered. Our friends have over 20 years of experience working with the top insurers across the globe.
Get a free quote now! For a free plan comparison and impartial advice, contact our team of insurance advisors today. For more insight into the top health insurance trends in 2021, download our free report now.