Providing Asian clients with comprehensive medical insurance plans
Angus Slater of Bupa Global
Jun 5, 2017
In a video interview, Angus Slater of Bupa Global, the international health insurance arm of Bupa, explains the firm’s value proposition as it capitalises on the opportunity that Asia represents.
Bupa Global caters to the medical insurance needs of expats and HNW local individuals who are interested in buying international private medical insurance (IPMI). The firm is also the administrator for the international health insurance plans by Alltrust Insurance Company (AIC) in China and Raffles Health Insurance (RHI) in Singapore.
More broadly, Angus Slater, general manager for Bupa Global in Asia Pacific, says the focus on client segments is based on qualitative and quantitative research. “We did a study where we sized several individual customer segments in Hong Kong, Singapore, Dubai and the UK,” he explains. “We came up with this new segmentation that looked at buying IPMI because they have a global outlook and lifestyle.”
Today, Bupa Global has four books of business within the region – in Hong Kong and Singapore the focus is primarily on IPMI for individuals; and growing books in China and Australia.
Capitalising on Asia
The combination of Bupa’s domestic insurance business, and Bupa Global’s IPMI and quality healthcare clinic businesses, means the firm provides holistic solutions in Hong Kong. “Such positioning allows us to predict medical insurance inflation over the contract life of a customer, better than anyone else because we have the transparency of risk profiling across funding and provision,” explains Slater.
Similarly, in other jurisdictions, there are increasing needs for medical cover. “Our Mainland China business has tripled over the last couple of years,” he adds. Plus, there is high demand for IPMI in Singapore.
To cater to the needs of Asian HNW and UHNW clients, meanwhile, Slater believes the firm’s ‘Ultimate’ product can be a good fit. “It offers unlimited in-patient and out-patient benefits coupled with a very comprehensive health check that allows us to build a personalised healthcare strategy for the customer.”
General Manager, Bupa Global Asia Pacific at Bupa Global
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