Health insurers have an important role to shift the healthcare trend from disease management to preventive solutions, according to Singapore's Health Prevention Board CEO, Zee Yoong Kang.
Speaking at the 2nd Asia Employee Benefits and Insurance conference in Singapore yesterday, he also argued that altering the mindset and behaviour of policyholders towards prevention is of strategic importance as insurers need to reduce their future liabilities, given the rise of chronic diseases.
“It is a question of your long-term solvency because the life tables today are pretty obsolete due to the increase in chronic diseases. It is a big challenge as to how you price your premiums and value your liabilities…it is a strategic priority to bring down your future liabilities and so you need to focus on prevention,” said Mr Zee.
While anyone would acknowledge the value of a healthy lifestyle, there exists a gap between knowledge and actual practice, he added. Hence, while insurers have a role to play to nudge policyholders towards prevention efforts, employers should also steward their workforce towards making healthier lifestyle options.
Mr Zee added numerous research suggest that having a healthy workforce certainly produces economic dividend, and health should thus been seen as an investment rather than merely a cost that needs to be managed.
Looking at things from the inclusion agenda, Kyobo Life Insurance senior vice president Kumjoo Huh noted that two ‘minority’ groups in the Korean workforce – women and millennials – both place a high value on work-life balance. Hence, promoting personal well-being and wellness at the workplace goes a long way in altering the corporate culture in Asian societies towards a more open and healthier work environment.
Meanwhile, founder and CEO of CXA Group, Rosaline Koo, touched on her organisation’s approach in providing more choices and flexibility in employee benefits to allow workers to take greater ownership in managing their health.
She also spoke of the group’s vision to further streamline the employee health value chain which currently relies on numerous middlemen. CXA eventually hopes to connect employees directly to insurers and healthcare providers in an integrated health ecosystem.
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