Saturday, April 25, 2015
JLT conducted its 2015 Healthcare Outlook Survey during January and February 2015, across 11 countries and 48 leading insurers. A full summary of the findings is available on request, with some of the key themes shown in the attached.
Richard Roper, Managing Director, Asia for JLT Employee Benefits, commented: “These results confirm a number of our views but also raise important issues for clients. Loss ratios declared in the survey represent concerns for clients as these are likely to lead to future premium increases. A key finding is the overwhelming confidence in wellness programmes which supports our views that claims utilisation needs to be managed as a partnership between client, consultant and insurer. JLT has found that well-planned Wellness programmes have impressive results.”
Roper added: “The results also remind us that within the Asia region, we have very different markets, with different challenges and issues across them.”
“Medical insurance is highly valued by employees but represents the highest and fastest-growing benefit cost. We strongly believe that wellness in the workplace and other health management strategies have an important impact on costs,” said Pete Whittington, Regional Director for JLT Benefit Solutions Asia. “It is very encouraging to see insurers now forming this view. We have long held the view that effective claims utilisation is in the client’s long term interest rather than accepting higher premiums or chasing lower ones in the market annually.”
Pete added, “Our survey shows that Insurers recognise the importance of technology in managing and communicating benefits. Both brokers and insurers who are not technology enabled are likely to fall behind and will not be able to reach generation Y to encourage them to take ownership of their benefits through technology led solutions such as flexible/voluntary benefit plans. Technology is also a key tool in educating and engaging employees in health and wellness initiatives”
About JLT Asia
Jardine Lloyd Thompson (JLT) Asia is a market leader in insurance and reinsurance broking, risk management consultancy and employee benefits services.
Our operations in Asia date back to 1836. Today, JLT Asia is one of the most experienced brokers in Asia, with approximately 1,700 staff in 13 locations - China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, Macau, Philippines, Singapore, Taiwan, Thailand and Vietnam.
JLT Asia's technical abilities and expertise span a wide range of specialist areas:
Aviation Marine (Cargo and Hull P&I)
Captives Professional & Executive Risks (ProEx)
Construction Property
Credit, Political & Security Risks Reinsurance (Treaty & Facultative)
Employee Benefits Risk Management
Energy / Power Schemes, Facilities & Affinity
Interactive Technology Solutions Wealth Management
Major Corporate Risks
Our specialists are renowned for their innovative approach to developing integrated
insurance, reinsurance and alternative risk transfer solutions.
Integrity is a hallmark of the JLT organisation. Our quality and compliance regimes are among the most thorough in the industry.
www.JLTAsia.com
About Jardine Lloyd Thompson Group plc
Jardine Lloyd Thompson is one of the world’s largest providers of insurance and employee benefits related advice, brokerage and associated services. JLT’s client proposition is built upon its deep specialist knowledge, client advocacy, tailored advice and service excellence.
JLT is quoted on the London Stock Exchange and owns offices in 40 territories with over 10,000 employees. Supported by the JLT International Network, it offers risk management and employee benefit solutions in 135 countries.
www.JLTGroup.com
