Bupa readies high-end health insurance
Bupa Global, a UK-based premium health insurer, is upbeat about the huge market opportunity that China's high net worth individuals or HNWIs present, and will keep investing in the country to offer more personalized products and high-end services, its top executive said.
HNWIs are consumers with a net worth of over $1 million each.
Sheldon Kenton, managing director of Bupa Global, said: "China is home to one of the world's fastest-growing community of HNWIs and this is set only to grow. As consumers demand more digital services, we have to move fast. We are focused on urban areas, large populations, and maximizing access to high-end insurance to people across the country. Now that we're beginning to see the light at the end of the tunnel when it comes to COVID-19, we can focus on opportunities in China."
On July 28, Bupa Global released its Top Executive/HNWIs Wellbeing Survey in China, providing a comprehensive insight into the health status of China's HNWIs and top executives.
According to the survey report, over a fifth (21 percent) of HNWIs consider themselves to be "unwell", with poor sleep being the most commonly reported complaint. The number of HNWIs experiencing sleepless nights during the past 12 months surged 22 percent year-on-year.
When seeking help to cope with mental health concerns, 17 percent of HNWIs sought support from their insurance provider, an increase of 12 percent over the past year. And 17 percent used virtual consultations and just 8 percent sought help directly from a medical professional, said the report.
In addition, half of HNWIs also reported physical health issues, with the three most common complaints being high blood pressure, liver-related issues, and excess weight. Encouragingly, most (65 percent) have plans to improve their diet and exercise regime, the Bupa report stated.
"There are a growing number of HNWIs turning to professional organizations, such as insurance companies, for help with physical or mental health problems," said Kelvin Wang, general manager of Bupa Global China.
As a result, according to the report, a large proportion of HNWIs expect to turn to private medical insurance over the next 12 months for support in health and well-being, with 93 percent stating an intention to either maintain or increase spending on their policy.
On average, these individuals expect to increase spending on private medical insurance by 21 percent over the coming year, a large increase over the previous year's intended increase (13 percent).
"Interestingly, the proportion of HNWIs seeking international medical coverage has more than doubled in just one year, surging from 31 percent to 66 percent, despite continuing travel restrictions in the face of the coronavirus pandemic, illustrating the importance of a global lifestyle to HNWIs," Wang said.
"The majority of HNWIs (over 70 percent) also expect personalized services from their health insurance policies; a dedicated relationship manager who knows them and their family's individual needs and lifestyle, and personally manages their policy on their behalf. This includes arranging healthcare appointments and one-stop services, managing access to medical facilities globally, and providing exclusive services from healthcare providers, such as private and discreet admissions procedures," he said.
Recognizing the rising market demand in China, Shanghai-based Alltrust Insurance has partnered with Bupa Global to be the agents for a new private client service, offering an exceptional range of health and well-being assistance services within one simple package of cover.
Benefiting from a global network, clients have access to first-class facilities and the freedom to select private healthcare specialists of their choosing, anywhere in the world, for the healthcare needs of themselves and their families.
Kenton said: "With access to health treatment, management and prevention, alongside a ground-breaking portfolio of wellbeing therapies, clients will benefit from the next level of comprehensive cover available."
