INNOVATION DRIVES HEALTHCARE REVOLUTION IN HONG KONG AND THE GBA

By Candy Au Yeung, Chief Customer Operations and Health Officer, Prudential Hong Kong Limited

Few question the transformational impact of technology on peoples’ lives over the past decade, but often theadvancesmedicalscienceandtreatmentsthathaveoccurredalongsidegounnoticed.Yet,it is now the fusionofthismedicalanddigitalinnovationthatisreshapingtheentirehealthcarelandscape,offering new possibilities for both insurers and customers.

The rapid advances seen in medical care and technology complement the insurance industry’s commitment to adapting health strategies to meet the evolving needs of customers. What’s clear is that great customer experiences build loyalty for lifetime value creation. The focus is, therefore, to respond swiftly to changing market dynamics while operating at scale across key markets.

For Prudential, investment in innovation and technology centres around three strategic pillars: enhancing customer experiences; transforming the health business model; and technology-powered distribution It is imperative that customers, sales channels and servicing systems are all interconnected and empowered seamlessly by newtech, processes and ideas.

In Hong Kong, while demand for cancer care is high, more than half of people lack sufficient medical protection to cover their hospital expenses [1] For both Hong Kong and the Chinese Mainland, during the first half of 2023, Prudential data shows that cancer accounted for 67% of critical illness claims. Lung, liver, stomach, breast are top cancers in both regions The financial burden of cancer treatment can have far reaching consequences for patients and their families Hence, the importance of early detection and swift access to treatment cannot be overstated.

Collaborating to meet rising cross-border demand

There-openingoftheborderafterthepandemiclastyearsawasharpincreaseintravelwithintheGreater Bay Area (GBA) In a survey conducted by Prudential in December last year, seven out of ten Chinese respondents said that they intend to visit Hong Kong in the next twelve months As well, weekend north-bound travel has now become routine for many Hongkongers It means that a substantial increase in demand for cross-border medical treatment is very likely Therefore, some insurers have established collaborations with medical facilities across the border.

Take Prudential as an example We partnered with the Hong Kong Integrated Oncology Centre (HKIOC) and Zhongshan Chenxinghai Hospital of Integrated Traditional Chinese and Western Medicine (CXH) to launch a Cross-Border Cancer Treatment Service in the GBA. Riding on the Cancer Patients Shared Care model, this market-first collaboration allows Prudential’s customers more options for connected cancer treatment in both Hong Kong and Zhongshan, with pre-authorisation and direct billing service making treatment as hassle-free as possible.

This innovative approach of integrating cross-border medical services leverages the expertise of doctors and healthcare professionals from both regions. The model helps Prudential deliver a patient-centric healthcare experience that spans the entire cancer treatment process. Drawing on the collective knowledge of doctors from HKIOC and CXH, personalised treatment plans are developed for each patient to ensure the best possible outcomes. Eligible Prudential customers can choose to receive cancer treatment services from either oncology centre through face-to-face or remote video consultation.

To take it to the next level, we, in late February, announced a first-of-its-kind collaboration with Shenzhen New Frontier United Family Hospital (“UFH”), where eligible customers can make use of our Medical Expenses Direct Billing Service when seeking medical treatment at UFH without worries on payments and settlement, giving them total piece of mind to focus on recovery and rehabilitation.

Additionally, Prudential also offers the Medical Green Channel, a booking service that allows customers to secure priority bookings for outpatient and/or hospitalisation appointments at the selected hospitals in the Chinese Mainland. This matters when time is of the essence.

Prudential data shows that four out of five claims for medical expenses incurred in the Chinese Mainland were from hospitals on its hospital list. It points to a compelling need for insurance companies to collaborate with local healthcare services In fact, with an expanded hospital list covering over 4,200 hospitals in the Chinese mainland, Prudential is the first life insurer in Hong Kong to cover all Class 3 public hospitals across the mainland and selected Class 2A hospitals in 15 Chinese cities.

Innovation enhances efficiency and customer experience

To help drive efficiency in a way that is truly supportive to customers, it is important that insurance companies focus on improving customer experience even at the beginning of the customer relationship.

For Prudential, we streamlined the insurance application process using innovative tools such as One Signature, which allows customers to review all their application materials on their own devices anytime and provide just one digital signature instead of multiple signatures, shortening the onboarding time of the insurance application process potentially to as little as 25 minutes, allowing customers faster access to insurance coverage.

Another example of how technology is revolutionising the industry is the deployment of technology-enabled tools to help traditional distribution teams improve productivity, while elevating customer experience. From time to time, Prudential has launched different digital tools to help our financial consultants engage customers with relevant and timely insights

For example, the Critical Illness Calculator allows our financial consultants to conduct critical illness needs assessments with customers to provide the necessary solutions to help the bridge their protection gap. Our all-in-one mobile app, PRUForce, offers instant access to information on all our products and services, and latest news relevant to health and protection, so that our financial consultants can engage in productive and effective conversations with customers.

Ecosystem partnership to promote health journey

The role of insurers has evolved from purely a “payor” to being a “health enabler” Often when people get sick, they seek advice from their insurance agent on which doctor to see or which hospital to go. Major insurers like Prudential have established their own ecosystems to help customers navigate their health journey.

At Prudential, we understand that onboarding can be a cumbersome experience for many people, especially for those on a short stay in the city It’s why we introduced our innovative medical examination service (ME) called Satellite ME, a one-stop medical examination service that enables customers to complete all medical examinations required for underwriting in one of the many partner satellite clinics in Hong Kong, administered by highly skilled Prudential-trained nurses, and connected to our doctors through digital technology. Customers can reduce medical examination times from weeks to days, providing a far faster way to obtain cover.

Price matters, value-added features please

Convenience matters – and so does the price. Prudential’s approach has been to introduce a preferred medical network that can provide customers with medical treatment in a more predictable, manageable way. In tandem, its Medical Expenses Direct Billing Service makes it easier to plan for medical expenses in advance and enjoy pre-authorised, eligible cashless medical treatment in times of need.

Besides contacting their financial consultants, Prudential customers can also get easy access to healthcare, including priority appointments with panel doctors, support with pre-authorisations, and scheduling hospital treatment using the PRUNurse PRUHealthChat service via WhatsApp.

The Hong Kong Special Administrative Region (HKSAR) Government is actively pursuing a strategy to position Hong Kong as a healthcare hub within the GBA with a focus on raising the quality of healthcare services, elevating crossborder services, and maintaining high efficiency within the healthcare system. With continuous innovation, development and deployment of technology in the sector, driven by the health needs from the GBA, the Hong Kong insurance industry is well-prepared to help position Hong Kong as the region’s leading healthcare hub.

Candy Au Yeung Chief Customer Operations and Health Officer

Prudential Hong Kong Limited

About Prudential

Prudential has been serving the Hong Kong citizens since 1964. Through Prudential Hong Kong Limited and Prudential General Insurance Hong Kong Limited, we provide various financial planning services and products including individual life insurance, investment-linked insurance, retirement solutions, health and medical protection, general insurance and employee benefits. In 2023, Prudential has established the Macau branch, offering life and health insurance solutions.

Disclaimer:

Cross-Border Cancer Treatment Service, Medical Green Channel and Medical Expenses Direct Billing Service are provided by third-party service providers designated by Prudential Hong Kong Limited (“Prudential”) and are subject to the terms and conditions of the service providers Prudential makes no representation, warranty or undertaking as to the quality or availability of the services and shall not accept any responsibility or liability for the services provided by the service providers

[1]https://wwwprudentialcomhk/en/galleries/pdf/promotion/individual-life-claim-report-2023pdf