HR Magazine in conjunction with Alliance Insurance Services Limited hosted the inaugural Insurance Forum—influencing the market at the World Trade Centre, Hong Kong. Five panel speakers shared their insights on the development and current situation of the insurance and risk management sectors in Hong Kong on the morning of 18 November 2009.
Bill Tam, Senior Business Development Manager, AXA China Region Insurance Co. Ltd. was first to speak and pointed out the importance of proper insurance planning in HR as, by 2018, 30% of females and 45% of males in Hong Kong are expected to be living to 90 years old. He advised HR managers to be asking questions to insurance providers including: do I have sufficient coverage, does coverage extend beyond retirement age, and can individual policies be taken out after retirement.
Alex Moschtaghi, Business Development Director, Asia Pacific, Aetna Global Benefits (Asia Pacific) Ltd. then shared the value of insurance, and what to look for when selecting insurance programmes. Important features he said HR should consider included: pre and post assignment planning, worldwide coordination, help obtaining prescriptions, coordination of second opinions for complex cases, discharge planning, 24/7 availability both locally and globally, employer services to help reduce administrative burdens and account management.
Samson Chan, Business Director of MassMutual Asia Limited was next up and reflected on the most recent popular benefits under insurance programmes which included: hospital income for Government hospitals, income for ‘double insurance’ where each staff member has one personal and one group insurance policy. Chan also stated that he expected home healthcare to gain momentum in the next few years, with an increase in polices covering treatment in clinics and outpatient centres allowing staff to take short-term leave of 1-2 days.
Brock Judiesch, Hong Kong Sales Director, CIGNA International Expatriate Benefits then spoke on the growing trend toward ‘Americanisation’ of policies in Hong Kong, as more and more programmes cover areas previously excluded from more traditional European-based programmes. The coverage provided by the new American-style policies include dental benefits, maternity leave, health check ups, and chronic conditions. Judiesch also explained that in the face of escalating medical costs, advances in technology and an ageing population insurance premiums look set to rise.
S T Lee, Head of Sales and Marketing, International SOS (HK) Ltd. was the final speaker to take to the stage and listed out the people-capital risks facing business executives, especially those on assignments in emerging markets. These included: sickness and injury, motor accidents, safety hazards, property loss, natural disasters, terrorism, riots and situational change. He stressed the duty of HR managers to manage insurance coverage for staff and ensure that they had global support when on international assignments. Failure to do so could end up being extremely costly for the organisations concerned. Lee suggested adopting an integrated strategic risk management approach. This should include several stages: risk assessment; planning; policy development; managing mobility; communication and training; tracking staff; analysis; and advising, assisting and evacuating staff.
Don’t miss the Spring issue of HR Magazine when we’ll give a comprehensive review of insurance providers in the region—and share advice on which polices are best for which types of organisations.
Paul Arkwright
Publisher
