Amin Nurazmi, FIA, CERA

🌟 Rising Insurance Premiums: A Wake-Up Call for Indian Healthcare and Insurance Industry! 🌟 Malaysia is grappling with skyrocketing insurance premiums, with insurers blaming rising hospital costs and claims. 🏥💸 But a deeper look reveals a systemic issue: the same procedure costs nearly double when billed through insurance compared to self-paying customers! 🤔 This brings us to India 🇮🇳—are we facing similar challenges? Let’s unpack: 🔹 Rising Premiums: Families are struggling to afford health insurance renewals due to increasing costs. 🔹 Inflated Hospital Charges: The gap between cash-paying and insured patients' bills is a concern, hinting at unethical pricing practices. 🔹 Systemic Risks: If unchecked, this could lead to delayed treatments, canceled policies, and eventually a broken healthcare ecosystem. 💡 What needs to change? ✔️ Transparent and standardized pricing for medical procedures. ✔️ Stronger governance and accountability from both insurers and hospitals. ✔️ Innovative, customer-centric products that ease affordability. ✔️ Collaboration between stakeholders to fix systemic inefficiencies. This isn’t just about healthcare or insurance—it’s about sustainability, ethics, and governance. 🌍 If we claim to be customer-centric, why are families left struggling? 🤷‍♂️ It’s time for a collective rethink to ensure healthcare remains accessible, affordable, and ethical for all. 🛡️ What are your thoughts? Are we heading towards a similar crisis? Let’s discuss! 💬👇 #Healthcare #Insurance #ESG #CustomerCentric #Strategy #India #Innovation #Sustainability

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Good commentary but sentiments aside - there is ZERO justification of the deal in terms of the go forward strategy and what Allianz brings to the table. The structure of the deal in and of itself is appalling - Allianz as majority shareholder will be calling the shots period. All this deal does is for shareholders to cash in on their chips- there are other mechanisms to allow this to happen instead of selling Income. Income - stay home, remain local and look after the insurance needs of all Singaporeans - you can do it as there is enough talent and capital in our country to help you to do what is right.

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In Indonesia, roughly half of who is considered insurance literate ended up buying the product, while leading insurance players’ current operations are concentrated in few major provinces. Those nuances are hard truth the market is facing and it calls for solution from every stakeholders so the growing population and economy of Indonesia could get the protection they and their family deserve. It was a pleasure to speak with Yashish Dahiya, Co-Founder of Policy Bazaar & Group CEO at PB Fintech, and Roopa Malhotra, Head of Customer & Digital, Asia Pacific at Zurich Insurance and discuss how various stakeholders can work together to close protection gap in our region through multi-faceted approach that involves education, government support, industry innovation and consumer awareness. You can watch the full episode below… #insurance #protectiongap #innovation #emergingrisks #insuranceawareness #ZurichInsurance #ZurichIndonesia #ZurichTopasLife #createabrighterfuturetogether

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Providing Insurance Training is truly a rewarding experience. Empowering teams with the knowledge and skills they need to navigate the industry's complexities is both fulfilling and impactful. Best wishes Amanah Insurance Team!!! #InsuranceTraining

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What #growth opportunities exist In #Insurance in Asia and what priority is being given in #board discussions versus addressing current cost challenges? There is a lot of dialogue and interest in M&A activity in South East Asia driven by stagnation at an industry level in terms of real #customer growth and profit growth and a failure over the last 5 years to reduce the #protectiongap and open up to new segments of profit growth. Are potential buyers seeing opportunities some incumbents are not? Many insurers are grappling with increased #health claims and either flat or lower productivity from existing channels. In a recent article in The Financial Times, I collaborate with Comarch, Aleksandra Patrycja Romot to discuss steps to address the protection gap, a more #sustainable model that is more #inclusive in South East Asia. These are: 1. Understand new customer segments needs such as #GenZ and emerging #retirees, 2. Develop expertise in building solutions these customers want by modernising product design & making them simpler and more affordable. 3. Expand distribution channels and create an integrated #omni-channel approach 4. #Partner and collaborate with companies who have access to these new segments to build integrated product and service solutions. Now more than ever, #technology is a key enabler for this and partnering with the right technology partner where there is skin in the game for #success. Many insurers have made investments that may not have delivered on the promise. Read our article "Technology helps boost efficiency for Southeast Asian insurers" https://lnkd.in/dNC4Mtqq Maciej Dylewski Medix Global Jonathan Sternberg Sigal Atzmon Watchyourhealth.com Ratheesh Nair Global Asia Insurance Partnership Dennis Ng Mike Plaxton

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Mental health coverage is becoming a key factor in health insurance choices across the Asia-Pacific, according to a survey. A notable 18% view it as essential, while 41% find it important. Indonesians lead the way at 28%, with Australians close behind at 21%. Plus, 63% are willing to pay more for better mental health services, showing it’s gaining traction. #mentalhealth #healthinsurance #mentalhealthcoverage

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Time to discuss, learn and share more about Cost Contaiment, Fraud - Waste and Abuse. What we can control - how we can control @drnannymurniatynusalim Rudolf Frei LPMA STMA Trisakti LOMA Society Indonesia (LSoI)

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Dear actuarial friends and connections, especially Malaysian. I am giving a talk on diversity next month and I would really love it if you can fill out a 5 minute anonymous survey (unless you have any case studies you would like me to highlight). This will really help me a lot. Doesn't matter if you are a qualified actuary, analyst taking exams, or an actuarial graduate who decided to work in an unrelated field. I really want to hear your experiences. The big picture is: 1. We need to ensure under represented communities are aware of how amazing actuarial science is. 2. We need to ensure there are actuarial programs in universities catering to under represented communities. 3. We need to celebrate employers who encourage diversity. Of course no one purposely focuses on one group or community to the detriment of another, but the devil is in the details, which is what I hope to dig into through the survey. Thanks so much!!! #SOA, #IFOA, #actuaries, #diversity #DEI https://lnkd.in/gcNkzY-j

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Would this publication make hospital charges more transparent for consumers? Could this assist in combating medical inflation by choosing a more affordable hospital accordingly to one’s coverage limit? How about the impact on the hospitals and potential measures to be of consumers’ preference? An insightful measure.

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Knowledge Sharing. Data is very important during a pricing process. For General Takaful or Insurance pricing, certificate and claims data are the types of data required. Refer to the infographics below prepared by my colleague, Aini Al-bakaruddin.

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Some feedback after our training session / site visit conducted to enhance the learning process: best wishes to Siti Malina Kaza Hazrina Harun Dr May Heong 向紫薇商博士 Malaysian Insurance Institute for putting together a great class. Best wishes from Talent Asia Training & Consulting- Pan Asia Risk Management

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The Role of Generation Z in Insurance: This demographic cohort, born into a world of digital connectivity, is not a passive observer but an active participant in defining the innovation and landscape of insurance. In the future, the collaboration between data science actuaries, traditional actuarial experts, and Gen Z will form a tripartite partnership from which innovation will flow. The interplay between predictive analytics, and Gen Z's values is the cornerstone of an evolving insurance landscape. It's a journey where each element contributes to the exciting future of insurance transforming it into a dynamic, responsive, and inclusive sector. 

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#MHI #NewRetirementLandscape During "The New Retirement Landscape" seminar organized by Actuarial Partners yesterday, there were plenty of discussions made on medical costs after retirement, and its mitigation through medical and health insurance ("MHI"). The speaker, Weng Chiat, pointed out in one of his slides that generally 20% of healthcare spending occurs in the last 3 years of life. Yes, medical inflation and increase in MHI premiums were definitely under the spotlight of the discussion. Regardless of the efforts insurance companies / takaful operators ("ITO") putting in to control the claims, the root cause is always the medical cost itself, i.e., from the hospitals (especially private hospitals). Generally there are three parties involved in MHI, i.e., patients (life assured), hospitals and ITO. Under this relationship, ITO is usually at the DISADVANTAGE side - as ITO is the party to pay for the medical expenses incurred by life assureds. Will life assureds really care about how much the medical bills are? Frankly speaking, for a layman, he will be okay as long as he doesn't need to pay extra. Out of sight, out of mind. Life assureds will only feel the pain when ITO increases the premium rates due to unfavorable claim experience. Will the life assureds be mad on the hospitals, which charge the medical bills? Definitely not, hospitals are not the parties who ask them to pay extra. The insurance companies & takaful operators DO. Hence, by common sense, the life assureds will definitely be upset with ITO rather than hospitals. To life assureds, hospitals are the parties helping them to fight their health problems. I still remember from a seminar on MHI topic that I attended many years ago, the speaker mentioned the only solution to control the increase in medical costs is government's intervention - if government has the will to resolve this issue from the root cause. But it isn't easy, it requires courage as well. In fact, by controlling the medical inflation in private healthcare, it will also help to control the financial strains in public healthcare. #medicalinsurance #part1

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The Increasing Demand for Health Actuaries: A Critical Role in Today’s Healthcare Landscape 🏥📊 As the healthcare industry undergoes rapid transformation, the role of actuaries is becoming increasingly vital. The demand for health actuaries is on the rise, driven by several compelling factors that highlight their critical expertise in navigating the complexities of health-related risks. One significant driver of this demand is the ongoing evolution of healthcare systems worldwide. 🌍 With the advent of value-based care models, health actuaries are essential in analyzing the financial implications of these changes. Their expertise enables healthcare organizations to assess and manage risks associated with patient outcomes, cost containment, and financial sustainability. By providing valuable insights based on robust data analysis, health actuaries help ensure that organizations make informed decisions that enhance patient care while maintaining fiscal responsibility. 💡 Additionally, as healthcare costs continue to soar, insurers and providers are looking for innovative ways to mitigate financial risk. 💸 Health actuaries utilize their skills in statistical modeling and predictive analytics to assess trends, manage reserves, and predict future healthcare costs accurately. Their ability to forecast the financial implications of chronic diseases, emerging health technologies, and demographic shifts is invaluable in an industry where uncertainty is the norm. Moreover, the rise of big data and advanced analytics in healthcare is creating new opportunities for actuaries. 📈 With access to vast amounts of health data, actuaries can employ sophisticated algorithms to identify patterns and risk factors, enabling healthcare organizations to tailor their services effectively. This data-driven approach not only enhances decision-making but also contributes to improved patient outcomes. 🤝 Finally, the COVID-19 pandemic has underscored the importance of health risk assessment. As healthcare systems globally adapt to the challenges posed by pandemics, actuaries are crucial in modeling potential scenarios and preparing for future health crises. 🌐 In conclusion, the increasing demand for health actuaries reflects their indispensable role in the evolving healthcare landscape. As organizations strive for innovation and sustainability, actuaries will continue to be at the forefront, shaping the future of health financing and management. For those considering a career in this field, the opportunities are not just abundant but also impactful, making it a rewarding path in today’s dynamic environment. 🚀✨ Please reach out to me for a private discussion if you are interested in knowing more about the Actuarial recruitment market! #ConnectedGroup #CGActuarial #stayconnected #healthactuary

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The Insurance Institute for Asia and the Pacific, Inc. (IIAP) is proud to present the ASEAN Reinsurance Programme's 4th intake of the "ASEAN Reinsurance Planning and Structuring" This module considers how different types of reinsurance can be chosen and how they might work together in reality. There is a re-examination of the advantages and disadvantages of the different types of reinsurance to help participants understand which forms might be best suited to various circumstances. The overall objective of this module is to provide a better understanding of the key steps to follow when designing reinsurance programmes. 📅 1 August 2024 💻 Online Course (Virtual) - 1.00 p.m. to 4.00 p.m. (Phil Time) Registration: https://lnkd.in/gciYPVEQ eBrochure : https://lnkd.in/gbZTHSXe About ARP The ASEAN Reinsurance Programme (ARP) aims to enhance reinsurance education and talent development in the region. It is an initiative under the ASEAN Insurance Education Committee and the ASEAN Reinsurance Working Committee and managed by the Insurance Institute of the Asia- Pacific (IIAP) in collaboration with the Singapore College of Insurance (SCI), the Malaysian Insurance Institute (MII), the Thailand Insurance Institute (TII) and DAI, Indonesia. The ARP is a first of its kind, multi-pronged holistic talent and professional development initiative that combines technical training programmes with simulation and internships. https://lnkd.in/gWqjkzFu #philippines #reinsurance #planning #structuring

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𝐆𝐫𝐞𝐚𝐭 𝐧𝐞𝐰𝐬 𝐟𝐨𝐫 𝐩𝐨𝐥𝐢𝐜𝐲𝐡𝐨𝐥𝐝𝐞𝐫𝐬! 𝐑𝐞𝐜𝐞𝐧𝐭𝐥𝐲, 𝐭𝐡𝐞 𝐈𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 𝐑𝐞𝐠𝐮𝐥𝐚𝐭𝐨𝐫𝐲 𝐚𝐧𝐝 𝐃𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭 𝐀𝐮𝐭𝐡𝐨𝐫𝐢𝐭𝐲 𝐨𝐟 𝐈𝐧𝐝𝐢𝐚 (𝐈𝐑𝐃𝐀𝐈) 𝐢𝐬𝐬𝐮𝐞𝐝 𝐚 𝐧𝐞𝐰 𝐦𝐚𝐬𝐭𝐞𝐫 𝐜𝐢𝐫𝐜𝐮𝐥𝐚𝐫 𝐨𝐧 𝐡𝐞𝐚𝐥𝐭𝐡 𝐢𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞, 𝐰𝐡𝐢𝐜𝐡 𝐢𝐬 𝐬𝐞𝐭 𝐭𝐨 𝐫𝐞𝐯𝐨𝐥𝐮𝐭𝐢𝐨𝐧𝐢𝐳𝐞 𝐭𝐡𝐞 𝐜𝐥𝐚𝐢𝐦𝐬 𝐩𝐫𝐨𝐜𝐞𝐬𝐬. They have taken commendable steps that will push insurers and all stakeholders towards enhancement in their service standards. However, execution will be crucial. According to me, the following points will be important to focus on: 1. 𝐒𝐭𝐫𝐞𝐧𝐠𝐭𝐡𝐞𝐧𝐢𝐧𝐠 𝐚𝐧𝐝 𝐢𝐦𝐩𝐫𝐨𝐯𝐢𝐧𝐠 𝐜𝐮𝐫𝐫𝐞𝐧𝐭 𝐢𝐧𝐟𝐫𝐚𝐬𝐭𝐫𝐮𝐜𝐭𝐮𝐫𝐞: With the regulator instructing insurers to adhere to processing timelines, improvement in the current available infrastructure will be very important. 2. 𝐁𝐮𝐢𝐥𝐝𝐢𝐧𝐠 𝐚 𝐠𝐨𝐨𝐝 𝐫𝐞𝐥𝐚𝐭𝐢𝐨𝐧𝐬𝐡𝐢𝐩 𝐰𝐢𝐭𝐡 𝐚𝐥𝐥 𝐬𝐭𝐚𝐤𝐞𝐡𝐨𝐥𝐝𝐞𝐫𝐬: Since multiple stakeholders are involved in the cashless process, a strong relationship with all stakeholders will be crucial. 3. 𝐂𝐡𝐚𝐧𝐠𝐞 𝐢𝐧 𝐩𝐫𝐨𝐜𝐞𝐬𝐬: The current cashless issuance process needs improvement. In many cases where cashless approval exceeds ₹50,000, the processing TPA needs to take approvals from insurers as well. These kinds of processes need to be relooked at and worked upon to ensure smoother operations. It will be interesting to see how insurers tackle investigation cases, tariff-related issues, and other issues that may affect processing timelines. #InsuranceEnhancement #ServiceStandards #HealthInsuranceRegulation 𝐏.𝐒. 𝐂𝐨𝐧𝐟𝐮𝐬𝐞𝐝 𝐚𝐛𝐨𝐮𝐭 𝐧𝐚𝐯𝐢𝐠𝐚𝐭𝐢𝐧𝐠 𝐭𝐡𝐞𝐬𝐞 𝐜𝐡𝐚𝐧𝐠𝐞𝐬? 𝐋𝐞𝐭'𝐬 𝐜𝐨𝐧𝐧𝐞𝐜𝐭 𝐚𝐧𝐝 𝐝𝐢𝐬𝐜𝐮𝐬𝐬 𝐡𝐨𝐰 𝐭𝐨 𝐟𝐢𝐧𝐝 𝐚 𝐡𝐞𝐚𝐥𝐭𝐡 𝐢𝐧𝐬𝐮𝐫𝐚𝐧𝐜𝐞 𝐩𝐥𝐚𝐧 𝐭𝐡𝐚𝐭 𝐚𝐥𝐢𝐠𝐧𝐬 𝐰𝐢𝐭𝐡 𝐭𝐡𝐞𝐬𝐞 𝐧𝐞𝐰 𝐫𝐞𝐠𝐮𝐥𝐚𝐭𝐢𝐨𝐧𝐬!

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ReIndo Syariah Conference 2024: The Future of Sharia Insurance, Value Creation to Boost Sharia Market | June 27, 2024

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Dear Hari, Thanks for your interest and comments on our new product. Please allow me to shed a little light on this new innovative product launched by us recently. To start with, we thank you for acknowledging that this does attempt to fill an existing void in the market by facilitating an individual director or a Key Management Personnel (KMP) to insure him/her self against any adverse litigation arising from the onerous responsibilities that attach to him by virtue of his position in an organization. However a single Individual D & O policy can only provide cover for maximum three directorships/ KMP positions of his choice and arising from those three directorships, if he is also on board the subsidiaries/ or occupying outside directorship positions, it can also extend to cover two such positions. Kindly note that the intent of the policy is to cater to those directors who for a number of reasons are not protected by a corporate D & O policy, and the Excess explanation is only clarifying the Other Insurance clause which is standard in most Liability policies. For directors who are hitherto uninsured under any Corporate D & O policy, this will indeed be Primary and in fact this is also our target market. Giving a Primary and Non-contributory D & O even when the Insured person is already insured under Corporate D & O policies would have been against firmly established principles of Liability Insurance and turned the Individual D & O into a contingent D & O rather than an Excess D & O which is not the intention here. As of now we have restricted Extended Reporting period for Retired Directors to 36 months. In terms of Bodily Injury and Property Damage exclusion, we do appreciate your concern and we are prepared to give carve-backs of Defence Costs and EPLI claims. We agree with your point regarding Retaliation and in future iterations of this product, we shall surely consider the same. On non-cancellation and non-rescindability, we have had some of the most robust arguments and intense deliberation, and then went back to the main intent of these clauses in a Corporate D & O. When it comes to Individual D & O, the entire policy management lies with one individual , the Insured person himself so the above scenario doesn’t apply. We thought that in the interest of fairness the insurance company should be allowed to retain their right of cancellation or rescission, if the Insured person himself chooses to indulge in questionable behaviour. As you summarized this is an attempt to innovate, fill a long overdue latent need in our market place and we have done our best in this initiative and are very hopeful that even in its current form, the market will welcome it wholeheartedly. We look forward to further discussion from liability practitioners, our brokers, our distribution partners and the industry and most of all the potential customers who can benefit tremendously by availing this insurance.

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