Singapore Actuarial Society

🌟 Announcement 🌟 SAS Discussion Paper: How Medical Insurance Premiums are Spent and Why They are Rising   This paper is written by the Singapore Actuarial Society (“SAS”) Health Committee with an aim to improve insured public’s understanding of how their medical insurance premiums are spent, and to promote discourse in Singapore so as to build consensus in the community on what is a fair allocation of medical insurance premiums between stakeholders.     Read more here https://lnkd.in/gZ44Xias

The SAS "Prix" Karting Event last week was a roaring success! 🚦 From the sound of engines to the friendly competition, the event was packed with energy and unforgettable moments. A big thank you to everyone who joined us 🙌 It was a fantastic opportunity to connect with fellow members, share some laughs, and, of course, show off our competitive streak! Congratulations to our champions 🏆 and to everyone who gave it their all on the track. Looking forward to more exciting events in the future—stay tuned! #Throwback #SingaporeActuarialSociety #Networking #FunTimes

In May this year, SAS published a discussion paper on the portability of Integrated Shield Plans (“IP”). MOH just concluded its review on this matter and decided not to mandate portability. SAS President, Alex Lee, in his replies to Zaobao’s question, highlighted that it may seem appealing to introduce significantly relaxed portability rules first, and then manage the resultant premium increases along the way. However, healthcare remains a supply-driven system today. More services, or more expensive services, may be consumed when insurance causes policyholders to feel they can afford it. As Singapore has learnt from the introduction of the “as charged” concept into IP, a popular product feature can lead to painful premium increases in the long run; and scaling back a feature that the population is used to is unpleasant. You can read the full report by Zaobao here: https://lnkd.in/gRPQifP8 'SAS' Discussion paper in May 2024: https://lnkd.in/gUAyf8an

Join us for an insightful afternoon forum on 9 Dec, 4 to 5pm where we dive into an innovative methodology combining clinical groupers and machine learning models to tackle one of healthcare's biggest challenges: understanding and adjusting claims variations. Here's what we'll cover: 📊 How to create benchmarks that allow like-for-like comparisons of event costs across providers. 📈 The key metrics driving claims comparisons and enabling anomaly detection. This session promises to be a deep dive into the cutting-edge tools and techniques shaping the future of healthcare analytics. Don't miss it! We are pleased to have Yuan Wei from the Analytics Development Lead of Amplify Health for this afternoon forum. Register now https://lnkd.in/gC5npCnH #SingaporeActuarialSociety #HealthClaims #AIinHealthcare

Join us for an insightful session on 14 Nov, 4pm to 6pm on the future of healthcare and health insurance! As rising costs and growing needs put pressure on the industry, this workshop will explore critical topics, including: ✅ Key policies and cost drivers shaping health insurance sustainability ✅ Strategies for managing common diseases and reducing hospitalizations ✅ The role of AI in decision-making and improved care delivery We are pleased to have Dr. Carol Tan from the Good Life Medical Centre conducting this workshop. Register now: https://lnkd.in/g8e4QNS6 #SingaporeActuarialSociety #HealthcareSustainability #HealthInsurance #AIinHealthcare

SAS’s Official Media Release The Government announced on 15 October 2024 that it has accepted the MediShield Life Council’s recommendations for the MediShield Life 2024 review. Recommended enhancements to MediShield Life will be implemented progressively from April 2025, together with a set of premium support measures. Singapore Actuarial Society supports the enhancements announced by Government as they help MediShield Life stay true to its original mission to fund large medical bills. We further recommend that, going forward, adjustments be made to the MediShield Life limits, deductibles and premium rates annually using annualised rates determined during each review, instead of through large step increases once every 4-5 years at the end of each review cycle. This provides the public a useful anchor for budgeting and setting investment goals to fund future health insurance premiums.   Full media release here: https://lnkd.in/g2jg_CFn #SingaporeActuarialSociety #MediaRelease

🔔 Afternoon Forum: Old Age Medical Expense Insurance Premium Financing🔔 Join us at our upcoming Afternoon Forum, where we tackle an issue that directly impacts the sustainability of medical insurance for older generations. The session aims to raise awareness of the enormity of the issue and proposes a possible solution for insured residents for managing this problem, which is pre-funding. Our speaker will be Mr Chi Cheng Hock, FFA & FSAS, Council Member and Past President, Secretary and Health Committee Chair 🗓️ Date: 7 Nov 2024 🕒 Time: 4pm to 5pm 💻 Location: Virtual 👉 Register now: https://lnkd.in/gzmFM2XF #SingaporeActuarialSociety #Insurance #ActuarialScience #HealthcareCosts #RetirementPlanning #MedicalExpenses #Actuaries

🚨 Don't miss your chance to attend the 2nd SAS Sustainability Conference: "The Calm Before The Storm"! 🌍💼 Happening virtually on 15 & 16 Oct 2024, this event is for actuaries and professionals committed to mastering the latest in risk management and sustainability. With a strong focus on Environmental, Social, and Governance (ESG) topics—especially the pressing environmental (“E”) factors—you’ll gain insights critical for staying ahead in today’s evolving landscape. Register now to secure your spot and help shape the future of sustainable risk management! 🌱📊 https://lnkd.in/gwkin84r #SingaporeActuarialSociety #Sustainability #RiskManagement #ESG #ClimateRisk #ActuarialScience

🌟 Registration is NOW OPEN for the 2nd SAS Sustainability Conference: "The Calm Before The Storm"! 🌍💼 Join us virtually on 15 & 16 Oct 2024 for an insightful event designed for actuaries and professionals navigating the intersection of risk management and sustainability. This is your chance to stay ahead of the curve on crucial Environmental, Social, and Governance (ESG) topics—especially focusing on the environmental ("E") aspect! 🚀 Featuring the 1st lineup of expert speakers: ·        Guillaume Delage – Engagement Manager | Munich Re ·        Dr Weihao Choo - Head of Consulting, Asia Pacific | Munich Re ·        Albert Chung- Head of Global Lines | AXA XL ·        Yuan Tian - Strategic Solutions APAC | Gallagher Re Stay tune for more updates on the programme and more exciting speakers coming up Register now and be part of the conversation on shaping a resilient future! 🌱📊 🔗 https://lnkd.in/gwkin84r #SingaporeActuarialSociety #Sustainability #RiskManagement #ESG #ClimateRisk #ActuarialScience 

🎳 Bowling Night Success! 🎳 We had an absolute blast at our recent bowling event! From strikes to spares (and a few gutter balls 😄), it was a fun-filled evening of friendly competition and great company. A big thank you to everyone who joined us and brought their energy and enthusiasm to the lanes. Looking forward to more events like this! 🏆✨ #SingaporeActuarialSociety #BowlingFun #TeamBuilding #StrikesAndSpares #GoodTimes #Networking