be responsive to secure the opportunities...source: rga internal survey 2018 source: ifoa asia...
TRANSCRIPT
Insights of ageing policies in a few Super-Aged countries– Be responsive to secure the opportunities
Joey Zhou, FIA MBA
Director, Product Development for South East Asia Markets,RGA
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Comparison of Ageing Policies (Singapore vs. Hong Kong vs. Japan)
Life Expectancy at birth, total (years)
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84.2 (2016)
84.0 (2016)
82.8 (2016)
Source: https://data.worldbank.org/indicator/SP.DYN.LE00.IN?contextual=region&locations=SG-JP-HK
Fertility rate, total (birth per woman)
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Source: https://data.worldbank.org/indicator/SP.DYN.TFRT.IN?contextual=region&locations=SG-JP-HK
1.44 (2016)
1.2 (2016)
1.205 (2016)
The super-aged timeline
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Objectives
✓ Compare and contrast the practices, policies and plans for ageing in Singapore, Hong Kong and Japan.
✓ Insights on the ageing culture of the countries of interest, and ageing practices, policies and plans at the individual, community, and national levels will be revealed.
✓ This analysis serves to inform on best practices on managing the aging situation, and allow insurers to develop and innovate solutions to capitalize the opportunities of the ageing society.
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Singapore
A whole of nation and whole of government approach
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Looking at AgeingHolistically:
Action Plan to AchieveSuccessful Ageing
Seniors can continue working, learning and growing
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Inter-generation harmony is a goal
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More about Singapore’s Policy on Ageing
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Financing the ageing populations
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Hong Kong
Hong Kong
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Financial Subsidies Social Care Housing Schemes
Financial subsidies
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Social security schemes
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Leverage on Private Healthcare System
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Social care
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Integrated home care
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“Ageing-in-place”
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Case study
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Japan
Japan
• Long-Term Care Insurance
• LTCI-Funded Prevention Programme
• Community-based Integrated Care System
• Technology Use
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Long-Term Care Insurance
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● Taxation-funded● Co-payment● Benefits in kind
● Standardised comprehensive certification process ● Graduated needs-based benefits
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2-steps!
LTCI-Funded Prevention & Care Programmes
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● Dementia supporters ● Watching system in the community
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Information and Communication Technology (ICT)
Government Efforts• Health Care Information System Strategy, 1993• Formation of an Advanced Information and Telecommunications Network Society
Law, 2000• Persons with Disabilities Fundamental Law, 2000• e-Japan Priority Policy Program, 2002• Japan Standards Association Guidelines, 2004• The New IT Reform Strategy, 2006• i-Japan Strategy, 2009• New Strategy in Information and Communications Technology, 2010• New Robot Strategy, 2015
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New Robot Strategy
•¥10 Billion (US$100 million)
•Promote and introduce nursing care innovations
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Resoyne (2 in 1 wheelchair bed)
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QR Code for Dementia Tracking
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Paro the robotic seal
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Highlights
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Evidence-based strategies are observed in coping with the rapidly ageing population
-> Convergence
Brainstorm 1 – Community based approach -Implication to Insurance risks?
Livingston G, et al. The Lancet 2017;390(10113):2673-2734
Brainstorm 2 – Product propositions?
of surveyed consumers are interested, have tried or
planning to buy Family Product
80%
of surveyed actuaries and PD professional are interested to
buy Family Product
88%
of surveyed distribution management experts are
interested to buy Family Product
92%
Source: RGA Internal Survey 2018 Source: LIMRA Asia Distribution Conference 2018Source: IFoA Asia Conference 2018
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