FSC encourages insurers to develop health management insurance products that have spillover effects
2017-01-30
To raise the attention on health management in Taiwan, FSC encourages insurers to develop heath management insurance products that have spillover effects. Combining health self-management by consumers and insurance products, the insurer provides a discount or services as incentives to the insured to continue exercising or maintain a healthy diet to lower the risk of illness and achieve the benefit of prevention in advance. This not only promotes the health of citizens, indirectly reduces the medical expenditure of society as whole and insurance company claim payments, and drives the development of related industries, it will also benefit society overall and achieve a win-win-win situation for insurers, consumers and related industries.
To encourage insurers to develop and promote this type of product, the FSC announced the amended the “Directions for Review of Life Insurance Products” on August 21, 2015, allowing insurers to conduct insurance products providing in-kind payment. The types of in-kind payment include health management services and the items needed to carry out these services. For the consumer, in-kind health management insurance products can allow them to obtain the items and services they need at a lower price due to the insurer being able to buy in bulk or negotiate a discount, and also ensures that the insured obtain the items and services they need. As of the end of January 2017, FSC had approved two in-kind health management insurance products that provide a certain value of health examinations regularly to policyholders.
As well as the aforementioned in-kind health management insurance products, non-in-kind health management insurance products have successively been developed in Taiwan and overseas; for example, policyholders who are in good physical condition are awarded a premium discount or health promotion bonus. FSC has also recently approved a non-in-kind health management insurance product that is combined with a wearable device, which provides a health bonus or premium discount by the number of steps a wearable device records, encouraging policyholders to conduct self-management of health.
To encourage insurers to develop and promote this type of product, the FSC announced the amended the “Directions for Review of Life Insurance Products” on August 21, 2015, allowing insurers to conduct insurance products providing in-kind payment. The types of in-kind payment include health management services and the items needed to carry out these services. For the consumer, in-kind health management insurance products can allow them to obtain the items and services they need at a lower price due to the insurer being able to buy in bulk or negotiate a discount, and also ensures that the insured obtain the items and services they need. As of the end of January 2017, FSC had approved two in-kind health management insurance products that provide a certain value of health examinations regularly to policyholders.
As well as the aforementioned in-kind health management insurance products, non-in-kind health management insurance products have successively been developed in Taiwan and overseas; for example, policyholders who are in good physical condition are awarded a premium discount or health promotion bonus. FSC has also recently approved a non-in-kind health management insurance product that is combined with a wearable device, which provides a health bonus or premium discount by the number of steps a wearable device records, encouraging policyholders to conduct self-management of health.
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Update：
2018-01-23