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Every organisation needs to prioritise their business insurance solutions, especially considering what 2020 has summed up to be. The spread of the pandemic has impacted organisations, both big and small, resulting in high numbers of layoffs, dramatic shifts in work modes (think remote work), as well as drastic dips in sales and profit. This material and unprecedented effect has radically disrupted the way businesses work and function all around the world. 

This year has thrown a curveball at corporations, governments, and individuals alike. We’ve been compelled to rethink and review our approaches and policies with regards to safety in health. What sort of challenges are we expecting in this area?  

Challenges in a post-pandemic era 

What does the future of work in a post-pandemic world look like? 

Either abruptly moving to a work-from-home routine or having lost jobs, millions have had their lives upended by the coronavirus. Some of the unknowns we face transcend into our jobs – Will there be a new way of working? How can businesses transition to a more technologically adept process? What does virtual working look like and entail for organisations? 

Disruption from automation, a paradigm shift to tech-advanced methods, as well as revised processes of work all point to significant changes in SME and MNC insurance packages. Insurers will need to look into underwriting, clarifying terms and repositioning insurance policies – from employee benefits to professional indemnity for businesses. Insurance brokers will be required to work even more closely with their business clients – an area Expat Insurance Singapore is confident of delivering, given that tailored customer service has always been a unique point. 

What business insurance packages are crucial for consideration? 

Pandemic or not, there are some compulsory business insurance packages that should be at the forefront for any organisation. These include:

Covers for compensation claims if a business offering advice or professional services to clients is sued for mistakes or misrepresentation that lead to a financial loss. 

Offering group medical insurance for employees is one part of an entire compensation and benefits package. Group health insurance is an attractive method of hiring and retaining top talents in your workforce. Employees not only want competitive salaries, but also commendable benefits and perks. 

Often underrepresented, cyber risk insurance is quickly becoming a top priority for businesses. Ever since the pandemic struck, digitisation and automation has accelerated in both adoption and practice across organisations. Hence, organisations should look into supplementing their packages with cyber protection against risks. 

Read more on why businesses should give bigger focus to their cyber insurance policies here. 

Many statistics point to a future of work that is profoundly different from what we may be used to. 76% of information and technology executives point to increased implementation of automation and AI since the pandemic outbreak. Likewise, even though the concept of remote work was gaining traction, the coronavirus only expedited the practice of it. Having to shift to remote work this quickly signals that businesses need to be able to better predict future trends and changes that may come their way. Though these changes were initially set to be temporary, it now looks as if they will define the new way of work and life. 

Every small shift influences or sets in motion a whole new gear of transitions. For example, the shift to remote work now reflects different changes to the kind of benefits that employees may look for. Parents may require more flexibility in office hours, individuals may look to higher expense amounts offered for technology devices and the concept around taking days off may become much more lenient or flexible. This is one way an insurance plan – like the employee benefits package – may undergo changes in underwriting or planning. We can expect the same for other aspects in business insurance plans. 

Speak to a consultant 

Learning to navigate the unknowns of a post-pandemic work environment doesn’t have to be challenging. As developments unfold, it makes sense and is a prudent choice for organisational leaders to liaise with dedicated insurance brokers to review business policies. Speak to a consultant to see what type of policies best meet your needs. 

As we begin the new year with hopeful intentions, it matters that we follow through with the right plans for ourselves and loved ones. Starting the year off on the right foot can be indelibly important in setting the stage for a productive, healthy and prosperous year. This 2020 has highlighted the importance of having your security and safety in check – an aspect we commonly overlook and only pay attention to when we run into unprecedented problems. It’s time to change that, and one foolproof way to do so involves insurance planning. The Expat Insurance team in Singapore will be able to support you in this aspect. 

Although insurance premiums understandably increase with age and other combined factors – such as pre-existing conditions – it’s still essential for you to understand the process. Knowing what to expect makes for better planning and decision making. Because it is a good idea to review existing policies yearly, there is no better time than now. 

A health insurance broker’s guide 

If you’re new or unsure about the process, we’ve compiled guiding questions for you. Knowing the right questions to ask can be instrumental to finding the right policy for you and your loved ones. What are some of the guiding pillars you should look to? 

1. Understanding the insurance broker 

Because you’ll be liaising with the insurance broker throughout the course of your policy, it’s prudent that you get along with them. Being able to ask questions comfortably, converse easily and effectively as well as verify their credentials and experience qualifies importantly in a checklist. 

You could ask for referrals, check the range of experience they have as well as review available client testimonials and references wherever possible. Given its sensitivity, it’d be ideal to have a dedicated agent with whom you’ll be liaising with throughout. Going for an insurance broker that is dedicated to excellent customer service is pivotal to a smooth journey for you. 

2. Consider the range of plans offered 

Being able to have all your insurance needs secured with one agent keeps your affairs streamlined. It’ll be much easier for you to check on any pending issues or concerns that arise when all of your policies are registered with one broker. 

That said, we recognise that it still comes down to preference. For instance, you may have already bought other insurance policies from another provider and are simply looking to add on a different plan. In this case, it will be useful to do your research in the range of plans the broker might be offering. 

Expat Insurance Singapore offers tailored and general package plans for both corporations and individuals. The coverage spans across corporate policies such as employee benefits, group health and professional indemnity plan to individual term life and medical insurance policies. 

3. Evaluate enrolment and update processes 

If there’s one thing that catches up to you years later in your insurance profile, its processes. Years after purchasing a policy, you may find yourself needing to enquire on a certain aspect, a claim or simply need to reevaluate your plan. The ease of conducting this process is highly dependent on your insurance broker’s processes.

Are they hassle free? Easy to liaise with? How contactable is your agent? Figuring out how to communicate changes and developments as the market evolves is an essential touchpoint of the journey. 

4. Check capacity for tailored or specialised plans

If you’re buying insurance plans for the company, it makes sense to check on their offerings for tailored or specific plans. A broker who is able to offer varying segments of insurance policies is one that might be more convenient to liaise with, especially if it’s corporation-wide. Check if they offer underwriting experts and bundled packages to cater to specialised businesses or smaller start-ups. 

Consult Expat Insurance Singapore for health cover options

As a leading insurance broker in Singapore, Expat Insurance Singapore can offer a wide range of health cover options – for expats and locals alike. With variants of business insurance plans, corporations can also purchase their policies here. Seek the expert help of our team of insurance brokers to see what type of policies best meet your needs. 

The holiday season is an important, and good time to catch up with family and friends. Planning a few dinners and get-togethers gives you space to spend some quality time with your loved ones. It is also usually a high-traffic month, so thinking about the safety and security of your loved ones is necessary. Not to mention, the security of your home is crucially important. 

Failing to protect your home and its contents can be a costly mistake. From unexpected electrical fires to robberies, an oversight in insurance planning can set you back financially. The emotional turmoil that comes associated is not without its problems as well. Questions like ‘Did I turn the stove off?’, ‘Was the door locked?’ and ‘What am I forgetting?’ are reflective of how easily anxieties can get the better of us. Unnecessary, these can riddle us senseless when we’re on our way out to celebrate and have some fun. 

Whether it’s externally brought on or a fault of our own, it can never hurt to put in extra security measures. The holiday season is also when you’re much more vulnerable, with high-traffic around this time. Before you set off, it can be helpful to consider all these factors beforehand. 

What is home and contents insurance? How does it help?

Simply put, home and contents insurance offers comprehensive protection for your home and its contents against potential risks such as robberies, fires and damages incurred whilst you were away. 

Given, Singapore is a reliably secure country with low risks to crimes and its frequencies. However, buying a strong home and contents insurance policy is recommended – consider how much safer and secure you’ll feel with valuables in your house, whether you’re on a short trip or just taking a day out. Low crime doesn’t equate to no crime – so keeping a close eye on your home is still crucial. 

Expat Insurance can help you find a comprehensive home and contents insurance plan that offers strong coverage for your home as well as high-ticket belongings (diamond ring, art, cameras, equipment). We also offer tailored plans for those who travel a lot and need that assurance. We also include personal liability – so you can rest assured that your family members are also covered in any case of a forced entry or incident.

Other ways to keep your home safe

Aside from the insurance plan, there are plenty of other ways you can keep your home safe this holiday season. Small, but definitive, these methods are an additional step towards safekeeping. 

Keeping up appearances

An easy way to ward off concerns over potential theft is to keep up the appearances while you’re away. 

Have your neighbours keep your letters and pamphlets for you during your absence. You could also leave a small light on to make it seem like someone’s home. Make sure to pause any and all regular deliveries of papers while you’re away. Nothing says “I’m not home” like a growing collection of unattended items at your door. 

Consider installing a camera 

More a deterrent than anything, a camera will ward off any threats. Cameras can be a useful investment, especially over the holidays when there is high traffic of movement. Additionally, even if something were to occur, you’ll have a record of evidence that allows you to report the crime. This adds a layer of investment in your home and contents insurance plan as well. 

Review and keep your home and contents insurance up to date 

Perhaps a step many may forget or gloss over, keeping your home and contents insurance up to date is crucial. When push comes to shove, insuring your belongings and your home is what you’ll need to do for a worry-free holiday season. 

Make it a point to review your policies yearly. 

Stay safe this holiday season 

With Expat Insurance Singapore, you’ll have nothing to worry about. Tailored and specific, our policies are designed to cover you if things go south. Get the aid of our team of insurance brokers to see what type of policies best meet your needs. 

Artificial intelligence (AI) is already here and will only continue to grow in the coming years. More than just a mega-trend, the applications of artificial intelligence are varied, multidisciplinary and dimensional, bringing benefits unmatched by any other technology in decades.

Inevitable as it is, the manner in which we harness the uses of AI in our daily lives can have measurable impact. Because its pervasiveness is not something that we can avoid, it makes sense for us to observe and judge where there is potential for reduced errors, improved judgment, and better results. And, the insurance industry, is one where we may potentially see major AI disruption.

It’s important to first clarify what AI really means – minus the jargon that often accompanies it (think machine learning, deep learning, algorithmic patterns).

What is Artificial Intelligence (AI)?

Encompassing a broad range of methods and technologies that creates softwares smart enough to draw on data to autonomously control machines, forecast, and derive outcomes, artificial intelligence doesn’t just learn from experience alone. They independently glean new knowledge and advance into new cognitive terrain this way.

AI matters precisely because it can be trained to accomplish specific tasks – sometimes mundane, time-consuming and tedious – without errors. Along the way, its processing of data and recognising patterns makes it a viable source of potential for reducing time taken in complex decision-making scenarios.

In what ways will AI disrupt the insurance industry?

Where there is insurance involved, there is potential for AI disruption. Think about the following scenarios. A future of self-driving cars will redefine the landscape for health, hospital and car insurance policies. Automation capabilities can make claims assessments and risk management a lot faster, bumping productivity levels for insurance companies and brokers in Singapore and beyond. AI’s success in positively reinventing the flywheel for insurance health cover processes lies in the power and capabilities to do exactly that, and to what extent it can.

The benefits that can arise from training algorithms to detect malignant tumours, predicting hotspots for viruses, and assisting surgeons are aplenty, improving the all-around lifecycle of insurance for both consumer and organisation.

Looking at expat and local health cover, what are the benefits of AI?

We’ll consider these as potential benefits given that there is a seamless integration of AI into insurance policies, planning, and roll-outs.

1. Capability for automation

One of the biggest benefits of AI disruption in the insurance industry has to do with its capabilities for automating mundane, repetitive and manual tasks that would be highly error-prone.

Traditionally, large numbers of employees were needed for the operation of cumbersome processes – mostly due to its variations in products, rules or underwriting processes, as well as lack of adoption of standards across the value chain.  More than just a tool or technology, AI is transformative, capable of accelerating processes to free up manpower, time and money. Intelligent use of AI can process claims data, identify potential fraud and patterns, cutting handling times for such processes by tend-fold. Underwriting processes for hospital insurance plans can also become much faster and more accurate.

Processes that can be automated by AI can make a significant difference in redirecting resources into other channels that require more strategic decision-making.

2. Improved accuracy with more data

With more data, algorithms will be able to ‘learn’ better and make more accurate decisions. AI has been able to detect several health conditions, from breast cancer and pneumonia to early-stage Alzheimer’s. Even though the process of training these deep learning models can be complex, the pay-offs are immense.

Capability to screen cases and evaluate with higher precision comes in handy for healthcare professionals in making more accurate diagnoses in a shorter frame of time. As it is with most health-related diseases, early detection and diagnosis can be instrumental in effective treatment. For instance, certain cancers, like melanoma, can be incredibly difficult to detect in its early stages but AI algorithms are able to scan and analyse biopsy images and MRI scans 1,000 times faster than doctors.

Perhaps the most incredible part of it all lies in the continued upscaling and improvement of these AI models the more data is fed into them.

3. Enhanced patient care & personalised services

Because the adoption of AI reduces the amount of labour that goes into other work processes in the insurance industry – see claims management, research, training, detection & diagnosis – there is more time to put into personalising care for patients.

Similarly, because the amount of data that goes into every patient’s file is vast, it can be hard to take full advantage of it if there are only that many doctors around. The demand for healthcare services is only going to rise over time, and AI is key to revolutionising this aspect by addressing such challenges and offering value for improvement. With more time to focus on human-specific issues and decisions, doctors and nurses can put in more towards a greater patient-doctor relationship and experience.

AI can effectively help doctors to take full advantage of this data and create mitigation plans, risk assessments and treatments for patients based on quicker, more accurate data processing.

AI’s technologies are already well underway in most businesses, speeding up or fine tuning processes, resulting in decreased errors and greater efficiencies. Utilising this avalanche of data is where transformative change is prominent for insurance brokers.

Consulting Expat Insurance

As leading insurance brokers, we want to be there every step of the way. From life to hospital insurance plans, we are committed to providing a detailed and personalised service for you. Get the aid of our team of insurance brokers to see what type of policies best meet your needs.

Back then, the level of awareness and information surrounding mental health care wasn’t as readily available as it is now. Even then, there is a stigmatisation around seeking help for mental well-being – something that we as a society need to unlearn with practice.

What is a mental illness? According to the Singapore Association for Mental Health (SAMH), a mental illness is a disturbance we experience in our minds that impairs the way we think, feel and behave. Many of us have probably experienced this at one point or another, or perhaps have friends and family who are dealing with various mental health issues. In fact, this year alone (2020) has seen a stark increase in reports of mental health problems. Samaritans of Singapore received 24,460 calls from Jan to Aug, up from 21,429 the year before during Covid-19. And, suicide remains one of the leading causes of deaths for youths – with 71 people from ages 20-29 in 2019.

Being able to identify and work towards ending stigmatisation around mental health illnesses can go a long way in improving the state of mental health in Singapore. By improving resources available, we can fight against ignorance and positively impact the diagnosis and treatment of mental illnesses. Taking care of your health and wellness goes beyond insurance planning, doctor visits and the like – prioritising your mind and spirit is something we often overlook when it comes to our health.

Taking care of your mind & spirit for better mental health

When it comes to taking care of your health, there is more to it than just your physical health. A healthy state of being involves the mental and physical. We may be more used to dealing with the physical side of well-being, such as doctor visits, healthy weight and health coverage.

Over the years, we’ve seen an uptick in wellness-related programmes and activities – designed to help you relax, rejuvenate and recharge. Learning to truly unplug and unwind is not as easy as one would think. One way to inculcate some time for yourself is to pick an activity that you enjoy and make time for it everyday. It can be something as simple as taking a walk, listening to a podcast, or practising your yoga stretches. Making time for ourselves is the best way we can put in practice our commitment and love for our own minds and bodies. A little goes a long way, do what feels good!

Is mental wellness covered in insurance policies in Singapore?

Although expat and local health covers usually insure for physical ailments, there are a number of policies that provide for mental health issues. For instance, the Medisave Chronic Disease Management Programme (CDMP) covers major mental health illnesses such as depressive disorder, bipolar disorder, anxiety, dementia, and schizophrenia. CDMP is only applicable to outpatient treatment for these five diseases, and you can claim up to $500 per Medisave account per year, subject to a 15% co-payment in cash.

Understanding the signs and symptoms of mental health problems can help with quicker diagnosis and effective treatment. Treatment options for mental health disorders can vary individual to individual. For some, therapy alone will suffice while for others, a combination of medication and therapy works best. In fact, finding a good therapist is also a task in itself. A therapist that you are able to be in tune with, relate to and communicate with is one that can be instrumentally helpful in your journey to feeling better.

Consult the Expat Insurance team in Singapore to discuss your options.

Improving general public education around mental health

One of the biggest ways we can improve the state of mental health topics, diagnosis and treatment involves improving public education. The increasing numbers of youths diagnosed with mental health issues only serve as an indication that better resources need to be supplied to the public.

Efforts from the youth community, such as Your Head Lah!, Acting Up, Limitless and Tapestry Project are motivating to see. That said, improving education in schools can do a lot in terms of re-scripting the narrative around mental health. Expanding the curriculum to include mental health in physical education will emphasise that health should be viewed holistically. Peer support programmes can also empower those feeling uncertain or afraid to broach the topic.

Rewriting the narrative will move the needle on the progress of mental health in Singapore, along with other initiatives such as wellness-incorporated insurance policies and self-care efforts.

Making changes for a better you

These changes not only benefit you on the whole, but also empower you to prioritise your mental and physical health. A healthier you is a more motivated and successful you. Get the aid of our team of insurance brokers to see what type of policies best meet your needs.

As the age-old adage goes, health is wealth. Being healthy is so much more than just being free of illnesses. The tumultuousness of 2020 has proved to us that taking care of our physical and mental health has never been more pertinent a priority. Making the time to put your health and well-being first should come first, especially when we live in a time where health, security and safety is compromised. To make matters worse, the disruption to everyday life – seen in the shift to work-from-home routines and economic instabilities – is placing unimaginable duress on individuals all around. The covid-19 pandemic has reinforced the importance of keeping our health in check. 

No matter what your goals are in life, we can all agree that a healthy mind and body is essential to leading a successful, balanced and rewarding life. We discuss the merits of self-care for both mind and body and how you can better prepare yourself (and your family) in times of crisis like this. 

Developing better habits 

Successful people, more often than not, have habits of exercise and healthy eating. Keeping your health in good shape often begins with habit-forming. Practising habits such as eating balanced meals, exercising regularly and making time for personal hobbies can bode well for keeping them up in the long-run. After all, it takes 21 days for a habit to form. 

Without habits, attempting to do the above can take a toll – especially if it’s not in your nature or lifestyle to do so. You can consider it a three-step pronged approach to protecting and nurturing your well-being. Many times, it’s what you do at the beginning that affects how well off you are later on. 

Preventative habits include buying comprehensive health coverage, eating nutritiously, ensuring adequate rest and going for your regular doctor visits. 

Buying expat health cover – is it necessary? 

The short answer is yes. A robust gp or outpatient insurance can keep you covered for emergencies or any medical check-ups without racking up a bill at the hospital. You want to be able to cover for your medical needs without compromising on quality or costs. With adequate gp insurance, you will be able to access most of Singapore’s comprehensive medical institutions and services. 

Consult the Expat Insurance team in Singapore to discuss your options. 

What kind of habits can we nurture? 

Many harbour the misconception that exercising alone can help ward off ailments and diseases – however, it is in proper nutrition that you will see its benefits. The habit of eating healthy and actively nurturing nutrition in your meals is a strong factor in delaying the onset of any diseases. 

Regular exercise is also an important component in your journey towards healthy well-being. If you find running or plain workouts to be a chore, there are a myriad of other ways to make it more fun. Find sports you enjoy playing or try a new activity with friends – who knows, you’ll find yourself a hobby that also contributes to a healthier lifestyle. 

Another lesser-known habit to try cultivate is to reduce your on-screen time. There’s no doubt that we spend copious amounts of time staring at screens – headphones, laptops and television shows. Reducing the amount of on screen time you partake in can reduce headaches, improve next-day concentration and also boost your mental health. 

Likewise, as with everything else in life, moderation is key. Learning something new can also keep your mind healthy, improve motivation and your cognitive skills. Be sure to set realistic goals and practice positive thoughts. 

Find out how your eating habits can influence your overall health and well-being here.

Merits to leading a healthier lifestyle  

Living a healthier lifestyle is truly beneficial for you. With a flurry of news and media around what healthy looks like. However, a healthy lifestyle looks different for everybody. For some, it is regular exercise and for others, sleep habits and nutrition take priority. Making healthy choices isn’t a quick fix – they’re part of a process and starting somewhere is better than not having started at all. Some of the benefits of living healthy include increased energy levels, concentration, a better self-image, and improved mental health. 

Being prepared with GP & Life Term Insurance 

We recognise the uncertainties and fears that 2020 has brought us. Although the healthcare system in Singapore is a resilient and robust one, expats are encouraged to purchase the health cover to shelter them from any unexpected medical costs that they may incur. We recommend beginning with the basics and then build up to more comprehensive coverage so that you can have a peace of mind. 

Get the aid of our team of insurance brokers to see what type of policies best meet your needs.