HSBC Medical Insurance leads the market for corporate and retail customers

The Hongkong and Shanghai Banking Corporation Limited began providing medical insurance solutions to customers in Hong Kong in 1988 as part of efforts to expand the range of insurance solutions in order to address evolving customer needs across their various stages of life. To become a leading player in the market, a focus on customer needs is critical in order to provide a range of relevant solutions.

A focus on understanding customer needs and building a relationship that looks at his or her total wealth and savings habits ensures that solutions are driven by needs rather than products. What has also become an important consideration for customers choosing a provider today is brand strength, trust and a proven track record, all three of which HSBC is famous for.

Agnes Choi, Director and head of corporate insurance, HSBC Insurance (Asia Pacific) Holdings Limited, said, “Our aim is to become the partner of choice for customers’ retail banking and wealth management needs and, as we extended our insurance footprint across Asia and built on our regional HSBC network, we focused on helping customers in their financial planning to cover savings and protection related to medical and health care needs.”

HSBC offers medical insurance protection to both corporate and retail customers. It is one of the leading players in the medical insurance market. The bank’s medical insurance business started in 1988 when HSBC acquired the Hong Kong business, Private Patients’ Plan. The company was then renamed Carlingford Medical Insurance Company. In 1995-1996, due to a global re-branding exercise, the company was renamed HSBC Medical Insurance Company. In 2005, the medical business was integrated into HSBC Insurance (Asia) Limited.

Choi said, “HSBC’s brand strength, the quality of our staff and streamlined processes combined, make us the leading provider of choice in Hong Kong. We identify the customers’ needs and offer both tailormade policies and packaged plans accordingly. The fee structure is based on the claims experience both on a customer and community rated basis”.

She went on to say, “With the customer as a starting point, we develop and offer solutions that address changing customer needs. For corporate customers, we provide both tailor-made products and packaged plans depending on the company’s needs. We also offer administration only schemes to selected employers”.

Jim Costello, Director and head of personal insurance, HSBC Insurance (Asia-Pacific) Holdings Limited, is quite intense about serving individual clientele with customised service as well. He said, “Based on our research, customers are most worried about the rising costs of healthcare compounded by the reality that people are living longer and, in the main, healthier lives.

“We work closely with customers in their financial planning, providing market insight and professional advice to ensure that we understand their changing needs and offer a range of relevant solutions. Weadvocate that customers start planning early, save regularly and take responsibility for saving for their medical needs today and through to retirement. We also take in customer insight when developing solutions tailored to address evolving medical  protection needs.”

Costello explained that longevity and medical inflation are increasingly becoming key concerns that will impact people’s long-term savings. People need to take greater accountability for their medical needs as governments and corporations may no longer afford to provide the level of support traditionally offered. With the forthcoming Healthcare Reform, and continually increasing trends in medical cost inflation, there is increasing awareness among the public about the need to think about purchasing healthcare plans from the private medical insurance market.

He said, “HSBC has always been customer-centric.  We have a strong and professional team that provides high quality services to our customers. Dedicated staff is our major asset and together with our strong brand name and high-quality service standards, we are proud to win this High Flyer award. It has always been our philosophy to serving our customers with genuine concern for their individual well-being. We feel that we can build further success with this customer focused outlook.”

Echoing Costello’s ideas, Choi added, “To be one of the major players in the market, we are customer centric. We identify the customers’ needs and offer our professional advice and high-quality service standards to our customers.”

“We work together with our customers in their planning and benefit design to assist them to cope with continuously increasing medical inflation. Withthe forthcoming healthcare reform in Hong Kong, and continually increasing trends in medical cost inflation, there is increasing awareness among the public in purchasing healthcare plans from the private medical insurance market”, she said.

Choi forecasted, “We foresee there will be dynamic growth in the medical insurance business over the new few years.”

FAST FACTS
• HSBC offers medical insurance protection to both corporate and retail customers.

• It is one of the leading players in the medical insurance market. The bank’s medical insurance business started in 1988 when HSBC acquired the Hong Kong business, Private Patients’ Plan.

• The company was then renamed Carlingford Medical Insurance Company.

• In 1995-1996, due to a global rebranding exercise, the company was renamed HSBC Medical Insurance Company.