Actuarial Partners is an industry leader in pricing medical and health insurance products in Malaysia.
We can also assist in specific medical product development and pricing, and subsequently track results. As part of our scope of services we will review the necessary documents for submission to Bank Negara Malaysia, which includes and actuarial certificate as well as a financial impact analysis. The aforementioned scope of services is conducted in line with BNM’s Guidelines on the Introduction of New Products by Insurers and Takaful Operators (‘INP Guidelines’), Guidelines on Medical and Health Insurance Business (Revised) (‘MHI Guidelines’) and Guidelines on Product Transparency and Disclosure. We also take cognizance of the requirements to add a new plan, extend some of the current benefits coverage, add new benefits to the base plan and add new optional benefits, as part of our scope of services.
Subject Matter Experts
Case Study: The Insurance and Takaful Industry Medical Cost Containment Task Force Study on the Drivers of Medical Costs and Medical Insurance Premium Inflation 2020, Life Insurance Association of Malaysia, LIAM, PIAM and MTA.
Escalating medical insurance premiums over the past few years have raised concerns among policyholders if medical insurance can remain affordable in years to come. To address this concern and following a request from Bank Negara Malaysia (BNM) to investigate the drivers of rising medical insurance premiums, a Task Force was set up, represented by the Life Insurance Association of Malaysia (LIAM), Persatuan Insurans Am Malaysia (PIAM) and Malaysian Takaful Association (MTA). We had been commissioned by the Task Force to undertake a study to identify and to quantify the main drivers of rising medical premium costs. We used data provided by insurance and takaful companies, both life and general, on their Hospitalisation and Surgical Insurance (HSI) products for the analysis. Additionally, information from surveys and interviews conducted with the other stakeholders, namely Third Party Administrators (TPAs) and private hospitals, were used to gain insights into rising medical costs and identify areas which could contribute to the rapid escalation in medical premiums.
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