Insurance Boss Reveals COVID-19’s Health Insurance Impact

Walker (pictured), who joined Accuro as CEO at last year’s COVID-19 pandemic, said the most direct effect of the pandemic was that the hospital had not performed selective surgery during the blockade. As a result, Accuro had fewer claims in the second quarter of 2020 and more claims towards the end of the year.

“Also, we’ve seen higher than usual levels of outages due to financial difficulties, but most of these are now back to paid policies,” Walker continued.

Despite the pandemic impact on the sector, Walker shared that Accuro remains resilient thanks to its business continuity process.

“Like many organizations, the blockade of COVID-19 is a live test of our business continuity process, and the team did it in flying colors,” he said.

“We were able to do business remotely from day one with minimal impact on the level of customer service (customer satisfaction in 2020 was over 90%). The work model continues after COVID-19, and many of our teams now choose to work from home in line with flexible work policies. “

Accuro’s new business sales also remained at “good levels” both during the first COVID-19 period of 2020 and through 2021.

“In particular, direct sales to individuals have been very strong, and group sales have grown significantly,” Walker said. “Our conclusion is that COVID-19 has raised awareness of the benefits of health insurance for both individuals and employers (currently more focused on employee health and well-being). “

Now that New Zealand has been freed from the pandemic crisis, you might find everything easy again in the health insurance sector. But Walker asked not.

The health insurance sector continues to face many challenges since COVID-19. Health insurance, for example, has shown relatively low year-over-year growth in eligible new life.

“In a market where we have a good public health system, one of the challenges has always been the transmission of the value proposition of health insurance, where people from both the individual and social levels use health insurance. That’s why it makes sense to provide something enhanced. Access and choice, “Walker explained.

“The industry as a whole has a responsibility to drive this in addition to the marketing activities of individual insurers. The recent decision to integrate the Health Funds Association with the Financial Services Council is a step towards this. It is health insurance. Helps ensure that is an important part of the overall financial well-being conversation. “

Walker added that the aging of the population and the associated increase in chronic illness are also problems for the public and private health systems in terms of competence.

“For health insurers, we need to think about pricing models and product solutions that allow customers to continue to buy health insurance when they need it most. This issue is a challenge for different ethnic groups, especially effective and timely. It is further complicated by the inequality that exists between the Maori and Pacific people, who are two to three times more likely to die in conditions that could have been avoided if health care was available, “he continues. I did.

From a COVID-19 perspective, Walker said, especially in the economic sense, how things will evolve over the next 12 to 24 months, and whether it will affect market growth. He said he was still uncertain about.

“We still don’t know if COVID-19 has long-term health effects (the so-called long COVID problem) and how it happens,” Walker said.

Walker emphasized that the sector continues to operate in a dynamic regulatory environment, with some significant changes “on the train or on the horizon.”

“In my view, these are all fundamental changes in achieving better results for our customers, especially through initiatives such as changes in the financial advisory system, codes of conduct, and a general focus on behavior and culture. For such non-profit co-operatives, this is a big part of our DNA, “says Walker.

Insurance Boss Reveals COVID-19’s Health Insurance Impact

Source link Insurance Boss Reveals COVID-19’s Health Insurance Impact

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