Medical costs in Asia are continuing to rise, outpacing general inflation by four times. According to a 2019 medical trends report, in 2018, Asia saw medical costs increase by an average of 10.4% – compared to the global average of 9.7%. What’s more, the report, which surveyed 204 insurers across 59 countries, predicted a similar increase for 2019.
As the cost of health benefit programmes continues to rise globally, employers have the opportunity to contain costs through smarter plan designs, and providing employees with access to quality-focused healthcare. In line with this, and with the rising costs of healthcare, many companies have found that prevention (that is, keeping staff healthy) is cheaper than cure (that is, healing them when they’re sick).
At the HR Vendors of the Year 2019, Singapore, the winning companies in the Best Employee Insurance Provider category have products/services that help reduce spend on doctors and hospitals, while curbing the cost of absenteeism and low productivity by more than the cost of prevention; with the end result of keeping clients’ workforces healthy.
Winners: Gold: AIA Singapore Silver: FWD Singapore Bronze: Howden Insurance Brokers
Want to know more about HR Vendors of the Year awards?
- View all winners across Malaysia and Singapore
- Photo gallery of the awards dinners held in Malaysia and Singapore
Lead photo / HR Vendors of the Year 2019, Singapore