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Keys to success: Right strategies and partners

Winning in China's health insurance sector

Our series of papers from Deloitte's Hong Kong Insurance team provides insights into digitalization and market reformation in the insurance and financial services sectors.

The health industry is one of the most regulated and complex ecosystems in Mainland China. While high levels of regulation limits competition from new entrants and product substitutions, none of the players in the ecosystems are operating within developed market conditions. Insurers and to some extent, pharmaceutical companies are driving the maturity of the Chinese health ecosystem. Multinational insurance companies (MNCs) and new local entrants wishing to enter this challenging yet attractive market, must "find their niches" by formulating the appropriate market entry strategies while collaborating with the right local partners.

This paper highlights the existing challenges and opportunities in the Chinese healthcare ecosystem, in which the market is highly regulated and dominated by large, local insurance players.

Multinational insurers and new local entrants can still overcome the entry barriers by identifying the white spaces in the market and leveraging their business partnerships for better consumer data collection, while effectively using analytics and technologies to derive insights from the data to improve their future product design and pricing management.

Driving to a new growth?
How tech-led digital transformation is reshaping the auto insurance battlefield

This paper highlights how transformational forces pushed by innovative technology, such as new entrants like InsurTech and self-driving cars, are bringing price transparency and innovative products to the market.

Auto insurers will need to take transformational steps to tackle these new challenges and re-gain market share and profitability. Establishing a strong relationship with the innovation ecosystem will enable them to sense change and lock in key alliances through co-innovation initiatives with business partners.

Collaboration vs. competition
Unlocking the power of blockchain in insurance

This paper explains why insurance companies that apply new technologies - also known as FinTech or InsurTech - are not disruptive but collaborative for better business value creation. It recommends insurers to strategize, experiment, and develop proofs of concept to leverage blockchain technology and create next-generation products and services that feature greater interaction with their policyholders, whilst driving business growth and maximizing new opportunities through cross-sector collaborations, such as bancassurance and reinsurance.

Tailwinds or Headwinds?
Using digital technology to empower your traditional insurance workforce 

This paper explores how RPA will impact Hong Kong insurers' existing workforce, and support them in making broader changes to their talent management and operation strategies in order to realize substantial benefits, ranging from efficiency and quality enhancement to risk mitigation, innovation, and ultimately, growth. 

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