The National Reinsurance Corporation of the Philippines (Nat Re, PSE: NRCP) hosted its 4th Annual Technical Forum (ATF) last September 14, 2018 at the New World Hotel in Makati. With the theme “Uncovering Insurance Opportunities”, the Forum convened industry experts to provide its attendees insights on new opportunities for non-life and life insurance products in the Philippines. In attendance in the life session were actuaries, underwriters, and marketing officers of Nat Re’s client companies, as well as product consultants, independent employee benefit brokers, and representatives from the Department of Health and PhilHealth, the administrator of the Philippines’ national health insurance program.
Transforming the model from “sick care” to “true health care”
Larry Hartshorn, Corporate Vice President and Director of LIMRA, delivered the presentation on trends in health financing/insurance in other countries. Hartshorn cited a study suggesting that healthy behavior makes up fifty percent of what makes people healthy and yet only makes up four percent of their spending on health and medical costs. He said that there is a need to transform the healthcare model from the primitive “sick care”, which is taking a reactive stance by treating people already with disease, to true health care, which is aiming to maintain good health through a continuous, proactive, and personalized approach.