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News from Pacific Prime China.

Follow Pacific Prime on WeChat and be in to win an iPhone 7

Follow Pacific Prime on WeChat and be in to win an iPhone 7

Last month, Pacific Prime China was pleased to share the news that it had launched its very own portal on the popular messaging platform WeChat. The Chinese networking app has already begun connecting users to our dedicated WeChat team in China, and we’re loving the engagement. Now that we’re in 2017, Pacific Prime China has decided it’s time to kick its WeChat campaign into overdrive.

上个月, 寰宇保险有幸通过微信上线了我们的公众号。我们非常高兴的看到过去的一个月中微信已经帮助客户与我们专职的微信服务团队沟通。现在我们迈入了2017年,我们决定是时候让更多人的家人和朋友来关注和使用我们的微信平台。

Follow us on WeChat

WeChat is more than just a messaging app and Pacific Prime China is more than just an insurance broker. Following us on WeChat can ensure that you’ll also have access to some exclusive features such as:

  • Access to our dedicated WeChat servicing centre
  • Keep up to date with current health trends through our news articles
  • New clients can contact us using the WeChat app to get free quotes and insurance

关注我们的微信公众号

就如同微信不仅仅是一个及时信息软件,寰宇保险也不仅仅是一家普通的保险经纪。

关注我们的公众号能提供给您以下精彩的新功能:

  • 提供点对点与我们的微信服务中心直接沟通
  • 为您实时更新最新的健康潮流内容
  • 新客户能直接使用微信得到免费和专业的保险报价

If you’re not already following us yet, then we’ve got a great incentive to connect with us:

Win an iPhone 7!

如果您还没有关注我们,现在关注既有机会赢得一部iPhone7

We absolutely want as many people as possible following Pacific Prime China on WeChat as we’ve got some great things to share, and truly want to engage as best we can with you through more modern technology. In order to help as many people in China with their insurance needs as possible, we’re making the following offer:

我们当然希望有更多的朋友来关注我们的公众号,因为我们有很多很棒的咨询可以分享给您,同时通过微信可以更好的与您实时互动。为了更好的帮助在中国的朋友们找到最适合的保险计划,我们决定第1000名关注我们公众号(ID: PacificPrime)的用户将赢得一台iPhone7.

Pacific Prime China WeChat

Follow us on WeChat (ID: PacificPrime)
and our 1000th follower will win an iPhone 7!

That’s right, a brand new iPhone 7 will be given away to our 1000th follower! The iPhone 7 has introduced advanced new camera systems, better performance and battery life than ever, fantastic new immersive stereo speakers, and the brightest, most colour display an iPhone has ever produced! Add to this splash and water resistance, and the new iPhone 7 really does shine as the best yet.

您没有看过,第1000名关注者就能带走这台手机。相较前几代产品,iPhone 7虽然外观改变不大,但性能升级十分给力。其性能和电池续航力进一步提升,并带来了新款外观、抗水特性和立体声扬声器;采用触感圆润无缝的机身设计,是首款具备防水溅特性的iPhone。

How to win the iPhone 7?

Follow us! Our WeChat ID is PacificPrime, or you can scan the above QR code to do the job for you. Share our WeChat ID too! The more people you have follow Pacific Prime China on WeChat, the closer you will get to becoming that 1000th like! Share our account on your Facebook, Twitter and LinkedIn to really help us reach 1000.

如何赢得这台iPhone7?

关注我们的公众号PacificPrime,或者扫描上方的二维码即可。分享我们的公众号,通过您的分享来关注的用户越多,您就离这台iPhone7越近。同时,通过在脸书,推特和领英上的分享也能帮助您离第1000名关注者越近。

Pacific Prime China

The WeChat account is just one of a number of innovative ways that Pacific Prime China is using to stay ahead in the insurance game. Their experienced experts have been delivering quality insurance solutions to people in China and the rest of the world for more than a decade, and now we’re adapting how we connect with you to make sure we can help more people!

If you’re looking for a free quote, or even just some advice about securing healthcare coverage, then send us a message on WeChat or visit our Pacific Prime China website for more information.

寰宇保险中国

微信公众号仅仅是我们保险革新中的一个平台。我们有长时间从业经验的保险顾问会已经为中国以及全世界的顾客提供了十多年的专业保险经纪服务,通过微信我们将更好的与您实时互动并帮助到更多的人找到合适的保险计划。

Posted by Luther in News
China retirement readiness falling: How to stay on track

China retirement readiness falling: How to stay on track

Retirement is something that needs to be on the minds of every adult, not just those who are nearing their golden years. In fact, planning ahead for three decades or greater is just what the doctor ordered when it comes to ensuring that your financial future is healthy and bright. However, for those in the Middle Kingdom, there has been bad news recently regarding China retirement readiness. Here, Pacific Prime China examines the news and its implications for future China retirees, as well as the areas you should focus on when considering your own personal retirement plans.

China retirement readiness falling

Tsinghua University has released an updated index on retirement readiness that shows China’s rating falling from 6.51 out of 10 in 2015 to 6.0 in 2016. Similarly, in 2015 20% of people reported that they felt they were well prepared for retirement, which dropped to 15.3% of people in 2016. This index takes many factors into account in order to come up with this number, including people’s retirement plans, preparations and expectations. Additional factors include current retirement savings, knowledge of financial issues and financial planning, and awareness of retirement responsibilities.

So what is the reason that China retirement readiness is taking a step backward? There are many factors contributing to this trend, but perhaps the biggest and most obvious general reason is that the Chinese economy and stock market have not been doing so well as of late. Cultural feelings about personal responsibility also seem to be a factor, as only 9% of Chinese citizens feel that retirement financing should fall solely on them. Neighboring territories in Asia, including South Korea, Singapore and Hong Kong, see this number come to 40% of their respective citizenries. Meanwhile, 63% of citizens believe that the onus of China retirement readiness should fall to the government. This number also sits at 40% in the other territories mentioned.

These feelings may be mirroring the current state of retirement savings in China, where the major vehicles for saving is a government run pension plan. However, there are also voluntary savings plans participated in by both employees and employers, as well as private savings plans and commercial retirement savings plans. The latter products are of negligible popularity in China at the moment, but the Chinese government is promoting such commercial savings vehicles to try to offset providing for an aging population.

Savings and investment

So how should one go about organizing their retirement savings? One of the best ways for people who already have a significant amount of savings is to invest their money. Utilizing capital to create capital is a great way to build up a nest egg and ensure that you can maintain a certain quality of living well into your golden years. Once you have your investments set, and factor in other sources of income like government subsidies for the elderly that you will be eligible, you can create a retirement budget and see if you will have enough money to achieve your desired lifestyle and China retirement readiness goals. Of course, you are going to want to have extra savings available each year so that you can address unexpected costs that arise.

Health insurance

Any retirement planning should start not only with an overview of your financial health, but also your physical health. After all, planning for the future is not strictly about dollars and cents, but also being healthy enough to enjoy your hard earned nest egg. For this reason, factoring in the cost of your future healthcare is important. Of course, one of the best ways to addressing these costs is to make sure that you have a comprehensive health insurance plan in place to avoid the costs that can come along with the major ailments that tend to occur more commonly later in life, such as cancer, stroke, heart disease, Parkinson’s disease, Alzheimer’s, etc.

When you are planning your medical insurance there are some common exclusions that come up time and again that you should be aware of. Namely, these are maximum age limits and pre-existing conditions.

Maximum age limits

Many insurers impose maximum age limits on their policies. This is because as people age, insurance underwriters have to consider if the medical costs of the average individual or a certain age will be greater than the premiums that the individual would pay the insurer. An insurance company cannot operate running on a loss, so they institute maximum age limits to avoid insuring the people that are most at risk of costly medical conditions. Generally this limit tops out at 70 years of age, although some plans go as high as 80. Still yet, there are plans available out there with no maximum age limit on them. As with health insurance at any age, though, the riskier a person is to insure, the higher their premiums are likely to be, so people of advanced age will likely have to pay a hefty cost to remain insured. This can make planning ahead for inflating insurance costs somewhat daunting.

Pre-existing conditions

Another risk factor that insurers are always on the look-out for is pre-existing conditions. This is simply when you have an ongoing medical condition that was present before you obtained your current health insurance policy. In most cases, where not prohibited by law, a private health insurance plan will exclude coverage for pre-existing conditions. This means that, while an insurance policy will provide benefits for many illnesses, the specific pre-existing conditions will not be eligible to be covered. Sometimes pre-existing conditions can be covered after the ailment in question has not occurred for a particular period of time – usually a number of years.

To ensure that you never get stuck with having excluded pre-existing conditions, you can simply obtain a policy with a particular insurer, and maintain continuous coverage for as long as possible. However, this can limit your choice of insurance provider. If you develop a condition while on an insurance plan, you will be disincentivized from switching providers, because a new insurer is likely to count the condition as pre-existing.

Life insurance

While it won’t necessarily help you enjoy your retirement, when it comes to planning for the end of your life, life insurance is a must to make sure that your family is well taken care of after your passing.

Other similar insurances to ask your insurance agent about that can help in dire circumstances include critical illness insurance, personal accident insurance, permanent disability insurance and accidental death and dismemberment insurance.

While we will leave the savings and investment to the financial advisers of the world, Pacific Prime China can certainly help those that need assistance in obtaining comprehensive insurance to address medical concerns, as well as avoid burdening their families with financial hardship following a hospitalization or death. Contact us today to be put in touch with a knowledgeable insurance advisor that can answer any questions you may have about China retirement readiness, and provide you with free insurance plan comparisons and price quotes. As a broker we compare prices from a number of the world’s best insurers; saving you the trouble of tracking down multiple quotes from multiple sources.

Posted by Travis Jones in General Insurance, News
China featured in 2017 International Private Medical Insurance inflation report

China featured in 2017 International Private Medical Insurance inflation report

Pacific Prime China is excited to announce that our global partner Pacific Prime has released the 2017 annual edition of the International Private Medical Insurance (IPMI) inflation report, which reveals the overall 2016 global premium inflation rate and presents analysis on premium prices charged by top IPMI plans offered by leading insurance providers in 10 key locations around the world. These countries are categorized into the following regions: Southeast Asia, Middle East, and Rest of World.

Presented in an easy to read format, this report is highly recommended for anyone interested in looking at how much they’re paying for IPMI, and should also be of high interest for insurers looking for information on premium prices in the various regions.

This article presents an overview of the findings from the latest IPMI inflation report. To access the report, click here for the website version, or click here to download your FREE PDF copy.

Key findings on global IPMI inflation

Pacific Prime’s report reveals that the average global IPMI inflation rate in 2016 was 9.2% – the exact same as the inflation rate in 2015. As shown in the graph below, the inflation rates observed in 2015 and 2016 have significantly increased from the 2014 inflation figure of 7.1%. The inflation rate in 2015 was around 5 percentage points higher than the average Consumer Price (CP) inflation rate in the countries included in this report – this remained consistent in 2016.

IPMI inflation in China

China has seen an increase in demand for quality healthcare services from the middle classes and an improved perception of health insurance. The average IPMI inflation figure in China hiked up to 12.06% in 2016 – 2.86% higher than the average global IPMI inflation rate, and a significant increase from China’s 2015 inflation rate of 9.5%. The trends impacting IPMI inflation in China include the maturing insurance market and growing government health regulations.

Key IPMI inflation drivers

As with the previous reports, the following 4 long term inflation drivers continue to make up a strong part of the explanation behind IPMI inflation:

  • New medical technology: The high costs of new medical technology research are usually passed onto patients by increasing healthcare fees, subsequently leading to inflating premium prices.
  • An imbalance of healthcare resources: Due to a range of factors including the ageing population, the imbalance of supply and demand for healthcare resources continues to increase – insurers cover the risks posed from growing demand by inflating premiums.
  • Increased compensation for healthcare professionals: The rising salaries of medical professionals are covered by rising healthcare costs, thus leading to the rise in premium prices.
  • Healthcare overutilization: There’s a growing trend towards the introduction of state-provided mandatory insurance in various regions, such as in the UAE. This has led to an increased strain on healthcare and an increase in the number of claims submitted, and insurers are responding to this by hiking up premiums.

The 2017 IPMI report has also identified 3 newly emerged trends driving premium inflation:

  • Global economic uncertainty: Global, regional, and domestic pressures have had an impact on the low economic growth observed in the countries included in this report, all of which influence IPMI through flow on effects. For example, China has experienced a growing resistance to foreign expat workers as GDP slows.
  • Changing population dynamics: The report has identified an expat “exodus” in some of the most popular expat locations, such as in Singapore and the UAE. Despite slowly dwindling expat numbers in certain regions, there’s an observable growth in demand for IPMI from increasingly wealthy local populations and high networth individuals (HNW).
  • Increasing availability of technology: Although technology has not yet had a significant impact on IPMI, Pacific Prime predicts this IPMI inflation driver will increase in force in the foreseeable future. For example, as the use of big data continues to become increasingly sophisticated, the management of insurance premium inflation may see an improvement in the years to come.

For a more in-depth analysis on the 2017 IPMI inflation report findings, you can view it here and download it for FREE here. If you’d like to have a chat with us, feel free to contact us today and one of our insurance advisors will be in touch shortly.

Posted by Jess in Health Insurance, News
Pacific Prime China is now on WeChat!

Pacific Prime China is now on WeChat!

Pacific Prime China is excited to announce the launch of our very own portal on popular Chinese messaging platform WeChat – a welcome new addition to our current repertoire of social media accounts already on Facebook, and LinkedIn. Joining an active user base of 846 million, the official Pacific Prime China WeChat account now offers a whole host of exciting new features exclusive to our followers. To avail these perks, simply follow us on WeChat (WeChat ID: PacificPrime) today!

Pacific Prime China meets Chinese market trends

In joining the ubiquitous WeChat platform, Pacific Prime China taps into a whole new audience of avid users – more than 90% of WeChat users go on the messaging app every day, and over 50% of users use WeChat more than 1 hour daily! By keeping up-to-date with the latest market trends in China, Pacific Prime China joins in with 560,000 other official company accounts on the most popular online community channel in China.

With a current active user base that is hiking its way up to the 1 billion user mark, WeChat has far surpassed Twitter’s 317 million users and is steadily catching up with Facebook’s 1.79 billion active users. Interestingly, corporate workers form the largest user group on WeChat, making up 40.4% of total users.

More than just a messaging platform

Pacific Prime China sees enormous potential in finding new ways of personalizing our services to existing and new clients on WeChat, especially when looking at the different ways that users are currently engaging with the platform. For example, not only are people communicating via chat, but they are also engaging on its social media platform “Moments” with friends and companies – a significant 61.4% of users go onto WeChat Moments when they open the app.

Another popular feature is WeChat Payment, which links WeChat with the user’s credit card. There are now 200 million users connected to WeChat Payments, and this highly availed feature has even seen over 8 billion “red envelopes” sent over WeChat during Chinese New Year in 2016!

Key features offered in new Pacific Prime China WeChat portal

Here are a key few of the many exciting new features that you can expect from the new Pacific Prime China WeChat portal:

  • Claims processing: Existing clients of Pacific Prime China can now access their policy details, easily process claims, and also change their policy information.
  • Assisting new clients: Our WeChat portal allows us to assist our new clients with regards to securing their new policies
  • Access to a dedicated service team: We now have a dedicated team servicing our WeChat account, helping you with any questions you may have.
  • Keeping you informed: Followers will be able to access exclusive blog articles so that they can stay up-to-date on the latest, most important market information relevant to the insurance industry, covering topics related to expat health insurance, general insurance, health trends, and many more.

Don’t forget to follow us!

To access the exciting new features now available on Pacific Prime China’s latest portal, be sure to follow us via our WeChat ID: PacificPrime, or by scanning the QR code below:

Pacific Prime China WeChat

 

Interested in learning more about our WeChat portal or the plans that we offer? Contact us today and our team of insurance advisors will be more than happy to have a chat.

Posted by Jess in General Insurance, News
Pacific Prime China’s Beijing office opens with a party

Pacific Prime China’s Beijing office opens with a party

Pacific Prime China has kicked off the opening of its Beijing office with a bit of a party, inviting many of our clients to join the celebrations. A first for Pacific Prime, the event was attended by around 50 clients who enjoyed the drinks, finger food, and music provided by the Beijing staff.

North China Regional Manager, Stevie Erard, says the opening was a real success and a great occasion for clients to mingle, network, and interact with the Pacific Prime Beijing team in a relaxed atmosphere.

Pacific Prime Beijing Staff

“The impact has been very positive!” says Stevie, who also noted that the chance to improve relations with clients was also met with some great feedback from those attending. One client contacted the Beijing office to praise them and the fantastic event they held:

Thank you very much for inviting me yesterday. It was really an excellent party! You have good colleagues, nice customers and a very friendly atmosphere.

The Pacific Prime Beijing staff can give themselves a big pat on the back as the same client expressed gratitude at the chance to reconnect with some old friends, and said they were looking forward to expanding business opportunities with the office in future.

Check out this selection of pics from the event – including some very excited lucky draw participants!

A big congratulations to Stevie and the Pacific Prime Beijing office for a successful opening – you rock!

Pacific Prime China

With the opening of the new Beijing office, Pacific Prime China has strengthened its ability to provide quality health insurance solutions to expats and locals in China and around the Asia-Pacific region. Their experienced staff are committed to bringing clients both the best policies for their budget and coverage needs. If you’re looking for health insurance in China, contact Pacific Prime China for a free quote today!

Posted by Luther in News