Insights of ageing policies in a few Super-Aged countries– Be responsive to secure the opportunities

Joey Zhou, FIA MBA

Director, Product Development for South East Asia Markets,RGA

4

Comparison of Ageing Policies (Singapore vs. Hong Kong vs. Japan)

Life Expectancy at birth, total (years)

5

84.2 (2016)

84.0 (2016)

82.8 (2016)

Source: https://data.worldbank.org/indicator/SP.DYN.LE00.IN?contextual=region&locations=SG-JP-HK

Fertility rate, total (birth per woman)

6

Source: https://data.worldbank.org/indicator/SP.DYN.TFRT.IN?contextual=region&locations=SG-JP-HK

1.44 (2016)

1.2 (2016)

1.205 (2016)

The super-aged timeline

7

Objectives

✓ Compare and contrast the practices, policies and plans for ageing in Singapore, Hong Kong and Japan.

✓ Insights on the ageing culture of the countries of interest, and ageing practices, policies and plans at the individual, community, and national levels will be revealed.

✓ This analysis serves to inform on best practices on managing the aging situation, and allow insurers to develop and innovate solutions to capitalize the opportunities of the ageing society.

8

Singapore

A whole of nation and whole of government approach

10

Looking at AgeingHolistically:

Action Plan to AchieveSuccessful Ageing

Seniors can continue working, learning and growing

11

Inter-generation harmony is a goal

12

More about Singapore’s Policy on Ageing

13

Financing the ageing populations

14

Hong Kong

Hong Kong

16

Financial Subsidies Social Care Housing Schemes

Financial subsidies

17

Social security schemes

18

Leverage on Private Healthcare System

19

Social care

20

Integrated home care

21

“Ageing-in-place”

22

Case study

23

Japan

Japan

• Long-Term Care Insurance

• LTCI-Funded Prevention Programme

• Community-based Integrated Care System

• Technology Use

25

Long-Term Care Insurance

26

● Taxation-funded● Co-payment● Benefits in kind

● Standardised comprehensive certification process ● Graduated needs-based benefits

27

2-steps!

LTCI-Funded Prevention & Care Programmes

28

● Dementia supporters ● Watching system in the community

29

Information and Communication Technology (ICT)

Government Efforts• Health Care Information System Strategy, 1993• Formation of an Advanced Information and Telecommunications Network Society

Law, 2000• Persons with Disabilities Fundamental Law, 2000• e-Japan Priority Policy Program, 2002• Japan Standards Association Guidelines, 2004• The New IT Reform Strategy, 2006• i-Japan Strategy, 2009• New Strategy in Information and Communications Technology, 2010• New Robot Strategy, 2015

30

New Robot Strategy

•¥10 Billion (US$100 million)

•Promote and introduce nursing care innovations

31

Resoyne (2 in 1 wheelchair bed)

32

QR Code for Dementia Tracking

33

Paro the robotic seal

34

35

36

Highlights

37

Evidence-based strategies are observed in coping with the rapidly ageing population

-> Convergence

Brainstorm 1 – Community based approach -Implication to Insurance risks?

Livingston G, et al. The Lancet 2017;390(10113):2673-2734

Brainstorm 2 – Product propositions?

of surveyed consumers are interested, have tried or

planning to buy Family Product

80%

of surveyed actuaries and PD professional are interested to

buy Family Product

88%

of surveyed distribution management experts are

interested to buy Family Product

92%

Source: RGA Internal Survey 2018 Source: LIMRA Asia Distribution Conference 2018Source: IFoA Asia Conference 2018

40