The Insurance Commission (IC) of the Philippines and the Actuarial Society of the Philippines (ASP) have embarked on a pioneering project to conduct an extensive morbidity analysis, utilising the claims data gathered from health maintenance organisations (HMOs) and insurance firms.
The move will focus on setting industry standards for the evaluation of premium rates, calculating reserve values, and determining the capital requirements for these entities.
The project’s objectives include bolstering the health insurance and HMO sector, spurring innovation in products, and attracting international investments.
“Ultimately, the study aims to bridge the health protection gap among Filipinos and enhance financial inclusion,” the IC said in a statement.
This significant initiative was formalised through a memorandum of agreement, coinciding with the IC’s 75th anniversary celebrations. The formal signing of the agreement was carried out by Insurance Commissioner Reynaldo A. Regalado and ASP President Allan R. Santos.
In addition to the morbidity study, the agreement between IC and ASP encompasses collaborative efforts in technical areas such as the revision of risk-based capitalisation standards, valuation processes, and product pricing strategies.
In other news, the IC recently released a report revealing that it resolved 100% of all complaints in 2023.
