Page 16 - Insurance Times August 2019

China gives nod for new Quip to introduce dental insurance alternative in NYC

firm to replace Anbang American electric toothbrush maker Quip will soon introduce an app-based
online alternative platform for dental insurance in New
Insurance York City. Dubbed Quipcare, the platform intends to make
China's The Insurance regulator of prices more transparent for dental care so that Americans
China has recently given its official with or without insurance can access the dental care at
approval in order to set up a new the affordable cost. The dental care alternative plans are
company called Dajia Insurance available in two variants inclusive of Quipcare and Quipcare+.
Group to take over the assets of Quipcare enables users to search dentists in Quip network, view set rates for
Anbang, a giant conglomerate that non-preventative care, pay for the care, accumulate reward points as well as
has been under state control for over view dental records. Customers can save around 30% to 40%, under the basic
a year. Before authorities launched a plan, compared to the average dental care in their area, the company claims.
campaign to regulate risky outbound It is a suitable option for customers without insurance or those with insurance
mergers and acquisitions, Anbang who have already exhausted their maximum annual claim limits.
had been of China's most aggressive By paying $25 per month, members can upgrade to Quipcare+ that offers two
buyers of global assets. preventative check-ups and annual x-rays for $200 less than on pay as you go.
The Beijing-based Dajia Insurance Quip co-founder and CEO Simon Enever said, “People aren’t getting the care
Group has 20.36 billion yuan ($2.96 they need. One quarter of Americans don’t have dental insurance and, even of
billion) in registered capital, funded those with insurance, one third haven’t visited their dentist in over a year. The
by China Insurance Security Fund Co, current dental care and insurance systems can be confusing, opaque and ex-
Sinopec Group and SAIC Motor, read pensive, and the process of booking, getting and paying for care is inconvenient.
a statement released by the China “Quipcare is solving many of these pain points that deter people from getting
Banking and Insurance Regulatory the professional care they need. We’ve spent years making at-home oral care
Commission(CBIRC). Dajia will ac- more simple, affordable and enjoyable for millions of people. Now, we are ex-
cept the transfer of stock rights from cited to apply that same ethos to reshape professional dental care with a simple
Anbang's subsidiaries such as modern app.”
Anbang Life Insurance, Anbang Pen-
sion and Anbang Asset Manage- Quip director of care Jeffrey Rappaport said, “Unlike healthcare insurance,
ment, the statement stated. dental benefit profits aren’t as limited, meaning profit margins of traditional
plans can be big, patient rates high and provider reimbursements low. With
A Dajia Property Insurance unit will quipcare, we help patients pay providers more directly, so they can pay less and
also be established, which will take the provider can keep more, leading to better health outcomes and happier pa-
part of the insurance business, as- tients and professionals.”
sets and debts from Anbang Prop-
erty Insurance unit. Dajia Insurance's Japan urges tourists to pick up travel insurance
business will include investing and Municipal and prefectural governments across Japan are launching campaigns
holding shares in insurance institu- urging foreign visitors to buy travel insurance as a surge in unpaid medical bills
tions and other financial institutions, puts pressure on hospitals’ budgets. If uninsured travelers get injured or sick in
and supervising and managing the Japan, they have to foot the bill for all medical expenses. Nearly 30% of all tour-
domestic and international busi- ists arrive without any travel insurance at all, according to a government survey.
nesses of holding companies, ac-
cording to information released by Government agencies are using various ways to nudge travelers toward buying
insurance, including by placing flyers at tourist information centers in airports
its official WeChat account.
and hotels, and distributing cards listing the most expensive hospital treatments.
After the completion of its restruc- “Have you remembered to book your peace of mind?” a flyer printed in En-
turing, Anbang will not launch a new glish reads at a tourist information center at Narita airport. Japan’s main inter-
insurance business, the CBIRC said, national gateway has seen an increase in tourists seeking advice on whether to
noting that the plan that Dajia buy insurance.
showed the insurance regulator had The flyer, also available in Chinese, Korean and Thai, was created by the Japan Tour-
achieved progress in stages to dis- ism Agency and distributed to airports nationwide to inform tourists they can quickly
pose of Anbang's risks. and easily buy insurance via smartphones or other devices even after arrival.

16 The Insurance Times, August 2019