Blue Cross achieves double-digit growth in 2023

Launches Blue Cross Elite Combo and Love Yourself VHIS Plan in first quarter of 2024 With “Just Right” protection

HONG KONG SAR 28 March 2024 – Blue Cross (Asia-Pacific) Insurance Limited (“Blue Cross”) achieved a remarkable 17.9% growth in overall business in 2023, surpassing the market’s 6.3% increase¹. Maintaining the growth momentum, Blue Cross announced the launch of two new products: Blue Cross Elite Combo and Blue Cross Love Yourself VHIS Plan. The former introduces a groundbreaking concept of “multiple plans in one single policy, same coverage period, and effortless management”, and is sold exclusively by AIA Hong Kong Financial Planners who have been registered as Blue Cross’s agents. The latter allows flexible adjustment of deductible and offers an affordable, value-for-money choice of medical protection for young adults. Both products feature multiple competitive benefits in the market and cater to the needs of customers with the “just right” protection at the right time for the right budget.

Blue Cross delivered outstanding business results in 2023:

• Overall business grew by 17.9%, well above the 6.3% growth in the market. All product lines outperformed the market in terms of year-on-year growth.
• As a market leader in general insurance, Blue Cross achieved particularly strong growth in the non-medical business, with an impressive growth rate 11 times the market growth rate². Most notable was the travel and personal accident insurance business which surged 270%, quadrupling the market’s 66.1% growth³.
• Medical insurance has always been a growth driver for Blue Cross. Last year also saw steady growth of 8.1%, outperforming the market’s 7.5% growth in the medical business⁴.

Ms Bonnie Tse, Chief Executive Officer of Blue Cross, said, “Upholding its customer-first philosophy, Blue Cross has been serving Hong Kong for over 55 years and leading the industry in developing ‘just right’ products that address the needs and pain points of customers. We have been expanding customer touchpoints to enhance customer experience with seamless services online and offline. Blue Cross outperformed the market in various business segments last year. This remarkable performance is indeed a testimonial to our strategies. I believe there is still huge growth potential in the general insurance and medical insurance markets, and I remain 100% confident in our business outlook.

“Considering customers’ demand for multiple protections and flexible offerings, we have launched two new products, Blue Cross Elite Combo and Blue Cross Love Yourself VHIS Plan. Underlining innovation and flexibility, both products are designed as affordable and value-for-money offerings to address customers’ protection needs at different stages of life.”

Blue Cross Elite Combo
Blue Cross Elite Combo introduces a groundbreaking insurance concept of “multiple plans in one single policy, same coverage period, and effortless management.” It allows customers to freely choose their coverage combination from a range of insurance and customise benefit levels according to their individual needs and budget. The product is highly flexible and accentuates the freedom of choice, providing customers with all-around protection for their everyday lives and appealing to smart individuals, newlyweds as well as three-generation family households. Below are its key features.

• Combining multiple insurance types: The plan covers six different types of insurance with a total of 22 coverage options, providing comprehensive protection for various aspects of daily life. It comprises three Basic Protection Modules – Travel Cover, Home Cover and Domestic Helper Cover, as well as three Supplementary Protection Modules that can be added as needed – Golf Cover, Leased Property Cover and Personal Cover. To enrol in the plan, customers need to choose at least one Basic Protection Module before adding a Supplementary Protection Module.
• Better control over premium budget: Customers can freely customise the desired coverage combination and benefit level of the protection options according to budget.
• Flexibility to change protection combination: Considering that protection needs may change at different stages of life, the plan provides flexibility to change protection combinations according to needs. There are also options for Plan Level (including Sumptuous Choice, Balanced Choice and Light Choice) or Optional Add-ons for customers to choose from, further enhancing their protection and creating a worry-free life for themselves and their families.
• Unified policy management: The plan consolidates multiple coverage plans under just a single policy, with the same coverage period. Coverage renewal can be done together upon expiry, enhancing the convenience and ease of policy management.
• Brand new e-Protection: Catering to today’s prevailing online shopping habit, the plan provides e-Protection under Personal Cover, safeguarding customers against identity theft and financial losses from online purchases.

Blue Cross has also launched a new advertising and marketing campaign “Customise Your Just Right Protection” to promote Blue Cross Elite Combo, featuring the perfect pair of the Blue Cross mascot and a pretty girl. They travel around Hong Kong and showcase unique product features such as its great flexibility and a diverse range of combinations and options which allow customers to customise their “Just Right” protection plan according to their needs and budget. A new video has been posted on social media and digital platforms; there were other promotions on the street to engage the public to bring out the campaign message about Blue Cross Elite Combo. Furthermore, outdoor advertising including tram stations and tram bodies, and MTR ads will soon be launched to extend its reach to the public. To view the video, click:
https://www.facebook.com/share/v/LAjpiWU4YYKJULgX/?mibextid=oFDknk

Blue Cross Love Yourself VHIS Plan
In addition, Blue Cross has launched its Love Yourself VHIS Plan, a voluntary health insurance scheme (VHIS) flexi plan certified by the Health Bureau. It allows flexible adjustment of deductible and offers an affordable, value-for-money choice for young adults. The plan provides full coverage of 17 major medical expenses incurred before, during and after hospital stay (private hospital’s ward), from diagnosis, surgery to recovery. It offers an annual benefit limit of HK$6,000,000 and a lifetime benefit limit of HK$40,000,000, with lifetime renewal guaranteed. The plan features multiple market advantages, which allow customers to customise their own cover by selecting the plan level, deductible amount, optional outpatient benefits and optional dental benefits, and enjoy a range of superb value-added services. Its key features are as follows.

• Flexible adjustment of deductibles at milestone events in life – market-first for VHIS Plans: Considering that the financial needs and responsibilities that one shoulder will change at different milestones in life, the plan provides options for policyholders to reduce or remove the selected deductible without re-underwriting, especially in the significant events of life including having a newborn baby, buying a residential property, moving abroad, or reaching a designated age.
• Deductible waived for specified health conditions: If the insured person is unfortunately diagnosed with designated critical illnesses, sports-related injuries and permanent total disabilities, the related deductible will be waived, providing full support to customers during difficult times.
• Immediate cover for unknown pre-existing and congenital conditions: The plan fully covers unknown pre-existing conditions and congenital conditions which have been diagnosed at or after the age of 8, with coverage starting immediately from day one when the policy becomes effective. No waiting period is required.
• Health & wellness benefit: For every three consecutive years the policy has been in force, customers can get reimbursed for actual expenses of wellness activities incurred within the immediately following policy year, up to HK$1,500. Covering expenses on travelling, fitness gym membership and wellness courses, this benefit aims to encourage customers to lead a healthy lifestyle.
• Various value-added services: These include free second medical opinion, pre-hospitalisation claim assessment, no hospital bills to pay, 24-hour worldwide emergency aid, Blue Cross nursing care hotline etc.

During the promotional period, customers who enrol in Blue Cross Love Yourself VHIS Plan can enjoy a discount of up to 32% on the first-year premium⁵. Moreover, Blue Cross SmartClub members who enrol in Blue Cross Love Yourself VHIS Plan via Blue Cross website or Blue Cross HK App can earn double SmartPoints.

SmartClub members can now redeem a one-day ticket to Hong Kong Disneyland with 10,000 SmartPoints.

The above product information of Blue Cross Elite Combo does not include the full version of the terms and conditions. Please refer to the policy for detailed terms and conditions. For more details, please visit https://www.bluecross.com.hk/en/ePromotion/AIA_GIProducts/latest or contact AIA Hong Kong Financial Planners who have been registered as Blue Cross’s agents or call 2839 6333.

The above product information of Blue Cross Love Yourself VHIS Plan does not include the full version of the terms and conditions. Please refer to the policy for detailed terms and conditions. Promotional offers are subject to the terms and conditions. Please visit Blue Cross website at www.bluecross.com.hk or download the Blue Cross HK App.

Remarks:

1. Source: Provisional statistics on general insurance business (direct business) published by the Insurance Authority for 2023, excluding mortgage guarantee.
2. Source: Provisional statistics on general insurance business (direct business) published by the Insurance Authority for 2023, excluding medical and mortgage guarantee.
3. Source: Provisional statistics on general insurance business (direct business) published by the Insurance Authority for 2023, non-medical subclass in accident and health business.
4. Source: Provisional statistics on general insurance business (direct business) published by the Insurance Authority for 2023, medical subclass in accident and health business.
5. It is calculated based on a 15% discount on first-year premium and up to 15% family discount.

“AIA Hong Kong” herein refers to the Hong Kong Branch and/or Macau Branch of AIA International Limited (Incorporated in Bermuda with limited liability).

“Hong Kong” and “Macau” herein refer to “Hong Kong Special Administrative Region” and “Macao Special Administrative Region”, respectively.

Disclaimers:

• This press release is for distribution in Hong Kong only. The distribution of this press release is not and shall not be construed as an offer to sell or a solicitation to buy or a provision of any insurance product outside Hong Kong.
• Blue Cross (Asia-Pacific) Insurance Limited is a subsidiary of AIA Group Limited. It is not affiliated with or related in any way to Blue Cross and Blue Shield Association or any of its affiliates or licensees.