8 Actions To Level Up Bowtie's VHIS

Bowtie has always prioritized customers’ protection and interests. Even when launching the VHIS ‘Standard Plan’ product, we have actively responded to the Consumer Council ‘s multiple suggestions in action. Learn immediately how Bowtie responds to the Consumer Council’s suggestions with 8 actions, so you can make your insurance decisions with peace of mind.

1. Standardize definitions of key contract terms
2. Improve the design of insurance application forms, including clearly stating the medical history that applicants must provide
3. Provide sample policy contracts for consumers to reference
4. Enhance transparency in policy terms
5. Provide explanations in writing and in plain language
6. Disclose market and complaint data for individual medical insurance, including total premium income, number of products, and number of policies
7. Increase transparency on ‘reasonable and customary’ charges, including the actual factors and statistical data used to determine amounts
8. Offer pre-approval services for non-emergency medical treatments
9. Strengthen training for insurance intermediaries (such as brokers and agents) and improve administrative procedures
10. Enhance consumer education
11. Raise the maximum age limit for insurance applications
12. Provide exit options
13. Offer coverage for pre-existing conditions unknown at the time of application
14. Avoid re-underwriting, or if necessary, improve policy transparency

The Consumer Council suggests that regulatory bodies can refer to the VHIS policy template to establish standard definitions for key contract terms and mandate that all individual medical insurance products follow them, preventing policyholders from misunderstandings due to varying definitions across products.

Bowtie focuses on VHIS products, and the Food and Health Bureau has required that all VHIS products in the market use uniform definitions for key contract terms. Therefore, all Bowtie VHIS products have similar terms and definitions.

To help consumers better understand the actual coverage scope, Bowtie has included opinions from ‘Bowtie Actuarial Experts’ in the ‘Coverage Items’ section on the VHIS product page.

The Consumer Council suggests that regulatory bodies establish guidelines to ensure that questions on insurance application forms are sufficiently specific and clear. For example, asking about the type and timing of illnesses, while detailing the requirements and deadlines for disclosing information.

As Hong Kong’s first virtual insurance company , Bowtie replaces physical application forms with an online platform that is streamlined and user-friendly.

Most application questions are multiple-choice , making it easier and more accurate for applicants to report their health status and medical history while keeping questions concise.

The entire application process (from underwriting to completing payment) can be finished in 10 minutes!

The Consumer Council suggests that the industry, beyond providing telephone hotline inquiries, should use convenient channels like websites to offer consumers sample policy contracts. This allows them to clearly understand the terms and compare options in detail before purchasing insurance.

Since launching VHIS, Bowtie has provided the policy terms and conditions, coverage schedules (including the surgery table), and the first supplementary document as sample policy contracts on the product pages for the ” Bowtie VHIS Standard ” and ” Bowtie VHIS Flexi ” plans. These are available for consumers considering coverage, and they align with the requirements set by the Food and Health Bureau for VHIS products.

Beyond VHIS products, Bowtie’s accident medical insurance (” Touch Wood Protector “), cancer medical insurance (” Cancer Fighter “), critical illness insurance (” Term CI “), term life insurance (” Bowtie Term Life “), and even group medical insurance products include plan terms, conditions, and surgery tables on their product pages. This reflects Bowtie’s commitment to enhancing product transparency.

In addition to making policy samples available, Bowtie products have highly transparent pricing that aligns perfectly with the Consumer Council’s recommendations. Consumers can instantly get standard premium quotes online without providing any personal details or contact information.

Anyone can view a standard premium quote in just 5 seconds, and with a quick 10-minute health details form, you can get your final premium quote even faster.

The whole process doesn’t require entering sensitive info like your name, email, or phone number, making it quicker and more worry-free for those interested in getting covered.

If you need more help, Bowtie’s professional customer service team is always ready to explain product details and premiums in depth.

Get a personalized quote right away!

In the market, many health insurance plans have promotional materials and terms that often seem difficult and obscure, so the Consumer Council recommends that insurance companies improve consumer education and cover insurance concepts comprehensively. This helps consumers understand the actual value and limitations of health insurance products. The council also suggests that the industry should use plain language to explain to clients during the application review and claims process.

In reality, Bowtie understands these challenges for consumers. Beyond using simple and straightforward language on product pages and in the “Plan Details” section, we include “FAQs” and “Bowtie Actuarial Experts” to help clients better understand policy details, as well as the scope and limits of coverage.

Additionally, we’ve created the Bowtie Column Blog and the Insurance Academy , inviting insurance and finance experts as well as actuaries to explain complex insurance theories and terms in a light-hearted tone with examples (such as co-insurance , additional medical coverage , and premium levy ). The goal is to help insurance newcomers grasp the information and choose coverage that suits their needs. This way, consumers can clearly understand Bowtie’s health insurance products before making a decision.

The Consumer Council suggests that the industry should include definitions of “reasonable and customary” medical charges in health insurance policy contracts to serve as a reference for policyholders before making claims.

On this point, Bowtie has already outlined the definition of “reasonable and customary” in the policy terms and conditions for VHIS and other products, so policyholders can understand it clearly.

The Consumer Council suggests that regulatory bodies encourage insurance companies to provide pre-approval services for elective or non-emergency medical services.

Of course, Bowtie also offers the “ Discharge Without Payment ” service, where policyholders only need to apply for pre-approval of hospitalization with Bowtie at least 5 working days in advance. Once approved, policyholders can skip the discharge payment process altogether!

All hospitalization services within the coverage scope qualify for “Discharge Without Payment,” and this applies to all private hospitals in Hong Kong!

The Consumer Council suggests that regulatory bodies require insurance companies to enhance training for intermediaries to reduce disputes between them and clients. Bowtie leverages technology and operates without any intermediaries , allowing clients to handle everything from application to approval and claims directly on our online platform.

By using technology, we lower administrative costs, so clients don’t have to pay commissions, enabling Bowtie to offer high-value VHIS products. Plus, with Bowtie and our customer service team communicating directly with clients to explain products and terms, it helps minimize misunderstandings and disputes.

Most individual medical insurance products on the market exclude “pre-existing conditions,” but the Consumer Council recommends that insurance companies provide coverage for unknown pre-existing conditions before policy inception, with a waiting period allowed, based on fair principles.

Additionally, most individual medical insurance policies have an age limit of 70–75 years for application, and the Consumer Council suggests raising this to allow seniors who can afford the premiums to access private medical coverage. These two points are key features of VHIS products, which are a core focus for Bowtie.

• Bowtie VHIS provides coverage for unknown pre-existing conditions , with the payout gradually increasing from 0% to 100% of the sum insured over a 4-year waiting period*
• Bowtie VHIS is suitable for individuals aged 15 days to 80 years to apply

Regarding underwriting policies, the Consumer Council suggests that the industry should replace annual re-underwriting with one-time underwriting. Bowtie’s medical insurance products have uniformly adopted one-time underwriting since their launch. As long as the client passes underwriting and the policy is approved, Bowtie will not require the client to undergo re-underwriting.

Once the client is insured, even if their health status changes, Bowtie will not increase the premium based on the client’s individual health condition. Therefore, policyholders do not need to worry about being denied renewal or facing significant premium increases due to health issues.