Health Pricing

DHA Demands

Since the introduction of mandatory health insurance in Dubai, Lux has completed several Actuarial Pricing Reports for the DHA Essential Benefits Plan. Analysing client exposure and claims information and conducting a full experience analysis to determine a suitable premium to charge for the DHA Basic Product formed our key objective for our client submissions. Models were created to test the impact of changes to benefits and benchmarked for consistency. We are proud that one of our clients was successfully approved and appointed by the DHA as a participating insurer.

Customised Rating Engine

We have developed a comprehensive market report on burning cost levels for different product types and different networks. We have reviewed over 1,000,000 lives worth of annual exposure and corresponding claims and determined suitable burning costs by sub-benefit across the GCC. Our pricing results are embedded in our proprietary Customised Rating Engines (CRE), allowing the underwriter to offer flexible benefits based on actuarially determined rates. Models are created to ensure all permutations of benefits are accurately priced. Utilisation patterns and demographic risk patterns are actuarially analysed in order to calibrate the CRE which is reviewed constantly to ensure assumptions continue to reflect current and expected future experience.

Bespoke New Products

Given the changing landscape of insurance benefits we have developed a suite of value adding UAE Medical insurance products based on analyzing drivers of burning costs. Benefits have been derived for our clients based on meeting specific claims cost targets. Our products were actuarially priced, taking into account the business objectives of our clients and results are monitored continually.