Why Singapore health insurers lag in aligning brand and reality

Forrester said insurers must offer more affordable healthcare plans.

Raffles Health Insurance (RHI) ranked highest amongst eight insurers in Forrester’s first Total Experience Score rankings for Singapore’s financial services sector in 2025, outperforming peers such as AIA, FWD, Great Eastern, HSBC Life, Income Insurance, Prudential, and Singlife.

Forrester said RHI led across all metrics due to its integrated healthcare ecosystem and high trust ratings. 

However, the report noted that Singapore’s health insurance sector faces a growing gap between customer and noncustomer perceptions, with existing policyholders generally more critical. 

To improve, insurers must offer more affordable healthcare plans, clearly communicate policy coverage, and simplify service processes. 

Strengthening data security and improving website functionality were also identified as key steps to enhance customer experience.

The Total Experience Score combines Forrester’s Brand Experience Index and Customer Experience Index to assess how well firms align brand promises with actual customer experiences.

The study showed that whilst some financial services firms deliver consistent experiences, most still struggle to build lasting trust and loyalty.

Tom Mouhsian, principal analyst at Forrester, said the findings show that strong branding alone is not enough to win or retain customers. 

He said consistent, emotionally engaging experiences across the customer lifecycle are essential for building trust and sustaining growth.