Raffles Health Insurance
- Company typePrivate
- Founded2018
- HeadquartersSingapore, Singapore
- Headcount51–100
- GTM typeB2B and B2C
- OfferingServices
Raffles Health Insurance firmographics
Firmographics- Name
- Raffles Health Insurance
- Legal name
- Raffles Health Insurance Pte. Ltd.
- Website
- https://raffleshealthinsurance.com
- Company type
- Private
- Founded year
- 2018
- Operating status
- Operating
- Headcount range
- 51–100 employees
- Ownership category
- akta.pro rank
Raffles Health Insurance industry classification
Industry- Product category
- Health Insurance
- NAICS
- Direct Health and Medical Insurance Carriers (524114), Pharmacy Benefit Management and Other Third Party Administration of Insurance and Pension Funds (524292)
- SIC
- Accident & Health Insurance (6321)
- akta.pro primary industry
- Combined Critical Illness + Hospital Indemnity Policies (FSAIAKAC)
- akta.pro secondary industries
- Ancillary Employer Benefits (Life/Disability/Accident/Critical Illness) (HLAEAAAK), Disease-Specific & Condition-Specific Critical Illness (e.g., Cancer, Heart/Stroke) (FSAIAKAH), Group/Employer-Sponsored Critical Illness & Hospital Indemnity (FSAIAKAD)
Keywords
Where Raffles Health Insurance is headquartered
LocationHeadquarters
- HQ city
- Singapore
- HQ country
- Singapore
- HQ region
- Asia
Offices1 record
Markets served
Raffles Health Insurance business model
Business model- GTM type
- B2B and B2C
- Offering type
- Services
- Cost components
- Operations, Personnel, Marketing or Sales, Technology or R&D, Infrastructure
Revenue model
- Integrated Shield Plan Premiums: Recurring annual premiums for Individual and Family health insurance products including Raffles Shield (Private, A, B, Standard plans), Raffles Elite Care (regional), and Lifeline (global coverage). Premiums can be partially or fully paid via MediSave for Singapore residents.
- IP Rider Premiums: Optional rider add-ons including Raffles Choice Rider (new April 2026), Raffles Key Rider (existing), and Raffles Cancer Guard Rider that supplement base IP coverage with additional benefits.
- Group/Corporate Insurance Premiums: Annual premiums for employer group health insurance products including Customised Group Insurance, Raffles Corporate Care Enhanced III, and Foreign Workers Medical Insurance Enhanced II.
- Third Party Administration (TPA) Services: Outsourced employee health benefits administration services for businesses.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Annual | Raffles Shield A - 25 years old |
| Subscription | Annual | Raffles Shield A - 41 years old |
| Subscription | Annual | Raffles Shield A + Raffles Hospital Option - Ages 31-35 |
| Subscription | Annual | Raffles Shield A + Raffles Hospital Option - Ages 41-45 |
| Subscription | Annual | Raffles Shield A+RH Option |
Go-to-market motion2 records
Distribution channels4 records
Marketing channels6 records
Raffles Health Insurance product offering
Product offeringCore offering
Raffles Health Insurance is a Singapore-based health insurance company and wholly-owned subsidiary of Raffles Medical Group that sells Individual and Family health insurance plans (including the flagship Raffles Shield Integrated Shield Plan, Raffles Critical Illness Plan, Raffles Elite Care regional cover, and Lifeline global cover) as well as Corporate and Group health insurance products (Customised Group Insurance, Raffles Corporate Care Enhanced III, Foreign Workers Medical Insurance, Business Health Plans) and Third Party Administration services for employer health benefits. The company's offerings are tightly integrated with the Raffles Medical Group clinical network, including Raffles Hospital, family medicine clinics, and a panel of approved specialists.
Product overview
Raffles Health Insurance operates as a health insurance subsidiary of Raffles Medical Group, offering a comprehensive portfolio of health insurance products for individuals, families, and businesses. The core offering is Raffles Shield, an Integrated Shield Plan that complements MediShield Life. Individual products include Raffles Shield (with Private, A, B, and Standard plan tiers), Raffles Critical Illness Plan, Raffles Elite Care (regional), and Lifeline (global). Add-on riders include Raffles Choice Rider (new 2026 compliant rider), Raffles Key Rider (being transitioned), and Raffles Cancer Guard Rider. Corporate offerings comprise Customised Group Insurance, Raffles Corporate Care Enhanced III, Foreign Workers Medical Insurance, Business Health Plans, and Third Party Administration services. The company integrates its insurance products with the Raffles Medical Group network including Raffles Hospital and clinics, providing coordinated healthcare delivery. Raffles Shield was launched in 2018.
Differentiator
Problem solved
Functional benefit
Brands
- Raffles Shield: Integrated Shield Plan offering coverage for Singapore, regional, and global medical care with options for private hospital and Class A/B ward coverage.
- Raffles Choice Rider
- Raffles Key Rider
- Raffles Critical Illness Plan
- Raffles Elite Care
- Lifeline
- Raffles Cancer Guard Rider
- Raffles Corporate Care Enhanced III
- Foreign Workers Medical Insurance (FWMI) Enhanced II
- Raffles Care Management Programme
Products and services
- Raffles Shield Integrated Shield Plan complementing MediShield Life, providing enhanced hospitalisation and surgical coverage including access to private hospitals and Class A/B1 wards in public hospitals, with higher claim limits. Targeted at Singapore citizens, permanent residents, and long-term pass holders.
- Raffles Critical Illness Plan Comprehensive medical plan covering 37 critical illnesses with options for early and intermediate stage critical illness coverage. Targeted at individuals seeking protection against major illnesses.
- Raffles Elite Care Regional health insurance plan providing coverage for hospitalisation and medical treatment across Southeast Asia and the region for individuals and families.
- Lifeline Global health insurance plan providing worldwide coverage for hospitalisation and medical expenses internationally for individuals and families.
- Raffles Choice Rider New IP rider add-on that supplements Raffles Shield base coverage, complying with Singapore Ministry of Health regulations that no longer allow riders to cover minimum deductibles and double the co-payment cap to S$6,000.
- Raffles Cancer Guard Rider Rider add-on offering extensive coverage for cancer treatments when paired with Raffles Shield, providing financial protection against cancer-related medical costs.
- Customised Group Insurance Tailored group health insurance plans for businesses and employers covering Singapore and regional locations for their employees.
- Raffles Corporate Care Enhanced III Corporate health insurance plan offering comprehensive coverage for employees with Singapore and regional medical cover options for businesses.
- Foreign Workers Medical Insurance (FWMI) Enhanced II Medical insurance plan specifically designed for foreign workers in Singapore, offered to employers needing compliant coverage for their non-local workforce.
- Business Health Plans Global coverage health insurance plans for businesses and their employees worldwide, providing international medical cover for corporate workforces.
- Third Party Administration (TPA) Outsourced employee health benefits administration services for companies wanting to delegate health plan management to Raffles Health Insurance.
- Worldwide Health Options Global coverage add-on option for individual health plans providing worldwide medical coverage as an upgrade to Singapore-only policies.
- Raffles Care Management Programme Health management programme for policyholders with chronic conditions (Diabetes, Hypertension, High Cholesterol) allowing retention of Integrated Shield Plan coverage while receiving coordinated care from medical doctors in partnership with the insurer.
Quantifiable outcome
- Average bill size decreased by 22% in public healthcare institutions and increased by 32% in private institutions over past 3 years (company claims data).
- +2 more outcomes
Companies that use Raffles Health Insurance
Customer profileNamed customers3 records
Segments4 records
Ideal customer profiles2 records
Raffles Health Insurance technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature3 records
Raffles Health Insurance partnerships and signals
Strategic signalPartnerships
One partnership is on record.
- Raffles Medical GroupcoreRaffles Health Insurance is a wholly-owned subsidiary of Raffles Medical Group (RMG), Singapore's leading private healthcare provider. This integrated relationship enables coordinated healthcare delivery from primary care clinics through to Raffles Hospital tertiary services. The close partnership allows RHI to leverage RMG's clinical expertise, hospital facilities, and specialist network for seamless patient-policyholder experience.
Scale indicators4 records
Recent moves5 records
Expansion highlights6 records
Raffles Health Insurance competitors and assessment
Company assessmentDirect peers
- AIA Singapore: One of the seven licensed Integrated Shield Plan insurers in Singapore and the market leader. AIA offers AIA HealthShield Gold and a broad critical illness/rider suite, making it the closest direct competitor to Raffles Shield.
- Prudential Singapore: One of seven licensed IP insurers in Singapore (PRUshield), with extensive critical illness and rider offerings. Competes head-to-head with RHI across individual and corporate health insurance segments.
- Great Eastern Life: Singapore's oldest life insurer and one of seven IP insurers (GREAT SupremeHealth), with strong corporate and individual health portfolios directly comparable to Raffles Shield and Raffles Corporate Care.
- Income Insurance (NTUC Income): One of seven licensed IP insurers in Singapore (IncomeShield), with a broad health and critical illness lineup. Competes directly with RHI across price-sensitive IP segments.
- Singlife: One of seven licensed IP insurers in Singapore following its merger with Aviva Singapore (Singlife Shield), with a strong digital and bancassurance distribution model overlapping with RHI's individual and group offerings.
- Manulife Singapore: One of seven licensed IP insurers in Singapore (ManulifeReadyBuilder / HealthShield), offering individual health, critical illness, and group benefits directly comparable to RHI's suite.
- HSBC Life Singapore: One of seven licensed IP insurers in Singapore (HSBC Life Shield), with bancassurance-led distribution and individual/critical illness products overlapping with RHI's portfolio.
Broad incumbents
- Bupa Global: Global health insurer offering international private medical insurance comparable to RHI's Lifeline and Raffles Elite Care regional/global products, though not a Singapore IP insurer.
- Allianz Care: Global health insurer with regional Asia-Pacific and international health plans overlapping with RHI's Raffles Elite Care and Lifeline cross-border offerings.
Others
- Raffles Medical Group: RHI's parent company and integrated healthcare provider. Not a competitor but the strategic partner whose hospital and clinic network underpins RHI's differentiation, making RMG the most thematically connected peer for understanding RHI's economics.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights6 records
Customer concentration
Raffles Health Insurance social profiles
Digital presenceRaffles Health Insurance financial estimates
Financial estimateRevenue estimate
Valuation estimate
Raffles Health Insurance leadership team
Management profileNumber of profiles
Profiles2 records
Raffles Health Insurance funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Raffles Health Insurance M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Raffles Health Insurance
What does Raffles Health Insurance do?
Raffles Health Insurance is a Singapore-based health insurance company and wholly-owned subsidiary of Raffles Medical Group that sells Individual and Family health insurance plans (including the flagship Raffles Shield Integrated Shield Plan, Raffles Critical Illness Plan, Raffles Elite Care regional cover, and Lifeline global cover) as well as Corporate and Group health insurance products (Customised Group Insurance, Raffles Corporate Care Enhanced III, Foreign Workers Medical Insurance, Business Health Plans) and Third Party Administration services for employer health benefits. The company's offerings are tightly integrated with the Raffles Medical Group clinical network, including Raffles Hospital, family medicine clinics, and a panel of approved specialists.
Is Raffles Health Insurance a public or private company?
Raffles Health Insurance is a private company. It is classified as corporate owned and is currently operating.
When was Raffles Health Insurance founded?
Raffles Health Insurance was founded in 2018. It employs 51 to 100 people.
Where is Raffles Health Insurance based?
Raffles Health Insurance is headquartered in Singapore, Singapore, in the Asia region.
How does Raffles Health Insurance make money?
Four revenue lines are on record. Integrated Shield Plan Premiums are the primary driver. The others are IP Rider Premiums, group/Corporate Insurance Premiums and third Party Administration (TPA) Services.
Who are Raffles Health Insurance's main competitors?
Direct peers on record are AIA Singapore, Prudential Singapore, Great Eastern Life, Income Insurance (NTUC Income), Singlife, Manulife Singapore and HSBC Life Singapore. Broad incumbents are Bupa Global and Allianz Care. Raffles Medical Group is listed as an others.
Does Raffles Health Insurance have an API?
No public API is recorded for Raffles Health Insurance.
What industry is Raffles Health Insurance in?
Raffles Health Insurance's product category is Health Insurance. Its primary akta.pro industry code is FSAIAKAC, Combined Critical Illness + Hospital Indemnity Policies, with a secondary code of HLAEAAAK, Ancillary Employer Benefits (Life/Disability/Accident/Critical Illness). Its NAICS code is 524114 and its SIC code is 6321.