Raffles Health Insurance

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

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

• Health insurance plans
• Integrated shield plans
• Group medical insurance
• Critical illness coverage
• Corporate health benefits

Headquarters

HQ city

Singapore

HQ country

Singapore

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Operations, Personnel, Marketing or Sales, Technology or R&D, Infrastructure

Revenue model

1. 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.
2. 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.
3. 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.
4. Third Party Administration (TPA) Services: Outsourced employee health benefits administration services for businesses.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels6 records

Core 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

Named customers3 records

Segments4 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

One partnership is on record.

• Raffles Medical GroupcoreStrategic or Co-development PartnerRaffles 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

Direct 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

• Facebookfacebook.com/raffleshealthinsurance
• LinkedInlinkedin.com/company/raffles-health-insurance
• Instagraminstagram.com/raffleshealthinsurance

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Raffles Health Insurance