White paper
The case for value-based reinsurance in Asia
Why traditional reinsurance can no longer bend the medical cost curve — and how capitation with primary-care providers changes the maths.
Fabulous Idea
Medical reinsurance, reimagined
The reinsurer that helps insurers prevent claims — not just pay them.
WellDoc Reinsurance Company Limited is a newly approved Hong Kong reinsurer built for one purpose: enabling every health insurer to underwrite medical risk sustainably, as our population ages and medical costs climb.
Promoted by The Healthcare Group · built on a decade of value-based care
How a WellDoc Re proposition is built
1Prevention-first designBuilt to keep people well
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2Capitation with providersDoctors as partners in cost
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3Accredited PPP networkRated on quality & cost
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4Products that steer costCost control by design
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5Data & technology engineSharper with every cycle
31%
of Hong Kong's population over 65 by 2039
4,000+
GOLDTM-accredited family doctors & nurses
270+
public-private clinical sites across the GBA
50–70%
lower GBA pricing on chronic & oncology medication
Our purpose
Vision, mission & values
WellDoc Re exists to keep quality health protection within reach of every generation.
Vision
To make Hong Kong the leading medical reinsurance hub in Asia.
Mission
We enable every health insurer to underwrite medical risk sustainably.
Values
Five principles that govern every decision
Partnership
An enabler, not a rival.
Prevention
We reward health kept.
Evidence
Traceable to real clinical data.
Stewardship
Disciplined custody of capital.
Public purpose
Measured by reach of protection.
Our name
Why we are called WellDoc Re
A company's name sets the tone for everything it does.
WELL
The way we treat people
W
Wellness
We exist to keep people well — not to wait for illness.
E
Empathy
We see the person behind every policy and every claim.
LL
Listening with Love
We listen — to insurers, doctors and patients — with genuine care.
Doc
What we are anchored on
Doc declares where WellDoc Re stands: anchored on clinicians and on evidence-based practice.
Our W
The mark — three A's we are still reaching for
Look closely at the W in our logo.
They stand for the three things health protection must be:
A
Affordable
Sustainable in cost.
A
Accessible
Within reach of everyone who needs it.
A
Accountable
Answerable for outcomes.
The third A is drawn in gold — and it is deliberately broken.
Our history
Built on a decade of value-based care
WellDoc Re is the reinsurance arm of The Healthcare Group.
Our promoter and sponsor — The Healthcare Group.
In 2021, the Group became an independently managed entity.
WellDoc Re is the payment-and-insurance arm of that ecosystem.
Corporate structure
The Healthcare Group (Cayman Islands)
│
Healthcare arm
The Healthcare Group (HK)
Reinsurance arm
via WellDoc Reinsurance Holdings Ltd
One ecosystem, two arms.
A decade in the making
2014
the Group is founded
Founded in Hong Kong by family doctors and insurance professionals.
2017
GOLDTM programme launches
The in-house GP training programme begins.
2018
First PPP clinic
The first public-private GOLDTM clinic opens in Guangzhou.
2020
Internet hospital licence
Enabling seamless online and offline care.
2021
Rebrand & strategic investment
UMP China becomes The Healthcare Group.
2022
Into hospitals
Health Centres open inside public Tier 3 hospitals.
2023
Healthcare meets insurance
Pioneering integrated GBA outpatient insurance products.
2026
WellDoc Re is approved
The reinsurance arm is approved.
Why WellDoc Re is different
Built to manage the cause of cost
Traditional reinsurance controls medical cost downstream. WellDoc Re works upstream.
01
We reinsure the cause of claims
Through capitation, we share risk with GPs.
02
Our data is clinical, not just claims
Continuous, real-time clinical data.
03
Prevention is our operating model
A doctor-led primary-care system.
04
Purpose-built for Hong Kong & the GBA
Built for one corridor and one model.
Dimension
Traditional reinsurance
WellDoc Re
Cost
Controls cost downstream.
Shares risk with GPs.
Data
Historical claims records.
Live clinical data.
Region
Global generalist.
Built for the HK–GBA corridor.
Prevention
Wellness apps.
Doctor-led primary care.
Delivery
Arm's length from care.
Open-architecture network.
Who we serve
Our customer is the insurer. Our purpose serves everyone.
A reinsurer that thought only about insurers could never solve this problem.
The broken triangle of fee-for-service
Today's healthcare system pulls three groups against one another.
Fee-for-service today
The WellDoc Re model
WellDoc Re realigns all three around a single shared goal.
Every stakeholder we serve
Our customer
Direct insurers
Sustainable underwriting and capital efficiency.
Policyholders
Affordability and continuity.
Patients
Doctor-led, preventive care.
Governments & health bureaus
A partner in structural reform.
Hospital operators
Appropriate, well-triaged demand.
Clinic operators
Sustainable primary-care economics.
Doctor & GP groups
A model that values prevention.
Pharmaceutical partners
A channel for value, not volume.
Public-private partnership at its foundation
Built in partnership with the public health system.
Open architecture — no ownership, no conflict
WellDoc Re does not vertically own its providers.
How it works
The WellDoc Re engine
Five stages, and the last feeds back into the first.
1
Prevention-first by design
The best-managed claim is the one that never happens.
2
Capitation with providers
A prospective payment tied to outcomes.
3
An accredited, continuously rated network
Unparalleled visibility into the real cost of care.
4
Products engineered to steer cost
Cost control engineered in at the design stage.
5
A data & technology engine that compounds
Continuous data drives forward-looking pricing.
↻
The flywheel: every cycle sharpens the next.
The early-intervention alert loop
Data triggers a clinical response before the claim.
The compounding data flywheel
More cedants mean sharper pricing for everyone.
Outcome-linked capitation
What aligns the doctor with the patient.
Value-based care
Our category to define
Through the Group, our founders pioneered VBC here.
Value = ( Quality + Experience ) ÷ Cost
VBC is the model that improves all three at once.
What value-based care is
VBC asks: how well is the patient?
Why VBC is better — for everyone
Fewer avoidable hospital admissions, documented savings.
Patients
More preventive, personalised care.
Providers
Stable income and a share in savings.
Payers
They pay for quality, not quantity.
The public
A healthier population.
10yrs
A decade of building, before VBC was a household term
WellDoc Re builds in the design choices of the world's most innovative VBC organisations.
For insurers
A reinsurer that lowers your cost curve
We address both of the insurer's rational concerns directly.
The concern · 01
"I cede the risks I cannot price."
We offer to co-build a better-performing book.
The concern · 02
"The reinsurer just keeps raising the price."
WellDoc Re acts on the cost itself.
Why WellDoc Re is structurally different
Incentives are aligned three ways, not extracted one way.
Transparency is the trust mechanism.
Reinsurance structures we offer
From conventional treaties to value-based structures.
Conventional structures
Quota shareA fixed proportion of premium and claims.
Excess of lossCover above an agreed threshold.
Surplus & risk-sharing variantsRetain the risk you can price.
Value-based structures — OUR DIFFERENCE
Outcome-linked / experience-refund treatiesGood experience is refunded to the cedant.
Gain-share arrangementsSavings split three ways.
Multi-year treaties with rate stabilityCapped repricing in the contract.
What we offer
Twelve services, four families
A defined menu a direct insurer can build a partnership around.
Capital & Risk
1
Reinsurance capacity for VBC
Write value-based products at scale.
2
Underwriting & risk assessment
Clinical and actuarial support.
3
Claims management & FWA review
A direct loss-ratio lever.
4
Capital & solvency advisory
Optimising against HKRBC and IFRS 17.
Clinical & Network
5
Accredited provider network access
A rated network across HK and the GBA.
6
Chronic disease management
Ready-to-deploy clinical programmes.
7
Cross-border GBA care solutions
Lower-cost treatment options.
8
Preventive & primary-care coordination
The clinical core of every product.
Product & Data
9
Product design & co-development
The insurer owns the brand.
10
Predictive pricing & analytics
Forward-looking pricing from clinical data.
11
Provider accreditation & rating
The engine of cost-steered design.
+
One family, three disciplines
They compound as more insurers join.
Technology & Advisory
12
Technology, integration & member engagement
Rapid deployment, no legacy drag.
★
Plus — VBC actuarial & regulatory advisory
Support for cedants navigating reserving, IFRS 17 and IA engagement.
Our team
Leadership built for medical reinsurance
Deep insurance expertise paired with genuine clinical and VBC credentials.
Board of Directors
Chairman, Vice Chairman & Executive Directors
Patrick Tsang
Chairman & Executive Director
Chairman, The Healthcare Group
Chairs the Board and oversees strategy and governance.
Eric Liang
Vice Chairman & Executive Director
Vice Chairman, The Healthcare Group
Over 20 years of management experience in listed healthcare groups.
Dr. Felix Lee
Executive Director & Co-CEO
CFA · DBA · FLMI · LLB · PCLL
Co-CEO of The Healthcare Group.
Allan Yu, BBS
Executive Director & Co-CEO
ACII · Chartered Insurance Practitioner
Over 50 years in general and life insurance.
Dr. Kenny Kung
Executive Director & Chief Medical Officer
Family Medicine Specialist · FHKAM
Founder of the GOLDTM training programme.
Peter Fang
Executive Director, CFO & Chief Actuary
FIAA · FASHK · FRM · MBA
18+ years across health insurance and reinsurance.
Independent Non-Executive Directors
Independent oversight & governance
Professor KC Chan
Independent Non-Executive Director
Ph.D. Finance, University of Chicago
Former Secretary for Financial Services and the Treasury.
Chung Foo Choy
Independent Non-Executive Director
MBA, Finance
Former CEO of HSBC Insurance (Asia-Pacific) and BOC Life.
Liu Shu-Yen
Independent Non-Executive Director
Independent oversight
Senior, independent perspective on governance and risk.
Senior Management Team
Day-to-day leadership & key functions
Helen Zheng
Head of Provider Management
25+ years in healthcare management
Leads provider management and network performance.
Judith Tam
Chief Operating Officer
Registered Nurse · FLMI · ARA
Judith has a distinctive blend of nursing leadership and insurer-facing claims experience — including medical claims assessment at Cigna. She leads our clinical claims review and provider partnership effort.
Zeb Meng
Head of Information Technology
15+ years healthcare IT architecture
Leads technology deployment and systems integration.
Peter Lau
Chief Risk Officer
FSA · FASHK · MAAA
Leads enterprise risk management and HKRBC compliance.
Elaine Chan
Head of Underwriting & Claims
FLMI · ALMI · ARA
20+ years in Hong Kong health insurance.
Iris Leung
Legal, Compliance & Corporate Development
JD · Bar: NY, DC & Hong Kong
Formerly Partner at Linklaters.
Board and management appointments remain subject to regulatory approval.
Publications
Insights, news & thought leadership
A growing library of WellDoc Re's perspectives on medical reinsurance, value-based care and the future of health protection across Hong Kong and the Greater Bay Area.
Thought leadership
White papers & perspectivesPerspective
Reimagining health protection for an ageing Hong Kong
A view on the 2039 demographic shift and what insurers must do today to keep premiums affordable through renewal.
White paper
From wellness apps to outcomes — what real prevention looks like
Lessons from a decade of GP-led primary care in the GBA, and what they imply for insurer product design.
In the news
Media features & executive interviewsPress release
WellDoc Re receives Insurance Authority approval
Announcement of the formation of Hong Kong's value-based health reinsurer, promoted by The Healthcare Group.
Interview
Executive interviews — the WellDoc Re leadership
Conversations with our Co-CEOs and Chief Medical Officer on building a reinsurer for the GBA era.
Media feature
Industry coverage of our launch
A curated selection of Hong Kong and regional press coverage of WellDoc Re and the value-based care movement.
Research & insights
Data-driven reports from our networkReport
GBA medical cost benchmark
An annual benchmark of inpatient, oncology and chronic-care pricing across Hong Kong and Greater Bay Area providers.
Insight brief
Chronic disease in Hong Kong — the prevention dividend
Quantifying the avoidable-admission impact of structured primary-care management for diabetes and hypertension.
Insight brief
Cross-border patient flows — the GBA opportunity
Where Hong Kong policyholders are choosing GBA providers, and what it means for insurer product strategy.
New publications will be added as they are released. To request early access or to subscribe to our distribution list, please get in touch.
Case studies
Insurer products, backed by WellDoc Re
Each study foregrounds the insurer's branded product.
Illustrative
Placeholder A
Cross-border GBA outpatient plan
A leading Hong Kong insurer launches a mid-tier medical plan.
Premium positioningRenewal rateLoss ratioMember satisfaction
Illustrative
Placeholder B
Chronic-disease management rider
An insurer adds a diabetes or hypertension management benefit.
Hospital admission rateDisease-control indicatorsClaims trend vs cohort
Each study will carry verified outcome data once a partner product is live.
Partner with WellDoc Re
Let's make health protection sustainable — together
WellDoc Re works through every health insurer, on an open-architecture basis.
Start a conversation →