Feb
26
Max Bupa gets Certificate of Registration from IRDA
Filed Under BUPA, Health Insurance, Medical Insurance | 2 Comments
Max Bupa Health Insurance, the general insurance joint venture between Max India and Bupa has been given its Certificate of Registration or R3 form, by India’s Insurance Regulatory and Development Authority (IRDA). This brings the total number of general insurers registered in India to 23.
The company plans to open in six main cities in India, namely Delhi, Mumbai, Hyderabad, Chennai, Pune and Bangalore in 2010, with further plans to be operating in 20 cities within three years time. While Max Bupa does not currently have precise targets regarding market share, number of new policies or gross written premiums, they plan to use market feedback and in depth research to help them expand to meet their geographical goals.
Damien Marmion, the chief executive of Max Bupa Health Insurance, said that since it is fairly easy for competitors to offer health insurance products with similar features, the company plans on individuate itself through its customer service. Max Bupa intends to forgo using third party administers in order to keep direct control of the customer experience and ensure the best possible service.
There is still some uncertainty as to what exactly Max Bupa’s health insurance products will initially look like. Chief executive Marmion said in one interview on the 11th of February, 2010 that “Our products will be all across the spectrum, with premiums ranging from Rs 3,000 to more than Rs 50,000. We also have some rural insurance obligations[,]” while in a later interview on the 18th of February he said that “We will initially offer one product with a number of variants”. Although Mr. Marmion said that their research has shown the cost of hospitalization to be one of the top concerns among consumers, so their early focus would be on providing hospitalization plans.
Companies Mentioned:
Max India:
Incorporated in 1988, Max India Limited is a holding company with business interests working in the healthcare and services industries. Their wide range of health related interests include a joint venture life insurance company, Max New York Life, a healthcare services company, Max Healthcare, and a clinical services company, Max Neeman Medical International. The Max India Group reported US$ 860 million in revenues for 2007-2008 and will soon add Max Bupa to their list of businesses.
Bupa:
BUPA is an international health insurance company that provides health insurance for individuals and companies all over the world. This company has offices on three continents and over 7 million customers’ world wide. As a provident association BUPA has no shareholders, because of this it uses its profits to invest in healthcare and medical facilities around the world.
Feb
23
BUPA Updates Online Intermediary System
Filed Under BUPA, Health Insurance, Insurance Company, Medical Insurance | 2 Comments
In an effort to make things easier for intermediaries selling and Bupa’s individual protection products, Bupa has updated their online trading system.The enhanced system allows intermediaries interact with Bupa’s products within the Bupa Extranet system in more a more in-depth manner, streamlining online administration of policies.
The increased functionality permits intermediaries to customize the product options to better suit their customers. Intermediaries may now also upload multiple product applications at once, make modifications on the policy all the way up until the policy is placed on risk, and set up single or multiple start dates and direct debits for clients.
The director of Bupa Health Assurance, Steve Payne, said that “Intermediary feedback has helped us to design a system which enables them to access our products in a menu-style format making administration simpler, quicker, flexible and more convenient.”
Companies Mentioned:
BUPA is an international health insurance company that provides health insurance for individuals and companies all over the world. This company has offices on three continents and over 7 million customers’ world wide. As a provident association BUPA has no shareholders, because of this it uses its profits to invest in healthcare and medical facilities around the world.
Feb
23
U.S Insurers can exploit global opportunities
Filed Under Allianz, BUPA, CIGNA, Insurance Company, USA Health Insurance | 4 Comments
Conning Research and Consulting, a division of Conning & Company, has released a study which finds that insurers operating in the USA’s domestic insurance market should focus their attention overseas if they are to see continuing high rates of growth and profitability.
Conning, a leading provider of insurance industry and asset management research and consulting services, released the study “Global Opportunities for U.S. Health Insurers” to help provide a solid framework for insurance providers to work within when expanding to international markets.
Sherry Manetta, an analyst with the company said, “U.S. health insurers have been successful focusing almost exclusively on the U.S. market up until now… However, the U.S. now accounts for 80 percent of the global health insurance market, while representing just 4.6 percent of the world’s population. Looking forward, both profit pressures at home and higher growth rates overseas will drive increased multinational expansion interest among U.S. health insurers.”
The study comes at a time when increased expansion is at the forefront of many international insurance provider agendas. With companies such as CIGNA, Allianz Worldwide Care, Aetna Global Benefits, and BUPA International all actively moving to consolidate their positions in the growing international marketplace, the study by Conning is a timely notification for many American insurance companies looking to revitalize their services.
Regarding the study, Stephen Christiansen said “In reviewing growth opportunities in health insurance beyond the U.S. market, Asia and Europe represent key near-term opportunities.” The Conning Director of Research went on to further elaborate saying that “U.S. insurers have built and are managing the world’s most complex managed health care system. With this infrastructure and expertise, U.S. insurers have the potential to emerge as front-runners of a vast global managed health care system should they decide to enter the competition already underway with Western European and Canadian multinational insurers.”
Companies Mentioned
Conning Research and Consulting
A provider of asset management research and consulting services to the insurance industry, Conning Research and Consulting has over 50 years experience in providing far reaching analysis to key industry decision makers.
BUPA is an international health insurance company that provides health insurance for individuals and companies all over the world. This company has offices on three continents and over 7 million customers’ world wide. As a provident association BUPA has no shareholders, because of this it uses its profits to invest in healthcare and medical facilities around the world.
For more than 125 years, CIGNA has been helping people lead healthier, more secure lives. The company provides health care and related benefits offered through the workplace. Key product lines include health care products and services (medical, pharmacy, behavioral health, clinical information management, dental and vision benefits, and case and disease management); and group disability, life and accident insurance. In addition, CIGNA also provides life, accident, health and expatriate employee benefits insurance coverage in selected international markets, primarily in Asia and Europe.
Allianz Worldwide Care was established in 2000 as the international medical insurance specialist of the Allianz Group. Allianz Worldwide Care is dedicated to providing superior health insurance policies to expatriates and their families all over the world. Headquartered in Ireland, this insurer has regional offices in Africa, the Middle East, Europe, and Asia, serving to provide their clients with the most comprehensive support network available.
Feb
23
British MP’s report says Homeopathy should not be funded by NHS
Filed Under AXA PPP, BUPA, Health Insurance, Medical Insurance, United Kingdom | Leave a Comment
British parliament’s science and technology committee, headed up by chairman Phil Willis, has finished a new report on National Health Service funding for homeopathic treatments and come to the conclusion that the funding should stop.
The committee of MPs said that since there is no evidence that homeopathic treatments work better than a placebo, the NHS should cease providing funds for homeopathic hospitals and that doctors in the NHS system should not refer patients to homeopaths.
The chairman of the committee held that prescribing placebos like homeopathy in the NHS is ethically dubious and may destabilize relationships between doctors and patients.
The committee also forwarded the idea that the Medicines and Healthcare products Regulatory Agency (MHRA) should bar homeopathic treatments from displaying medical claims on their labels. The report came out against further funding for homeopathic research as well.
On top of the NHS currently providing funds for homeopathic treatments, certain insurance plans from AXA PPP and Bupa as well as other private medical insurers and cash plan providers will cover homeopathy, although the extent of coverage may vary between insurance plans as well as on a case by case basis.
Companies Mentioned:
Originally PPP Insurance, it became part of the Global AXA Group in 1999 and changed its name to AXA PPP in 2002. AXA PPP is now an international health insurance company with over 2 million customers around the world.
BUPA is an international health insurance company that provides health insurance for individuals and companies all over the world. This company has offices on three continents and over 7 million customers’ world wide. As a provident association BUPA has no shareholders, because of this it uses its profits to invest in healthcare and medical facilities around the world.
Feb
11
International Investment Magazine Names BUPA Best Insurer 2009
Filed Under BUPA, Health Insurance, Healthcare | 3 Comments
International Investment Magazine recently conducted a poll of its readers to determine which International Insurance Company is able to provide the highest levels of service and comprehensive coverage to expatriates living around the globe. The results are in, and BUPA has been named as the magazine’s “Best International Healthcare Provider” for 2009.
Responding to the award, BUPA Spokesman Tim Slee, the company’s international sales director, said “our customers have the reassurance of knowing that they can be treated in any of our 7,500 participating hospitals and clinics worldwide. Bupa’s doctors and in-house medical teams – unique among private medical insurers – arrange hundreds of emergency evacuations and repatriations each year and offer customers medical advice and guidance, 24 hours a day.”
BUPA is no strangers to awards, the company was named as the “Best International Provider” by Health Insurance Magazine in October 2009; the ninth time that BUPA has received the honor.
The industry recognition for BUPA comes at a time when the company is looking to expand its offerings to international citizens. With the recent deployment of a “worldwide health options” health insurance policy, BUPA has redirected it’s focus towards enabling customers to obtain the coverage levels which are specific to their needs.
The Worldwide Health Options plan has been called “innovative” by industry insiders.
Insurance Companies Mentioned:
BUPA is an international health insurance company that provides health insurance for individuals and companies all over the world. This company has offices on three continents and over 7 million customers’ world wide. As a provident association BUPA has no shareholders, because of this it uses its profits to invest in healthcare and medical facilities around the world.
Feb
10
CIGNA International to offer individual Private Medical Insurance worldwide.
Filed Under BUPA, CIGNA, Expat Insurance, Health Insurance, Insurance Company, Medical Insurance | 3 Comments
CIGNA International has announced an initiative to develop and distribute individual private medical insurance on the international stage.
Currently, CIGNA only offers international private medical insurance to corporations and group customers. The new business plan will open up new markets of potential clients as they aim to sell private medical insurance to individual citizens in other nations as well as individual expatriates and high-net worth clients.
CIGNA has hired Keith Biddlestone away from Bupa International to kick start and lead the new initiative, effective February 1st, 2010. Biddlestone has a strong background in private medical insurance, with 25 years of work experience in Bupa; most notably as the managing director of the U.K. based global health care business, where his responsibility included the operations of Bupa’s multi-distribution program for selling individual private medical insurance.
Companies Mentioned:
For more than 125 years, CIGNA has been helping people lead healthier, more secure lives. The company provides health care and related benefits offered through the workplace. Key product lines include health care products and services (medical, pharmacy, behavioral health, clinical information management, dental and vision benefits, and case and disease management); and group disability, life and accident insurance. In addition, CIGNA also provides life, accident, health and expatriate employee benefits insurance coverage in selected international markets, primarily in Asia and Europe.
Since being started in 1947, the British United Provident Association, or Bupa, has grown to an international company offering health insurance, health and care services to over 10 million customers in 190 countries around the world.
Feb
8
Insurance Startups in China and India
Filed Under BUPA, China, China insurance, Health Insurance, Insurance Company | 10 Comments
Two new insurance companies are working their way through regulatory boards in developing economies as of today, February 8, 2010. The India-based Max Bupa Joint venture is part way through the Indian regulatory framework, while further east, the China Insurance Regulatory Commission gave the go-ahead for the establishment of Anbang Life Insurance Co. Ltd.
The independent joint venture between Max India and Bupa International, dubbed Max Bupa Health Insurance, is half way through the regulatory barriers and expecting get full approval in order to start its operations in March. The Indian insurance regulator, IRDA, has three stages of approval: the first being R1, where the promoters are evaluated by the regulators; R2 is the stage at which the proposed business model is evaluated and R3 is where the formation of the country is approved.
The joint venture will be focused on providing a range of health insurance products targeted at both individual consumers and business customers. The starting capital of the JV is £12 million, and will see Max India control 74% with the Bupa Group taking 26%, which is the maximum amount permitted under India’s laws covering foreign investment in local companies.
The establishment of Anbang Life Insurance on the other hand, has already been approved by the China Insurance Regulatory Commission (CIRC); it has registered capital of 500 million yuan. The regulator confirms that Anbang Life has five shareholders: Anbang Property and Casualty Insurance Co., Ltd.; a Zhejian-based motor sales company; Liantong Rental Group, a motor rental company; and two investment companies. Anbang Life Insurance will focus on the provision of domestic life insurance policies in the Chinese market.
Companies Mentioned:
Max India:
Incorporated in 1988, Max India Limited is a holding company with business interests working in the healthcare and services industries. Their wide range of health related interests include a joint venture life insurance company, Max New York Life, a healthcare services company, Max Healthcare, and a clinical services company, Max Neeman Medical International. The Max India Group reported US$ 860 million in revenues for 2007-2008 and will soon add Max Bupa to their list of businesses.
Since being started in 1947, The British United Provident Association, or Bupa, has grown to an international company offering health insurance, health and care services to over 10 million customers in 190 countries around the world.
Anbang Property and Casualty:
Founded in 2004, Anbang Property and Casualty Co. Ltd. sells accident injury, short-term health and property/casualty insurance in 37 provincial branches throughout China and more than 300 sub-branches. The company has registered capital of 5.1 billion yuan and its shareholders include Shanghai-based SAIC Motor Corp. and Sinopec Corp.
Feb
4
International Health Insurers Expanding Overseas Operations
Filed Under Allianz, BUPA, China, China insurance, Expat Insurance, IHI Bupa, IHI Danmark, Insurance Company, Spain | 3 Comments
Both Bupa and Allianz are making moves to expand their international operations this year. Bupa has added a sales and support center in Fuengirola, Spain to provide administrative support for Bupa International and IHI Bupa customers. The 12 person service center will also aid distributors in Europe, Africa and the Middle East.
Allianz, on the other hand, is opening new gateways in China. It has recently been given approval from regulators to change the status of their fully-owned Allianz Insurance Co. Guangzhou Branch from a branch office to a subsidiary of Allianz Versicherungs A.G.
Previously, China only allowed foreign joint-venture companies to enter two new provinces a year. Changing the status of the company to a subsidiary makes the company an independent legal entity which allows it to apply for setting up its own branch offices in other provinces in China. While this may allow Allianz to enter more than two provinces in China per year, it still depends heavily on collaboration and negotiations between the Allianz subsidiary and a variety of Chinese regulators.
The Allianz casualty and property branch office opened in 2003, they have been growing their business selling engineering, domestic credit, liability, property, marine, short-term health insurance and accident insurance in the province to clients both foreign and domestic.
Given the new opportunities for expansion into new provinces, Allianz intends to keep the focus on growing their core industrial and commercial business, as well as expanding retail distribution of their products during 2010.
Companies Mentioned:
Bupa – Since being started in 1947, The British United Provident Association, or Bupa, has grown to an international company offering health insurance, health and care services to over 10 million customers in 190 countries around the world.
Allianz – Founded in 1890 as an accident and transport insurer, Allianz has grown into a international insurer with over 75 million customers in approximately 70 countries.