May
31
HCCMIS partners with CMN to administrate provider network
Filed Under Expat Insurance, Health Insurance, International Healthcare, Medical Insurance | 7 Comments
International private medical insurance company, HCC Medical Insurance Services (HCCMIS), has recently contracted CMN Inc. to handle administration for healthcare provider networks.
By using CMN’s services as a Third Party Administrator (TPA), HCC Medical Insurance Services seeks to add to the resources and services that it offers to policyholders both internationally and in North America. HCCMIS can now offer clients access to CMN’s international medical network, including more than 400,000 doctors and 7,000 medical treatment facilities spread throughout 130 countries worldwide.
Other benefits resulting from the tie-up include more useful online tools for members such as a healthcare provider search engine on their website, and direct billing for international healthcare providers meaning that policyholders of HCCMIS international medical insurance policies will not have to submit a claim for reimbursement when receiving treatment. Domestic North American clients of HCCMIS will also have increased in-network options that will help reduce or remove coinsurance payments.
The CEO of HCCMIS, Mark Carney said that “This expansion of services for our customers through improving efficiencies and access to leading doctors and facilities around the world has reinforced our commitment to being the industry’s international health insurance choice by consumers and business partners.”
Companies Mentioned:
HCC Medical Insurance Services, LLC
HCC Medical Insurance Services was originally founded in 1998 in Indianapolis, Indiana, USA under the banner of MultiNational Underwriters. Purchased by HCC Insurance Holdings in 2008, the company changed its name to HCC Medical Insurance Services. HCCMIS was one of the first insurance companies to offer its services and products online and continues to offer flexible, comprehensive health and life insurance policies in over 130 countries around the world.
CMN Inc.
CMN was established in 1995, and is a Europ Assistance Company. CMN is a Third Party Administrator (TPA), and as such, its services include coordinating medical treatment, bill payment and claims processing between policyholders, insurance companies and healthcare providers in order to find the most cost-effective way of delivering quality medical treatment.
May
28
Aegon Religare seeking partners for Bancassurance distribution channels
Filed Under Health Insurance, Insurance Company, Life Insurance | 5 Comments
Indian insurance company, Aegon Religare Life Insurance is searching for banks interested in a potential partnership to further develop its bancassurance business.
In trying to solidify their multi-distribution channel strategy, Aegon Religare is in talks to find medium- to large-size commercial banks for long-term strategic partnerships revolving around bancassurance distribution models. The company already has partnerships with two district cooperative banks in India but is interested in finding larger commercial banks to increase the strength of their bancassurance business.
This comes as part of a larger push to increase business for Aegon Religare; the company is aiming to bring in Rs 5 billion (US$107.7 million) worth of total received premiums within the 2010-11 fiscal year, which is a sizable increase over the Rs 1.66 billion (US$35.8 million) in total premiums they received for the previous fiscal year.
In order to reach their target, Aegon Religare is expanding its infrastructure and workforce on top of their efforts for more bancassurance tie-ups. Included in the plans is an increase in the number of branch offices from the 57 currently in place to 100 by July 2011, as well as hiring 800 relationship managers and 13,000 additional advisors over the next year. Aegon Religare also intends to unveil a health insurance plan in the next two months to increase their product offerings.
Insurance Company Mentioned:
Aegon Religare Life Insurance Company
Aegon Religare Life Insurance is an India-based joint venture between Aegon, an international life insurance, investment and pension company, the financial services company Religare and Bennett, Coleman & Co. which is a media publishing company. The stake holders own 44%, 26% and 30% respectively. Aegon Religare Life Insurance opened its doors for business in July 2008.
May
27
Manulife and Munich Re Jointly Offer New Group Medical Insurance Product to Hong Kong
Filed Under Health Insurance, Healthcare, Hong Kong, Insurance Company | 3 Comments
Manulife (International), based in Hong Kong and Munich Health, a unit of the global re-insurer Munich Re, have recently decided to form a long-term business partnership to capture a share of the group life and medical insurance market created by the ongoing government-driven medical reforms, plus other factors created by an ageing population, increasing medical costs and the effects caused by the global financial tsunami.
The medical insurance business in Hong Kong during the past year has surged as a results of stronger domestic employment. The employer-provided medical benefits have become the main source of healthcare for the majority of the working population in Hong Kong. The perception of medical and health protection is gaining importance, together with the concept of public healthcare and preparation for retirement among the topics of importance created by changes to the social structure stirred by the public consultations and media coverage.
The market opportunities have been duly noted by the providers of health insurance.
The cooperation between Manulife and Munich Health aims to contribute to the evolution of the health insurance environment in Hong Kong by offering an option to tackle challenges such as the increasing needs of the elderly, management of lifestyle conditions and in turn, offer a product to the working public in line with the proposed voluntary private healthcare insurance scheme.
Munich Health brings on the table worldwide knowledge of medical insurance, spanning data analysis, risk management, bespoke underwriting tools and techniques, whilst Manulife contributes with local experience in dealing with the local market for employee benefits products, knowledge of which the partnering German re-insurer will most readily assimilate.
For Manulife the partnership with Munich Health is a first, and from the perspective that its local customer in Hong Kong have the appetite for trying new things, there is confidence that the new group medical insurance product will find acceptance.
Insurance Companies mentioned:
Manulife (International) Limited is a member of the Manulife Financial group of companies. Manulife Financial is a leading Canadian-based financial services group serving millions of customers in 22 countries and territories worldwide. Operating as Manulife Financial in Canada and Asia, and primarily through John Hancock in the United States, the Company offers clients a diverse range of financial protection products and wealth management services through its extensive network of employees, agents and distribution partners.
Munich Re stands for exceptional solution-based expertise, consistent risk management, financial stability and client proximity. This is how Munich Re creates value for clients, shareholders and staff. It operates in all lines of insurance, with around 47,000 employees throughout the world. Especially when clients require solutions for complex risks, Munich Re is a much sought-after risk carrier. The primary insurance operations are mainly concentrated in the ERGO Insurance Group. ERGO is one of the largest insurance groups in Europe and Germany and 40 million clients in over 30 countries place their trust in the services and security it provides. In international healthcare business, Munich Re pools its insurance and reinsurance operations, as well as related services, under the Munich Health brand.
May
27
AXA PPP launches new Corporate Health Plan
Filed Under AXA PPP, Health Insurance, Insurance Company, Medical Insurance, United Kingdom | Leave a Comment
AXA PPP healthcare unveiled a new health insurance plan for the UK corporate health insurance market and targeted at larger corporations, the new plan is called Corporate Health Plan Pathways.
Corporate Health Plan Pathways is designed to offer the same benefits as other AXA PPP corporate health plans available with reduced costs due to one important difference. When participants in the plan need to see a specialist, whether for investigative procedures or medical treatment, instead of receiving a referral from their GP for a specific medical professional or clinic, plan members will receive an open referral whereupon AXA PPP will source the appropriate specialist for them from their list of healthcare providers which have been assessed for quality.
This change in the policy means that AXA PPP can negotiate the prices of treatment with their selected providers more effectively, making for more cost effective treatment from specialists. The savings from this more efficient procurement of specialist services can be up to 15%, AXA PPP can then pass the savings onto clients leading to a reduced-price health insurance plan with the same benefits. The Corporate Health Plan Pathways also offers participants in the scheme the choice of whether to receive treatment at a location close to their home or close to their place of employment, whichever may be more convenient for them.
AXA PPP’s Corporate Health Plan Pathways requires that enrollees contact AXA PPP prior to treatment and receive authorization. Although, after the treatment has been signed off on by AXA PPP, the plan member can be assured that all associated costs will be covered in full. The scheme is targeted at employers with 75 or more employees and AXA PPP will be able to provide additional services such as making appointments for plan members in many cases.
Insurance Company Mentioned:
AXA PPP
Originally known as PPP Insurance, the company 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.
May
26
Asian Markets Lukewarm about Launch of Prudential Shares
Filed Under Hong Kong, Insurance Company, United Kingdom | 5 Comments
The response by investors to the first trading day of Prudential shares in Hong Kong and Singapore has been tepid, in part due to the current slump in the markets in Asia, the which augurs a possible undesired response to the big rights issue planned by Prudential with which to finance the US$35.5 billion (EUR 28.9 billion) takeover of AIA.
This teaser listing, intended as a first step before the approximately US$21 billion (EUR 17.1 billion) rights issue, was made to test the market waters and appetite of investors in Asia for what promises to become a combined company to lead the life insurance business in the region.
Having overcome challenges thrown by the Financial Services Authority in the UK and an impending challenge by Prudential shareholders during the upcoming Extraordinary General Meeting on 07 June 2010, it would appear that the anticipated sunny market forecast is showing signs of some black clouds formation, given the global sentiment in regards to the health of the European Union bourses and the overall state of the global economy.
Based on other recent media reports, the head of AIA, Mark Wilson has indicated his intention to step down should the Prudential acquisition succeeds.
As it stands now, the initial public offerings (IPO) climate present in major markets around the world paints a scenario where other large companies have either postponed their IPO plans or underperformed upon their launch.
Going forward, Prudential may need to work on overdrive to wet the appetites of investors in order to achieve drumming up demand of their shares.
Insurance Company mentioned:
Prudential has been in the insurance and financial services business since 1848. Today they operate throughout the UK, US and Asia offering international health insurance and retirement planning services, supported by 27,000 employees worldwide.
AIA is a Hong Kong-based life insurance company doing business across Asia that has been in business since 1919. They service over 20 million policies through 23,000 employees and 300,000 agents throughout markets in Asia, including; Vietnam, Thailand, Taiwan, South Korea, Singapore, Philippines, New Zealand, Malaysia, Macau, Indonesia, India, Hong Kong, Mainland China, Brunei and Australia.
May
25
PowerPlace partners with Allianz to offer SME Product
Filed Under Allianz, Insurance Company, Technology, United Kingdom | 1 Comment
PowerPlace has struck a deal to add the commercial combined product for Small and Medium Enterprise (SME) business from Allianz to their online insurance marketplace. PowerPlace, based in the UK, has built a compelling model to do online distribution of insurance products and provide support to brokers through imarket.
The Allianz Group has made a commitment to invest in the functionality of the underlying technology employed by PowerPlace, which overall is perceived as being a very attractive distribution partner, therefore aligning seamlessly with their SME strategy to participate in the competitive online market and bring support to brokers by facilitating quicker trades of their products.
PowerPlace had been wanting to get Allianz on board for some time, and having them taking part in their digital marketplace strengthens the value of their proposition to brokers, whilst making a step further in the direction of becoming a true one-stop online supplier of commercial insurance products.
Brokers using or planning to use PowerPlace will now have access to a wider range of products at competitive rates, plus the market-leading commercial combined product from Allianz.
Companies mentioned:
Allianz Group is one of the leading global services providers in insurance and asset management. With approximately 153,000 employees worldwide, the Allianz Group serves approximately 75 million customers in about 70 countries. On the insurance side, Allianz is the market leader in the German market and has a strong international presence.
PowerPlace provides e-market commercial products to brokers using a web based trading platform, powered by Open Trader. Brokers can obtain comparative quotations for a wide range of products and insurers, quickly and easily. PowerPlace also saves time and money, and is the most cost effective way to trade for Open GI users*. PowerPlace is fully integrated with the Open GI back office system. Common question sets have been specially agreed with insurers for each product to ensure that the minimum number of questions are required to obtain a range of competitive quotations. The products available through PowerPlace are backed by leading UK insurers, attract higher rates of commission and allow brokers to choose the premium they need.
May
24
Lloyd’s gets direct insurance license in China
Filed Under China, China insurance, Health Insurance, Income Protection, Insurance Company, Life Insurance | 6 Comments
Lloyd’s China has received approval from the China Insurance Regulatory Commission to broaden its business activities, including a license with which to write direct insurance policies.
Prior to obtaining approval for engaging in direct insurance business, Lloyd’s was limited to reinsurance through Lloyd’s Reinsurance Company (China). The new license allows Lloyd’s to expand beyond their current business of providing product solutions and increasing business capacity through their reinsurance products into products which may become available for brokers to sell to consumers.
The news was announced by the Lord Peter Levene, the Chairman of Lloyd’s at the UK Pavilion in the World Expo in Shanghai, who said that “This is a very significant development for both Lloyd’s and the Chinese insurance market. We are most grateful to the CIRC for their help and to the Shanghai Municipal Government. This will be a further important building block in the development of Shanghai as a major international financial and maritime centre.”
Lloyd’s is not the only foreign reinsurer to see growth in China recently, as Scor SE received a composite insurance license in April from the CIRC which allows it to expand its reinsurance business to encompass life and health insurance in addition to their non-life business offerings.
Insurance Companies Mentioned:
Lloyd’s is the world’s leading specialist insurance market and occupies fifth place in terms of global reinsurance premium income, and is the second largest surplus lines insurer in the US. In 2009, 74 syndicates are underwriting insurance at Lloyd’s, covering all classes of business from more than 200 countries and territories worldwide. Lloyd’s is regulated by the Financial Service Authority.
SCOR is now a multinational Group, born from the merger between the SCOR Group, with its strong presence in France and the United States, Revios, which was based in Cologne, and Converium, whose headquarters were in Zurich. The new SCOR group had to take this polycentric situation into consideration in terms of its organisational structure, in order to align this with the diverse cultural practices attached to the three former companies. The Group also had to factor in the details of its 2007 statutory reorganisation around three Societas Europeae in paris, as well as the fact that SCOR Global Investments, the Group’s third operating company, was created at the beginning of 2009 and is also adopting Societas Europaea status. SCOR therefore decided to structure its entities around six life and non-life management platforms or Hubs, attached to which are the subsidiaries and branches of the geographic area in question.
May
20
CIGNA offers Localised Wellness Programme to Companies Worldwide
Filed Under CIGNA, Healthcare, International Healthcare | 1 Comment
With the aim of helping companies with a global presence improve the well-being of their employees, CIGNA is offering them a uniform health and wellness programme that is localised to the various countries where they have a foothold. Based in London, the CIGNA company vielife has bundled into the programme a health assessment and online health coaching courses for stress, nutrition, physical fitness and sleep. Overall, vielife develops global wellness and productivity improvement programmes.
The assessment has been localised to each country, factoring-in cultural differences, terminology and the needs of specific employee populations, in addition of having been translated into more than 15 languages, with multiple versions of English, Spanish and French and earned the Health Information Products certification for quality from the National Committee for Quality Assurance (NCQA).
A small number of employers buying a CIGNA health plan are given the chance to become early adopters by having the option to purchase the global wellness programme as an add-on.
CIGNA helps companies achieve broader employee participation and an overall health improvement of the employees participating in the programme. International companies in England and other parts in Europe, as well as Australia, Dubai, Mexico, Taiwan and other countries, are already seeing the benefits of applying the recommendations outlined in the vielife wellness programme, reducing healthcare costs, improving productivity and workforce morale, plus reducing stress levels.
The production of management reports help the companies identify health risks, quantifying in monetary terms the potential impact to productivity caused by absenteeism.
Healthy as well as chronically-ill employees benefit from the practical, personalised and achievable recommendations of the wellness programme focused on the areas of stress, nutrition, physical fitness, sleep and their overall work/family-life balance.
Insurance Company mentioned:
A global health service company dedicated to helping people improve their health, well being and sense of security. CIGNA Corporation’s operating subsidiaries provide an integrated suite of medical, dental, behavioural health, pharmacy and vision care benefits, as well as group life, accident and disability insurance, to approximately 46 million people throughout the United States and around the world.
May
19
BNP Paribas Expands into Taiwanese Life Insurance market
Filed Under China insurance, Income Protection, Insurance Company, Life Insurance | 1 Comment
Despite numerous foreign life insurance companies having left Taiwan in 2009, French financial services company, BNP Paribas, sees potential for growth in the mature Taiwanese life insurance markets with its bancassurance partnership with Taiwan Cooperative Bank.
BNP Paribas initiated a life insurance joint venture company in April 2010, with the nation’s largest provider of housing loans, Taiwan Cooperative Bank to sell a diverse selection of life insurance products. The joint venture, named BNP Paribas Assurance TCB Life Insurance Co. is structured on the bancassurance model and will use Taiwan Cooperative Bank’s distribution channels, including almost 300 bank branches, to better reach customers. BNP Paribas controls a 49% stake in BNP Paribas Assurance TCB Life Insurance Co., while Taiwan Cooperative Bank (TCB) owns the remaining 51% of the joint venture.
The bancassurance model has been Taiwan’s greatest distribution channel in terms of enrolling new life insurance customers because of its ability to combine the strengths of deposit banking with asset management, with over 68.36% of all new life insurance premiums coming through bancassurance channels. BNP hopes to piggy back off of Taiwan Cooperative Bank’s 6-million strong client base, making the joint venture an easy platform from which to offer a variety of life insurance products, including wealth management and credit insurance to bank customers.
Insurance Companies Mentioned:
BNP Paribas Assurance is the property & casualty and life insurance branch of BNP Paribas, its products are marketed inside France through retail branches under the BNP brand name and branded outside of French retail business and internationally as Cardif. BNP Paribas Assurance is the 4th largest life insurance company in France and has operations in more than 40 other countries. The company had EU18 billion in written premiums in 2007 and has 7,000 employs working around the globe.
Established in October 1946, the Taiwan Cooperative Bank reorganized and then went public in 2001. In 2006 the Taiwan Cooperative Bank (TCB) merged with the Farmers Bank of China, which was then dissolved, leaving TCB as the largest commercial bank in Taiwan with over 295 retail branches. It has since evolved into the largest provider of housing loans in Taiwan. Taiwan’s Ministry of Finance remains the largest stakeholder in TCB, with 42.41% of the shares.
May
18
Prudential readies Rights Issue aiming to Complete AIA Acquisition
Filed Under AIG, Hong Kong, Insurance Company, United Kingdom | 2 Comments
After having received the tacit approval of the Financial Services Authority in the UK, Prudential has now released details of the controversial US$21 billion (EUR 17 billion) rights issue offering 13.96 billion new shares to help funding the US$35.5 billion (EUR 28.8 billion) purchase of American International Assurance Group Ltd. (AIA) from American International Group (AIG).
With the deal going through, Prudential once again raises hopes that AIG would be able to pay the US Government a good trench of the US$182.3 billion (EUR 147.9 billion) bailout it received during the height of the financial tsunami. Prudential stands to gain access to an additional 20 million customers and 23,500 employees deployed in 15 countries, increasing dramatically the foothold of the insurer in Asia.
According to details contained in the prospectus, Prudential will pay AIG US$25 billion (EUR 20.3 billion) in cash, US$5.5 billion (EUR 4.46 billion) as an equity stake representing 10.9 percent of the combined entity, a US$3 billion (EUR 2.43 billion) mandatory convertible bond, US$2 billion (EUR 1.62 billion) in Tier 1 notes and any subordinated notes that AIG subscribes to, scraping the standby commitment from AIG to the subscription of hybrid capital to the tune of US$1.875 billion (EUR 1.52 billion), required in a previous announcement released at the beginning of March this year.
A minimum of 75 percent of shareholders need to approve the AIA deal and rights issue on the Extraordinary General Meeting scheduled by Prudential to occur on 07 June. Prudential plans to go ahead with the rights issue in London on 08 June, 09 June in Singapore and 10 June in Hong Kong.
Given the opposition expressed by key shareholders in previous occasions, it remains to be seen whether this most ambitious acquisition works out for all parties involved.
Insurance Companies mentioned:
Prudential has been in the insurance and financial services business since 1848. Today they operate throughout the UK, US and Asia offering international health insurance and retirement planning services, supported by 27,000 employees worldwide.
The American International Group is a leading international insurance organization with operations in more than 130 countries and jurisdictions globally.
AIA is a Hong Kong-based life insurance company doing business across Asia that has been in business since 1919. They service over 20 million policies through 23,000 employees and 300,000 agents throughout markets in Asia, including; Vietnam, Thailand, Taiwan, South Korea, Singapore, Philippines, New Zealand, Malaysia, Macau, Indonesia, India, Hong Kong, Mainland China, Brunei and Australia.