Posted on May 07, 2010 by Sergio Ulloa
Aimed at a segment of the world population termed as "global nomads" SwissLife has launched a new product that matches the health and protection needs of highly mobile expatriates worldwide. SwissLife designed the ExpatSelect product based on the notion that the needs for local employees differ from the ones of expatriates.
The plan, which is a global group benefits product marketed as ExpatSelect, is made up of five components covering retirement, death, disability, health and assistance benefits. Customisation of the plan is achieved by selecting any number of the five components, plus tweaking of the degree of cover within the particular component. Employers would benefit from the administrative advantage of having to complete one application per scheme, whilst the employees are also required to fill-in only one application form, regardless of the number of components selected.
With a worldwide population estimated at 20 million international workers, SwissLife believes there is market potential for their latest offering, especially considering that the families of these global nomads often receive benefit provisions from the employer as well.
More often than not, the expatriates falling into this global nomads category end up travelling away from the original destination their employers deployed them to, facing additional risks as well. Although this product has no geographical exclusions set, coverage in war zones and other high-risk areas would need to be reviewed at a later stage.
Given that the international medical insurance market is peaking in maturity, this latest product offering from SwissLife would support the maturity of the risk part of that market.
Insurance Company mentioned:
The Swiss Life Group is one of Europe's leading providers of life insurance and pension solutions. In Switzerland, France and Germany, the Group offers individuals and corporations comprehensive advice and a broad range of products through its own sales force as well as brokers and banks. Swiss Life provides international corporations with employee benefits solutions from a single source, and is one of the global leaders in structured life and pension products for international high net worth individuals.