Global health insurance provider Aetna buys Bupa Thailand

global health insurance provider Aetna acquires Bupa Thailand

At the end of July, leading global health insurance provider Aetna Inc. announced that it had acquired UK-based Bupa Group’s Thai business, Bupa Thailand, for an undisclosed amount. The acquisition allows Aetna to significantly increase its presence in the Asia region, and is key to their strategy to go ‘broader and deeper’ into local healthcare markets around the world. Shortly after the acquisition was announced, Aetna also outlined the launch of its new service approach for large organizations with over 1,500 staff overseas.

Read on to learn more about Aetna’s acquisition of Bupa Thailand, and to find out about the global health insurance provider’s new service approach for international corporations.

About Aetna’s acquisition of Bupa Thailand

Aetna’s latest acquisition strategically combines the strengths and deep reach of both insurance companies to provide enhanced offerings to health insurance customers in Thailand. Bupa Thailand’s in-depth knowledge of the Thai healthcare market, system and culture, coupled with Aetna’s vast product portfolio and global health insurance expertise, will ultimately result in broader insurance product offerings in Thailand, as well as build on Bupa Thailand’s exceptional service.

“This is a significant and exciting expansion for Aetna in Asia, and clearly demonstrates our commitment to investment and growth in the region and globally”, commented Richard di Benedetto, President of US-headquartered Aetna International. “Thailand is an important market for us, with increasing local wealth driving greater adoption of health insurance.  Aetna’s wide product portfolio, together with an excellent talent and knowledge base transferring from Bupa, will put us in a very strong position in the local market.”

Established more than 30 years ago, Bupa is one of Thailand’s top health insurance providers, with over 300,000 members and a network of over 400 medical providers in the region. For a short period of time, Bupa Thailand will continue operating under the Bupa brand name before rebranding as Aetna.

Thailand: A lucrative market for global health insurance providers

As one of Asia’s most lucrative markets, Thailand continues to attract the attention of world leading global health insurance providers, many of whom are keen on establishing and growing their presence in the region. One key reason for this is continual economic growth in Thailand, which has resulted in a wealthier population.

According to our Cost of International Health Insurance – 2017 report, it is anticipated that the middle class population in Thailand will exceed 200 million by 2020. Not only are we witnessing a growing middle class, but the number of High Net Worth (HNW) individuals is also increasing. For example, the number of HNW in the region increased from 49,800 in 2009 to 95,700 in 2015. This increase in wealth has led to a growth in demand for both local and global health insurance products in Thailand.

Aetna’s new service approach for international corporations

Shortly after announcing its latest acquisition in Thailand, global health insurance provider Aetna also outlined the details of its new service approach for international corporations with over 1,500 staff overseas. Following detailed health insurance broker consultations, the company has developed a fully flexible solution designed to meet the corporate insurance needs of large companies with international operations.

Damian Lenihan, Executive Director of UK Distribution at Aetna International, outlined the new service approach in this article by Health Insurance & Protection Daily. According to Lenihan, the proposition consists of the following four main pillars:

Member support

By focusing on member needs, employer-provided health insurance policies should cover both core benefits (like inpatient and outpatient treatment), as well as additional health and wellness benefits (like dental insurance), as per customer requirements.

Service delivery

Everything from language needs to claims processing requirements should be tailored around member specifications. Aetna will also be able to provide solutions to clients looking to self-insure.

Full program transparency

“Granular analytical data and bespoke management reporting” are instrumental in helping employers understand their group policy’s medical costs, and where savings are made.

Partnership approach

By adopting a partnership approach, Aetna focuses on providing clients with a fully resourced and responsive team, who are able to deal with and handle every eventuality.

Pacific Prime: Your global health insurance specialist

With almost two decades of experience advising and matching clients with the best global health insurance solutions, Pacific Prime has developed longstanding partnerships with the world’s largest and most reputable insurers, including Aetna, Bupa, Liberty Insurance, Cigna, MSIG, and many more. As we are not beholden to one particular insurer, you can rest assured that we will find you a local, regional, or global health insurance plan that provides the best value for your specific needs and budget requirements.

If you have any questions, or would like to learn more about your insurance options, be sure to get in touch with one of our helpful advisors today. Those looking for further information on corporate insurance solutions can also check out our new online resource for corporate clients here.

Pacific Prime signs partnership agreement with Bahrain-based broker Protection Insurance Services

Pacific Prime and Protection Insurance Services logos

(Hong Kong, November 28, 2016) Pacific Prime, a leading global insurance advisor, is proud to announce a new strategic partnership with Protection Insurance Services, a leading insurance and reinsurance broking firm headquartered in Bahrain. This agreement will see both companies extend their operations within the Gulf Cooperation Council (GCC) countries and in other regions across the globe.

Providing mutual benefits to both parties, this exclusive partnership, finalized on November 17, 2016, now enables Pacific Prime to provide their services in the territories covered by Protection Insurance Service’s licence, and vice versa. For Pacific Prime, this means that they can now write business in KSA, Bahrain, Qatar and Kuwait, markets that they were not licensed to quote for business in, up until now.

“In partnership with Protection Insurance Services, Pacific Prime will expand its footprint across the GCC. We look forward to a long and fruitful relationship between the two companies” said Maria Loughran, Corporate Account Manager at Pacific Prime’s Abu Dhabi division, Medstar Insurance Brokers LLC. “Protection Insurance Services is a client centric brokerage, and as such, make for an ideal partner for our business. The values and ethical behavior of both brokerages align perfectly and both companies operate with the core value that; The client is at the heart of everything that we do.”

Protection Insurance Services has over 20 years of significant expertise in a comprehensive range of marine and non-marine insurance broking, consulting and claims-handling services, and as such, Pacific Prime sees this partnership as a unique opportunity to acquire deep insights into the industries that they operate in.

CEO of Protection Insurance Services, Samy Aziz, commented: “We at Protection Insurance Services are very excited about this partnership with Pacific Prime Middle East as it will strengthen relationships with our clients and insurance companies. We’re thrilled to be Pacific Prime’s partner while building upon our extensive experience, and bringing that robust expertise into the Employee Benefits insurance market.”

About Pacific Prime

Headquartered in Hong Kong, Pacific Prime International Limited is a leading international health insurance advisor that leverages its close relationships with over 60 leading insurance companies to provide the best value insurance services and products to individuals and corporations. With offices strategically located in China, Hong Kong, Singapore, and the UAE, Pacific Prime principally offers advice on international health insurance, business insurance and life insurance. For more information, visit: https://www.pacificprime.com/

About Protection Insurance Services W.L.L

Founded in 1996, Protection Insurance Services W.L.L is a leading insurance and reinsurance broking firm with sound reputation among the insurance community in the Kingdom of Bahrain. The company provides international specialized insurance, reinsurance services (including takaful and retakaful), and advisory services across the region of MENA, parts of Africa, the Indian Subcontinent and Asia. For more information, visit: http://www.protectionre.com/index.html

/###/

PP’s Neil Raymond featured in new IPMI interview

Globe to showcase IPMI

Over the past couple of years, Pacific Prime has been striving to launch an increasing number of beneficial reports on the International Private Medical Insurance (IPMI) industry. Our latest report published in the summer of 2016, the 2016 Cost of Health Insurance Report, has enabled clients and industry professionals alike to gain greater understanding of the cost of health insurance around the world and the major contributors driving these prices.

One of the biggest findings from this report is the fact that the US is once again the highest cost location for international health insurance. While there are many factors that contribute to the high cost of medical insurance in the US, one thing we highlight in the report is the fact that the Affordable Care Act has had a huge influence on what you can expect to pay for insurance.

ACA and international coverage

Since its implementation in 2014 many international insurers have been working on getting plans launched that not only meet the strict ACA mandates but also provide both inbound and outbound American tax payers worldwide health coverage.

In early November, a new international health plan that provides international coverage while also being ACA compliant was launched from Cigna. We believe that this is the start of a new trend and as such have created a new ACA information portal. This portal is designed to provide both inbound and outbound taxpayers everything they need to know about the mandated health insurance coverage.

What are Pacific Prime’s thoughts on the ACA and the cost of health insurance?

In the insurance industry, the release of the cost of health insurance report and the introduction of ACA compliant plans for international expats and residents has created a number of talking points, especially around how these will impact one another.

To that end, Pacific Prime’s CEO and Founder Neil Raymond sat down with Global Health Insider for an exclusive interview on the topic. The interview, available to read now on their website, covers a wide variety of topics including:

  • The recent launching of an ACA-compliant international health insurance plan.
  • Key findings from our latest cost of health insurance report.
  • Dubai’s rise to prominence in the international health industry.
  • Important IPMI trends
  • And more.

Check out the interview now for an exclusive in-depth look in at international health insurance.