The market for international private medical insurance has become increasingly competitive in recent years, and customers are demanding more flexible options from their health insurance plans. Cigna Global seems to have taken notice of this demand for flexibility as the insurer has recently released their new three-level international health insurance plan, which allows customers to customize their level of cover to their particular healthcare and monetary situation.
Each with a differerent level of cover, the new options, Silver, Gold, and Platinum, are replacing the previous Cigna Global Health Options and Advance plans. Cigna has stated that this replacement was a direct response to "customer demand for more choice and more flexible healthcare options".
The flexibility in this plan applies to cover levels, options for cost sharing, and deductibles. Every customer will receive cover for cancer and psychiatric care in addition to cover for basic inpatient, accommodation, and specialist costs. If the customer wants additional cover for their specific requirements, they can add on extra modules including Outpatient, Medical Evacuation, Health & Wellbeing, and Vision & Dental. The new Cigna plans also have no maximum age restrictions and guaranteed renewability.
The Head of Global Individual Private Medical Insurance, Phil Austin, has stated, "The new plans have been developed in response to customer and broker demand for a wider range of products which span across different market segments. The new plans give us the ability to provide products which suit a greater footprint of customers, and with the added flexibility of teaming a modular approach with deductible and cost share options, it has become really easy for customers to build a plan which is matched to the their unique needs".
Many international medical insurance plans in the market are rigid, forcing customers to pay for cover that may not be applicable to their situation. For example, many plans include Dental care even though the client might rarely ever the dentist. One of the most effective ways to lower one's premium is to use a flexible plan which allows you to only pay for the cover you need.
This same principle of flexibility and cost applies to insurers: an effective way to drop costs is to allow the client to remove cover options that they do not need. In this rapidly increasing market for global health insurance, customers from all different backgrounds are entering the market, and thus a variety of different demands are emerging. Cigna Global realized that there was one segment that was still relatively untapped – one that demands flexibility, affordability, and high quality cover from their health insurance.
Austin said, "Our customers appreciated our existing high-service Global Health Options plan which performed well at the upper-end of the market. We identified an acute need for additional quality, affordable plans in the middle-market: for those individuals who are moving abroad but are paying for their plan themselves and want to contain costs but maintain high service levels. The new plans are about giving customers much more choice, so they can get all the cover they need without having to pay for cover they don't need.
Cigna's new offerings will likely perform very well in the market. It seems to be only a matter of time before most other major international health insurers follow suit.
To read more about Cigna, visit http://www.pacificprime.com/insurers/cigna/.