According to a recent report, a leading International Private Medical Insurance (IPMI) provider, has announced on 18 September 2018, that they would be launching a new mid-tier, completely digital product that is designed to cater to a new generation of expatriates and upper-affluent local nationals.
The company has launched its new healthcare plans in response to the growing number of digitally savvy millennials and younger executives moving abroad for work, who still demand the protection of international health insurance but at a more affordable price point than the traditional corporate executive expat.
Now, the health insurance firm also believes the plans will appeal to the growing base of upper-affluent local nationals in the emerging markets in which it operates.
To cater to this new generation of expats, the plan has been developed to be a completely digital proposition, with members only able to access their plan documents and make claims via a paper-free, seamless online customer experience.
This environmentally conscious product leverages the health insurance firm’s award-winning digital tools, including its smartphone app and secure online portfolio, as well as new mobile pass membership cards which can be downloaded into members’ smartphone wallets.
The new product offers core protection for all major health incidents, including hospitalisation, surgery, cancer treatment, and evacuation and repatriation, which are often the main concern of younger expats. Customers can then choose to add low or medium levels of coverage for out-patient treatment, including physiotherapy, dental and medication if desired.
Designed for the more cost-conscious consumer, the healthcare plan product offers multiple options to help customers further reduce their premium. This includes eight different levels of annual deductible for all types of treatment (in, day and out-patient) as well as risk management tools such as a co-insurance and per-visit excess.
Default regional geographical restrictions of coverage are also available for members located in certain countries of residence, providing a more affordable option for those that want to access top quality medical facilities but do not need worldwide coverage.
The product will be launched in key markets first, including Europe, Africa, Hong Kong and Singapore, and then be rolled out to other markets in Asia and the Middle East in the coming months.
The Executive Chairman of the insurance firm stated that the healthcare plan is designed to meet the needs of a new generation of expat – the growing numbers of younger people moving abroad, most of which end up on local employment contracts.
The company set out to create an international health insurance solution which caters to these cost-conscious, digitally literate expats while still providing them with access to world-class medical facilities and the high standard of service that health insurance firm is known for.
The Managing Director for the firm stated that the clue is in the name. This means that the plan really is simple care; it is meant to be simple to understand and use – offering the vital health protection that the firm’s customers desire, with easy to use digital tools, access to the best quality private medical providers, and all with an affordable price tag.
The insurance company affirms that it understands that many expats and companies looking for executive health plans want more comprehensive, worldwide coverage, and their pre-existing benefit-rich healthcare plans will continue to cater to those needs.
However, the firm is confident that its innovative new product will enable it to reach out to the growing base of younger expats globally, as the firm continues to consolidate its position as the leading IPMI provider worldwide.