Globalsurance predict that RHI-Bupa will continue their activity and will implement further changes to their company in order to attain a greater total market share.
Hong Kong (PRWEB) January 23, 2013
RHI-Bupa has launched two new Corporate Health Insurance plans in Singapore. This is part of RHI-Bupa's response to Aviva's recent withdrawal of select plans in Singapore which left a reported 10,000 clients uninsured. Now, affected Globalsurance clients should be pleased to note that RHI-Bupa are not only taking on ex-Aviva clients, but launching two new plans as well.
Furthermore, the insurer will now offer coverage for individuals as well as groups through these new corporate plans which are targeted at the mass-market SME’s in Singapore. Globalsurance believe this to be part of an aggressive plan by RHI-Bupa to establish a strong foothold in the Singapore insurance sector
The two plans that Globalsurance clients can now benefit from are the 'Company Health Select Asia Pacific' plan and the 'Company Health Choice International' plan. Considered mid-range health insurance plans, these will provide coverage to members in limited geographical areas. The Company Health Select Asia Pacific plan provides its members with coverage throughout the Asia Pacific region, excluding Hong Kong due to its high medical costs. The Company Health Choice International plan provides members with coverage in Singapore and two countries of their choice, excluding the United States.
Overall benefit limits on both plans are capped at USD 250,000, and coverage is not extensive in order to maintain low premiums. Both plans offer core in-patient coverage, and the option of limited out-patient coverage with regards to benefits. Compared to RHI-Bupa's individual plans, the coverage is limited. Limitations on these plans include the areas and hospitals in which treatment can be received.
The network areas are determined based on member’s location and plan. Receiving treatment from areas outside of RHI-Bupa's restricted networks will result in a charge of 50% of the treatment costs.. Furthermore, a 50% fee will be charged if treatment is administered without pre-authorisation from the insurer (except in the case of emergencies). Despite these limitations, Globalsurance believes these plans to be acceptable offerings for the mass market in Singapore, particularly after Aviva have pulled out of segments in the market, damaging the brand.
The introduction of these two corporate plans appears to be part of a strategy by RHI-Bupa to garner a wider market share in Singapore and throughout the Asia Pacific region. Since Aviva's withdrawal of their IdealMedical and Global Health plans, RHI-Bupa has been making aggressive moves to takeover their business in Singapore. Initially, the insurer offered a continuation option to Aviva's previous clients. Now, the new corporate plans will attract even more customers by offering a good mid-range insurance option to the masses of SMEs in Singapore. This shows the commitment and intent of RHI-Bupa to establish a dominant position in Singapore's insurance sector. Globalsurance predict that RHI-Bupa will continue their activity and will implement further changes to their company in order to attain a greater total market share.