Pacific Prime is pleased Now Health has overcome these issues and looks forward to offering policies to local national clients.
(PRWEB) May 21, 2013
Pacific Prime local national clients will now be able to receive international health insurance from Now Health. After teaming up with Asia Insurance, a company underwritten by Swiss Re, Now Health can now offer plans which have overcome compliance issues and will offer coverage to mixed groups of local nationals.
Many international insurers are typically unable to make such offerings due to the high risk factors involved in covering employees in their home country. Compliance issues in particular pose the biggest threat to insurers and companies wishing to cover local nationals must ensure they are legally allowed to do so in each country.
Legal requirements differ between covering expatriates and local nationals and differ in each country as well. Typically, an insurer must invest a great deal of their time and manpower to create legally appropriate policies but by teaming up with Asia Insurance, Now Health have had extra assistance to ensure compliancy and can offer their plans to the local market while also offering further experience and knowledge thanks to Asia Insurance.
International insurers tend to avoid the local market for other non legal issues too. Clientele mentality regarding policy usage, for example, can differ greatly between locals and expatriates. Expatriates may wish to return to their home country for treatment, whereas locals may make use of the local system. This can result in the need for a completely different matrix to calculate risk factors and generate appropriate premium rates.
Pacific Prime is pleased Now Health have overcome these issues and looks forward to offering policies to local national clients. By covering groups that many insurers are unable to do the same for, this move will undoubtedly strengthen Now Health’s competitive edge in the market and Pacific Prime clients should expect further promising news in the future.