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International Private Medical Insurance Magazine (iPMIM) is the ultimate Health and Medical Insurance Digital Media serving expatriate, corporate, health and travel insurance markets. Due to the nomadic nature of the international healthcare industry iPMI Magazine is an internet based news service, for worldwide healthcare professionals, who need to understand the impacts of healthcare and insurance policy, regulatory, and legislative developments. Combined with in depth health insurance industry analysis, best-in-class health insurance industry data, and exclusive, C-Suite Executive health insurance interviews and round tables, iPMI Magazine bridges an information gap between healthcare payor, provider and patient. Written by the health and medical insurance industry, for the health and medical insurance industry, iPMIM is supported and designed by leading international medical insurance companies and service providers.

Website URL: http://ipmimagazine.com

Redington Announces New Chinese Clients For Global Technology Business

Redington has announced that two Chinese insurance companies have become the most recent clients of its global technology business, which seeks to licence internally developed software, tools and analytics to clients in multiple geographies around the world.

Redington opened its first international office in China last year and incorporated Chinese subsidiary YuYuan Technology (Shanghai) Limited, a Fintech company, to better serve the country’s financial industry.

Digital and localised, YuYuan is committed to providing Chinese Insurance clients with dynamic and interactive asset liability management analytics, helping insurance companies make effective, timely and integrated business decisions on a global scale.

Chinese insurers Aviva-COFCO Life Insurance and Taikang Life Insurance are the first two clients to benefit from YuYuan’s products and services. Enabling clients to produce regulatory reporting and optimal asset allocation decisions once fully implemented. All within their specific risk appetite, capital, liquidity and other individual requirements.

Working out of Shanghai and Beijing, YuYuan’s team of 10 are responsible for developing the ALM analytic software and providing consulting services to clients.

YuYuan Technology (Shanghai) Limited are supported by Redington’s technology development hub, based in Bristol and London. Redington continues to invest in technology with the goal of improving clients access to advice, research and data. The recent launch of ‘ADA’ proprietary software allows pension funds and other institutional investors to access holistic data sets and run real time analytics on portfolios.

Henry Hu, CFO of Aviva, COFCO Life Insurance said: “We are impressed by Redington’s rich professional knowledge and experience both globally and in the local market in relation to asset liability management. We very much look forward to working with them to implement our new ALM system, aiming to facilitate more effective, timely and integrated business decisions by considering the dynamic nature of assets and liabilities.”

Steven YangYu, Deputy Chairman of Yu Yuan Technology (Shanghai) Ltd and Managing Director at Redington commented, “We are excited to have the chance to work with Taikang Life and Aviva-COFCO Life and support them in developing new analytics, tools and frameworks under the latest regulatory guidance. We hope our open collaboration will help transform the industry’s investment and risk management practice with more certainty, clarity and control. This will not only help reduce systemic financial risk, but also play a major part of Redington’s global vision – to help 100 million people become financially secure.”

Pay And Benefits Rise For Expatriates In Singapore

Expatriate pay packages in Singapore rose by USD 13 163 in 2018 to a total of USD 236 258, including an average cash salary of USD 90 170. This was one of the findings of the latest MyExpatriate Market Pay survey published annually by ECA International, the world's leading provider of knowledge, information and software for the management and assignment of employees around the world.

  • The average expatriate pay package rises in Singapore, including an average salary increase of USD 4 874
  • The overall cost of sending a mid-level expatriate to Singapore is now USD 236 258
  • The United Kingdom has overtaken Japan as the most expensive location for companies to send expatriates
  • Hong Kong drops one place in the rankings, coming in sixth globally

When considering the cost of an expatriate package, companies need to factor in three main elements: the cash salary, benefits – such as accommodation, international schools, utilities or cars – and tax. To assist companies relocating staff with benchmarking their packages against the market, ECA conducts its annual MyExpatriate Market Pay Survey of pay levels for expatriates around the world, including benefits, allowances, salary calculation methods and tax treatment.

“Expatriate pay packages in Singapore increased across the board in 2018, with salaries increasing by nearly USD 5 000 and benefits going up by USD 6 400 on average,” said Lee Quane, Regional Director – Asia at ECA International. “However, with minimal increases in personal tax and extremely low tax-related costs as compared to most of the other locations in our rankings, Singapore sits at the 19th position globally.  This is good news for companies with employees currently living in Singapore, as the relatively high cash salary and benefits and low taxes result in less expense for employers when relocating staff to the country.”

Asia Highlights

Hong Kong’s expatriate pay packages continued to grow in 2018, with the average package costing companies USD 276 417, including an average salary of USD 86 984. The overall expatriate pay package in Hong Kong has risen by a total of USD 7 902 since last year, with increases to salaries and benefits making up the vast majority of the rise. 

Quane said: “After a slight drop in the average expatriate salary in 2017, the overall pay package in Hong Kong increased significantly in 2018. Salaries rose slightly by an average of just over USD 1 500 while benefits, including additional expenses on top of the basic salary such as school fees or transportation costs, increased by over USD 6 000. The benefits offered as part of an expat’s pay package have always been high in Hong Kong as the small nation continues to be attractive to companies and expatriates alike. Such high costs in expatriate-level accommodation, education in international schools and other expenses result in Hong Kong being significantly more expensive than most other locations.”

Meanwhile, Japan is no longer the most expensive location in the world to send expatriates, after being overtaken in the rankings by the United Kingdom.

“Despite an increase of over USD 30 000 to the average expatriate pay package from 2017, Japan has dropped back into second place in our rankings after overtaking the UK in 2017. Although sending a mid-level overseas employee to Japan would now amount to USD 386 451, the cost is still USD 35 347 behind the total cost of sending an expatriate to the UK. Although the overall cost of the pay package for an expatriate in Japan increased by an average of 8.5% in 2018, Japan would most likely have remained at the top of the rankings if not for the significant rise in accommodation costs in the UK last year,” explained Quane.

Elsewhere in Asia, the pay and benefits packages of expatriates living and working in Thailand saw a major increase, with the overall package of an average overseas worker increasing by USD 27 917 as compared to the year prior. 

“The Thai economy has continued to see an upward trend in recent years, with a steady and sustained increase in overseas business – and consequently, expatriate workers – to the nation. in the strengthened demand for expatriate-standard accommodation has in turn resulted in higher wages and benefits as increasing numbers of higher-skilled employees move to Thailand,” said Quane.

The pay and benefits package of an expatriate living and working in China saw a significant rebound last year, after falling in 2017. The average package is now valued at USD 310 204 – an increase of over USD 33 000. This pushes China up one place in the rankings to the third position globally.

Quane said: “Expatriates in China have seen a big jump after a bad year in 2017, which saw the value of the average package drop in all areas. The Chinese Yuan experienced a better year in 2018 due to a stronger economy and currency, and has resulted in a considerable improvement in the pay package for overseas workers in Chinese locations.”

Global Highlights

Middle Eastern nations Saudi Arabia and the United Arab Emirates (UAE) continue to offer the best salaries for expatriates, with the nations now offering an average of USD 96 390 and USD 93 889 to mid-level expatriates respectively.

Quane explained: “The Middle East has always offered extremely high salaries to overseas employees, and 2018 was no different. Despite the high salaries, the benefits offered in these nations are not among the highest, and had actually dropped in both locations last year, Moreover, the lack of any personal tax means that the overall package works out to be a lot lower when benefits and tax are both taken into account.”

The UK now offers the most expensive expatriate pay package, primarily due to a major jump in the value of benefits, which rose by 25%. 

“Although the average salary rose by USD 3 717, the overall increase in the value of an expatriate pay package jumped by over USD 77 000 from 2017, with the cost of both benefits and personal tax rates rising by markedly large levels. The rise in accommodation costs was mainly responsible, due to an increase in housing and rental prices throughout the UK. This was especially the case in Central London – a location that has long attracted high numbers of expatriate workers,” said Quane.

The average pay package in the United States has dropped, but this is only due to a major decrease in personal tax requirements as salaries and benefits both increased.

Quane said: “Major tax reforms that were implemented effective from 1 January 2018 implies that personal tax rates dropped significantly for many people working in the United States, especially for those on a higher income as many expatriates are. The personal tax rate has dropped by USD 8 638 on average, while the average expatriate salary has increased by USD 1 814. As such, many companies would have found it significantly cheaper to relocate staff to the US last year.”

Expatriate Pay Packages Rise In Hong Kong

Hong Kong expatriate pay packages continued to grow in 2018, with the average package costing companies USD 276 417, including an average cash salary of USD 86 984. This was one of the findings of the latest MyExpatriate Market Pay survey published annually by ECA International, the world's leading provider of knowledge, information and software for the management and assignment of employees around the world.

  • The overall cost of sending a mid-level expat to Hong Kong would now cost a company an average of USD 276 417
  • Expat salaries rose by an average of over USD 1 500 in 2018, after dropping in 2017
  • UK has overtaken Japan as the most expensive location for companies to send expats, Hong Kong drops one place to sixth

When considering the cost of an expatriate package, companies need to factor in three main elements: the cash salary, benefits – such as accommodation, international schools, utilities or cars – and tax. To assist companies relocating staff with benchmarking their packages against the market, ECA conducts its annual MyExpatriate Market Pay Survey of pay levels for expatriates around the world, including benefits, allowances, salary calculation methods and tax treatment.

The overall expat pay package in Hong Kong has risen by a total of USD 7 902 since last year, with increases to salaries and benefits making up the vast majority of the increase.

“After a slight drop in the average expat salary in 2017, the overall pay package for overseas workers in Hong Kong increased significantly in 2018” said Lee Quane, Regional Director – Asia at ECA International. “Salaries rose slightly by an average of just over USD 1 500 whilst benefits, including extras on top of the basic salary such as school fees and transportation costs, increased by over USD 6 000. The benefits offered as part of an expat’s pay package have always been high in Hong Kong as the small nation continues to be attractive to companies and expats alike. This high demand results in expat-level accommodation, international schooling and other costs being significantly more expensive than most other locations.”

Asia Highlights

Elsewhere in Asia, salaries increased for expats in Singapore by an average of USD 4 874. The overall pay package rose by over USD 13 000 to a total of USD 236 258, but Singapore sits in just 19th place in the 40-country list due to the low personal tax rates, making it a less expensive location for expatriates overall.

Quane said “Expat pay packages in Singapore increased across the board in 2018, with salaries increasing by nearly USD 5 000 and benefits going up USD 6 400 on average. However, personal tax only increased minimally, and tax-related costs still remain extremely low compared to most other locations included in our rankings, meaning that overall Singapore sits in 19th place. This is good news for companies with workers currently living in Singapore though, with cash salary and benefits remaining relatively high, and taxes staying low – resulting in less expense for employers when relocating staff to the country.”

Japan is no longer the most expensive location in the world to send expats, after being overtaken in the rankings by the United Kingdom.

“Despite an increase of over USD 30 000 to the average expat pay package from 2017, Japan has dropped back into second place in our rankings after overtaking the UK in 2017. Sending a mid-level overseas worker to Japan would now cost USD 386 451, still USD 35 347 behind the total cost of sending an expat to the UK. However, the pay package for an expat in Japan still increased by about 8.5% from last year and would most likely still be at the top of the rankings if not for the major rise in accommodation costs in the UK last year” explained Quane.  

The pay and benefits package of an expat living and working in China saw a significant rebound last year, after falling in 2017. The average package is now valued at USD 310 204, an increase of over USD 33 000 and pushes China up one place in the rankings to third.

Quane said “Expats in China have seen a big jump after a bad year in 2017 that saw the value of the average package drop in all areas. The Chinese yuan experienced a better year in 2018 though and due to a stronger economy and currency, the pay package for overseas workers in Chinese locations has improved considerably.”

Global Highlights

Middle Eastern nations Saudi Arabia and UAE continue to offer the best salaries for expats, with the nations now offering an average of USD 96 390 and USD 93 889 to mid-level expats respectively.

Quane explained “The Middle East has always offered extremely high salaries to overseas workers, and 2018 was no different. However, the benefits offered in these nations are not among the highest, and actually dropped in both locations last year, whilst the lack of any personal tax means that the overall package works out to be a lot lower when benefits and tax are both taken into account.”

The UK now offers the most expensive expat pay package, primarily due to major jumps in the value of benefits, and increases in personal tax rates. 

“Although the average salary rose by USD 3 717, the overall rise in the value of an expat pay package jumped by over USD 77 000 from 2017, with the cost of both benefits and personal tax rates rising by markedly large levels. The rise in accommodation costs was primarily responsible, with housing and rental prices rising throughout the UK. This was especially the case in Central London, a location that has long attracted high numbers of expatriate workers” said Quane.

The average pay package in the United States has dropped, but this is only due to a major decrease in personal tax requirements as salaries and benefits both increased.

Quane said “Major tax reforms, effective from 1 January 2018, means that personal tax rates dropped significantly for many people working in the United States, especially for those on a higher income as many expats are. The personal tax rate has dropped by USD 8 638 on average, whilst the average expat salary has increased by USD 1 814, meaning that, overall, many companies will have found it a lot cheaper to relocate staff to the US last year.”

UK Overtakes Japan As Most Expensive Country To Send Expatriates

The UK has overtaken Japan as the most expensive location to send expatriates, with the average expat pay package rising by GBP 44 688 to GBP 311 240 according to latest data from global mobility experts, ECA International (ECA).

  • The average pay package for an expatriate in the UK has risen by over GBP 40 000 despite salaries remaining static;
  • Overall annual cost of sending an expat middle manager to the UK is now GBP 311 240, 82% of which is to cover tax and essential costs;
  • Swiss salaries highest in Europe, GBP 10 992 more than UK mid-level pay.

ECA’s annual MyExpatriate Market Pay report surveys the cost of benefits, salaries and tax treatments in countries around the world in order to assist companies with benchmarking their expatriate packages when relocating staff. Benefits include the allowance to cover essential costs such as accommodation, international school fees, utilities or cars. 

The average package for a mid-level expat worker in the UK is now GBP 311 240, up 17% from last year. Cash salaries make up less than 1% of the increase (GBP 160), as the cost of staff benefits in the UK has caused the majority of the hike.

“The value of an average pay package for an expat in the UK saw a huge increase in 2018,” said Oliver Browne, Remuneration Manager at ECA International. “The rise of GBP 44 688 was primarily down to a major jump in the cost of benefits that companies provided their overseas workers with, such as rental costs and international school fees. As the cost of expat-standard housing and rental prices increased throughout the UK, the value of benefits provided by a company to cover these costs therefore rose significantly by GBP 23 881 on average.”

Swiss salaries highest in Europe

After the UK, Switzerland is the second most expensive country in Europe for expat pay packages costing companies an average of GBP 178 260. However, a large part of this is made up of the highest average cash salary in Europe; GBP 66 940 versus GBP 55 948 in the UK.  

Browne said: “Swiss salaries are consistently towards the higher end of the scale but so are everyday costs in most Swiss cities. Despite the higher prices, high salaries in the country mean locals are still well-off compared to their European counterparts. Furthermore, because of low taxes and a smaller value of benefits needing to be provided by a company, it is still comparatively cheaper to send expat workers to Switzerland compared to the UK.”

Republic of Ireland enters top 20 most expensive

Elsewhere, the Republic of Ireland saw a jump in the rankings and entered the top 20 most expensive locations to send expatriate workers. 

“Similar to the trend we saw in the UK, benefits costs have increased notably due to the rise in accommodation and rental fees. Expats in Ireland are more expensive for companies despite average net salaries for expatriates actually dropping by 2% (EUR 965) since last year. This was more than offset by an average rise of 14% (EUR 8 820) in the cost of benefit provisions that companies had to provide their overseas staff,” Browne explained.

ECA’s recent rental accommodation report revealed that rent in Dublin entered the top five most expensive in Europe for the first time, averaging EUR 3 406 per month for a mid-range, three-bedroom apartment.

Best salaries in the Middle East

Middle Eastern nations Saudi Arabia and UAE continue to offer the best salaries for expats, with the nations now offering an average of GBP 71 125 and GBP 69 280 to mid-level expats respectively.

Browne explained: “The Middle East has always offered extremely high salaries to overseas workers, and 2018 was no different. However, the benefits offered in these nations are not among the most costly for an employer, and the average value of benefits offered actually dropped in both locations last year, while the lack of any personal tax means that the overall package works out to be a lot lower when benefits and tax are both taken into account.”

Tax reforms cause expat pay costs to drop in US

The average pay package in the United States has dropped by USD 4 445 to an overall total of USD 250 028 (GBP 184 493), but this is due to a major decrease in personal tax requirements as salaries and benefits both increased.

“Major tax reforms, effective from 1 January 2018, meant that personal tax rates dropped significantly for many people working in the United States, especially for those on a higher income as many expats are,” said Browne. “The personal tax rate has dropped by 14% on average, while the average expat net salary increased only slightly, by less than GBP 1 000, meaning many companies will have found it a lot cheaper to relocate staff to the US last year.”

Pay packages improve in China

The pay and benefits package of an expat living and working in China saw a significant rebound last year, after falling in 2017. The average package is now valued at CNY 1 971 894 (GBP 228 896), an increase of 3% in the local currency, pushing China up to third in the rankings after dropping in 2017.

Browne said “Expats in China have seen a rebound after a bad year in 2017 that saw the value of the average package drop in all areas. The Chinese yuan experienced a better year in 2018 and due to a stronger economy and currency, the pay package for overseas workers in Chinese locations has now improved accordingly.”

Allianz Partners Announces Changes To Sales Team In Singapore

Allianz Partners has announced that Rifka Chaouki will be heading up Allianz Care's international health products and services in Singapore, working closely with our local partner, Allianz Global Corporate Specialty.

Speaking about the new appointment, Alexis Obligi, Chief Sales and Development Officer for International Health at Allianz Partners said, "It is a pleasure to welcome Rifka Chaouki to the team. Singapore is such an exciting market for us at the moment, and it is great to see someone with such extensive experience and knowledge of the region join us to help it grow. I wish Rifka the best of luck in the role and look forward to working together."

Rifka has 9 years' experience working in international Private Medical Insurance (iPMI) and holds a number of certifications from Singapore College of Insurance, including in Health Insurance, Personal General Insurance, Life Insurance and Investment linked policies. Rifka also holds a Masters' degree in Human and Social Sciences from Paris V University.

Rifka will lead the sales team in Singapore and be involved in further developing Allianz Care's offering for globally mobile employees in the region. Rifka will also be responsible for managing existing broker relationships and extending the intermediary network.

For more information about Allianz Care, visit: www.allianz-care.com

AIA Agrees Exclusive Asia-Pacific Regional Partnership With Medix

Breakthrough regional partnership between AIA and Medix, a company specialising in quality global medical management, to provide improved healthcare and clinical outcomes for AIA customers.

AIA Group Limited (“AIA” or the “Company”: stock code: 1299) has announced that its customers across the Asia-Pacific region are set to benefit from a landmark partnership agreement with global health management company Medix. AIA and Medix are partnering to deliver a differentiated proposition that optimises care and improves medical outcomes for AIA customers across the region. Under the expanded regional partnership, building on already successful collaborations between AIA and Medix in Hong Kong and Singapore, AIA and Medix will work together to launch in more markets in 2019, including Indonesia, Malaysia, Thailand and Australia. Additional markets are planned for launch in 2020 and beyond.

Under the exclusive partnership with Medix, selected AIA customers will have access to “Personal Medical Case Management Services” during some of the most challenging times of their lives. When diagnosed with a serious or complex condition AIA customers will be supported by a dedicated case team throughout their medical journey, from diagnosis through treatment until full recovery. They will gain access to a holistic medical assessment, re-evaluation of their condition, referral for additional diagnostic testing – where needed, ongoing multi-disciplinary consultations, full care coordination, on-going guidance and emotional support provided by Medix’ team of renowned medical experts from around the globe.

Eligible AIA customers will have their medical case reviewed by Medix’ expert team of 300 in-house physicians and a global quality accredited network of over 3,000 world-leading and independent medical specialists, ensuring they have the tools to make educated, quality driven decisions and receive the best possible care throughout their medical journey, anywhere in the world.

Ng Keng Hooi, AIA’s Group Chief Executive and President, said the announcement underscores AIA’s commitment to meet the growing and changing needs of customers and to help people live Healthier, Longer, Better Lives.

“With the advances in medical treatments and technologies, the expectations of Asian consumers have changed significantly, with personalised, quality medical care at the top of their list. This strategic partnership with Medix exemplifies our leadership role in driving economic and social development across the region. It demonstrates our pledge to go beyond the traditional, passive insurance business model by becoming an integral part of our customers’ life journey” he said.

Mark Saunders, AIA’s Group Chief Strategy and Corporate Development Officer with responsibility for healthcare underlined AIA’s strategy and deliberate investment in helping improve the health and well-being of its customers, saying “AIA’s expanded partnership with Medix represents a significant step forward in delivering our long-term strategic vision in the health and well-being space, where we’ve invested significantly and consistently over the past several years. It builds on a highly successful partnership in Hong Kong and Singapore, where we’ve been able to provide Medix’ unparalleled medical case management services to our customers.

“To successfully deliver on our vision to help people be healthier for longer we are building an eco-system of services and partners to help people on all steps of the health journey through predict, prevent, diagnose, treat and recover stages, improving their overall wellbeing. Our exclusive partnership with Medix across our markets enhances AIA’s distinctive and differentiated proposition in health and well-being. By providing our policyholders with Personal Medical Case Management AIA helps overcome local healthcare disparities and makes international expertise, locally available through a mutually beneficial collaborative process” Saunders said.

Sigal Atzmon, CEO of Medix commended AIA’s visionary and innovative approach to driving meaningful improvements in people’s lives across the region.

“This is a partnership that will make a genuine difference; it represents a shared vision and a commitment to reduce unwarranted healthcare variations across the region, improve the medical accessibility, medical outcomes and most importantly, improve the overall care experience” Ms Atzmon said.

“Through this partnership, we provide personalised medical care, empower patients with the knowledge and tools they deserve to make educated decisions and offer active coverage in the daily lives of each policyholder. As such, we are enabling an unprecedented democratisation of the entire healthcare landscape.

“AIA, as one of the world’s largest and leading insurers should be applauded for the courageous, pioneering spirit they have shown over the last 100 years. Their vision and commitment to improving the lives of their customers/people across the region is unwavering and we are honoured to be a part of their next chapter,” Ms Atzmon concluded.

About AIA

AIA Group Limited and its subsidiaries (collectively “AIA” or the “Group”) comprise the largest independent publicly listed pan-Asian life insurance group. It has a presence in 18 markets in Asia-Pacific – wholly-owned branches and subsidiaries in Hong Kong, Thailand, Singapore, Malaysia, China, Korea, the Philippines, Australia, Indonesia, Taiwan, Vietnam, New Zealand, Macau, Brunei, Cambodia, a 97 per cent subsidiary in Sri Lanka, a 49 per cent joint venture in India and a representative office in Myanmar.

The business that is now AIA was first established in Shanghai a century ago in 1919. It is a market leader in the Asia-Pacific region (ex-Japan) based on life insurance premiums and holds leading positions across the majority of its markets. It had total assets of US$230 billion as of 31 December 2018.

AIA meets the long-term savings and protection needs of individuals by offering a range of products and services including life insurance, accident and health insurance and savings plans. The Group also provides employee benefits, credit life and pension services to corporate clients. Through an extensive network of agents, partners and employees across Asia-Pacific, AIA serves the holders of more than 33 million individual policies and over 16 million participating members of group insurance schemes.

AIA Group Limited is listed on the Main Board of The Stock Exchange of Hong Kong Limited under the stock code “1299” with American Depositary Receipts (Level 1) traded on the over-the-counter market (ticker symbol: “AAGIY”).

About Medix Medical Services 

Established in 2006, the Medix Group is a global, leading provider of innovative, high quality health management solutions. With offices in London, Hong Kong, Shanghai, Singapore, Tel Aviv, Jakarta, Kuala Lumpur, Bangkok and Melbourne and a client base exceeding 3 million members in over 90 countries, Medix offers its clients -- primarily global health & life insurers, financial groups, large corporates and government institutions -- significant value-added services in the world of healthcare. Medix’ medical team is comprised of 300 in-house doctors alongside nurses, research experts, medical administration teams and a quality accredited global network of over 3,000 specialists and 1,500 leading hospitals.

Through its various services, Medix offers its customers fast-track solutions to proven better medical outcomes. Medix provides Global Personal Case Management Services, Disease Prevention Management Services, Digital Health Solutions, Home Care Services, Health Strategy and Medical Governance Services to insurers, large corporates and government institutions.

Medix is a Shared Value company that strives to enable people around the world to have access to the best medical care possible while eliminating unwarranted healthcare variations and helping to control medical cost inflation. Believing that the accessibility, quality and sustainability of medical care are one of the most important components of social rights, Medix is very passionate about these issues and is globally fully dedicated to these activities.

 

Broadstone Group Enters IPMI Market With Acquisition Of Specialist IPMI and Employee Benefits Firm

Broadstone has announced the acquisition of 3HR Benefits Consultancy. This move represents Broadstone’s third acquisition in as many months following the recently announced purchases of Liverpool-based CS Financial Solutions and Thomson Dickson Consulting located in Glasgow.

Founded in 2008, London-based 3HR Benefits Consultancy is a subsidiary of 3HR plc and provides specialist employee benefits and international private medical insurance (IPMI) support and services to more than 200 Japanese, Korean and Chinese blue chip companies in respect of their UK and European expatriate employees. The company is the leading UK benefits consulting firm specialising in the Far Eastern market and dominates the sector with a number of Fortune 500 clients
  
Commenting on this latest acquisition, Broadstone Group CEO, Grant Stobart, said, “As part of our strategy to grow all areas of our business we must identify and then capitalise on emerging trends and opportunities. This is another outstanding acquisition for Broadstone and adds further scale in a buoyant   sector. 3HR Benefits Consultancy is one of the UK’s leading providers of specialist IPMI and employee benefits services to Far Eastern groups operating in the UK and Europe and the respect and authority they have built up in this sector is very impressive. Acquiring this niche business with its quality client base and experienced staff will provide clients with access to Broadstone’s wider service offering.
“2019 continues to be a year of targeted but vigorous expansion for Broadstone,” concluded Stobart.

Terence Bennett, CEO at 3HR plc, said, “Over the past few months we have been actively seeking ways of further developing our benefits consultancy and expatriate medical insurance business and have now found the ideal partner in Broadstone. This deal is an important step in the evolution of our business and will ensure that we can continue to further strengthen the service we offer our clients and the personal and professional development of all of our staff.”

Xavier Woodward, from Broadstone’s private equity parent, Livingbridge, commented, “This acquisition further strengthens Broadstone’s offering and provides access to a new client base. We are delighted to welcome 3HR Benefits Consulting on board as we continue to execute on a strong M&A pipeline.”

AnaCap Acquires Independent Danish Private Health Insurance Business

AnaCap Financial Partners announced the acquisition of a majority stake in SundhedsGruppen A/S which consists of Dansk Sundhedssikring A/S a leading independent Danish private health insurance provider, and PrimaCare A/S a quality provider of healthcare networks. 

AnaCap is acquiring the majority stake in SundhedsGruppen from the Company’s Founders, who will retain a minority.

SundhedsGruppen, provides health insurance and claims management services to clients’ employees and has built a market-leading technological infrastructure that also white labels to other providers in adjunct insurance areas.

The Company has a unique partnership arrangement with medical clinics throughout Denmark that allows for best-in-class provision of healthcare services to its customers’ employees, with a clear focus on specialist support and local availability. 

Tassilo Arnhold, Managing Director at AnaCap, comments, “AnaCap is delighted to be partnering with SundhedsGruppen. The Company has created a great insurance technology and data-driven platform with a uniquely differentiated insurer challenger proposition, high customer service standards and competitive underwriting. We are confident that our long-standing expertise in backing businesses poised for international growth will actively support this ambitious growth plan and management team, both through technological and operational investments.”

SundhedsGruppen’s proprietary technological platform facilitates accurate identification of optimal healthcare access as well as reporting, feedback and claims management respectively.  AnaCap will now look to leverage its deep insurance sector understanding and expertise in improving both technological and digital infrastructure to support enhancements in the customer experience as well as drive growth in new and existing markets.

The business currently provides insurance cover for approximately 250,000 individuals in Denmark, through a client list comprising several of the Nordics’ largest blue-chip companies, having grown from a founder-backed start-up in 2012. Driven by unique market positioning, the Company generated a c.70% CAGR in premiums during the period 2012-2018 vs. a 5% market norm.

AnaCap will also deploy its expertise in the insurance sector to support management’s ambition to grow market share internationally, into the Nordics and wider geographical markets, as well as through additional insurance market channels. The growth of the business will be through organic expansion models as well as identifying attractive bolt-on acquisition opportunities.

National Friendly Appoints New Head Of Risk & Compliance

National Friendly, the Bristol-based mutual society, has appointed Lisa de-Laune as the new Head of Risk & Compliance. With over 20 years’ industry experience, specialising in risk and assurance, Lisa will be responsible for shaping the vision and strategy of the risk and compliance function.

Prior to joining National Friendly, Lisa has led risk, internal control, internal audit and change functions across financial services, predominantly insurance and banking. As part of the Executive Team, Lisa will play a key role in reinforcing National Friendly’s commitment to fair customer outcomes and delivering effective risk management and compliance oversight.

Lisa commented, “It is an incredibly exciting time to be joining the National Friendly team, with new products being launched and new partnerships being created. It is clear that customers are at the heart of everything National Friendly does and to see the genuine passion for delivering the right product for its customers is inspiring.

“As the insurance industry as a whole faces new regulation and complexities, National Friendly has made a clear commitment to ensure a sound system of internal control is in place to manage and monitor risk and compliance. I look forward to working closely with the team and supporting National Friendly as it evolves and expands on current opportunities.”

Jonathan Long, Chief Executive Officer at National Friendly, said: “We are delighted to welcome Lisa to National Friendly, which demonstrates our continued commitment to delivering the best possible customer journeys and outcomes.

“National Friendly has plans to launch a number of innovative products over the next year, into both emerging and existing markets. Lisa’s extensive experience will play a key role in bringing these new products to market, ensuring that we are fully compliant with new regulations and meeting consumer needs.”

Collinson Continues Medical Assistance Expansion With Aspen Medical Partnership

Collinson has further enhanced its medical assistance capability through a partnership with Aspen Medical, an Australian-owned global healthcare leader providing remote medical solutions across a range of sectors.

Aspen Medical provides innovative and tailored healthcare services, from the provision of a single paramedic to a full spectrum solution involving a multi-disciplinary team of healthcare professionals. Further services include, ambulances, medical facilities, equipment, consumables, pharmacy products and aero-medical evacuation services (AME), including the company's own strategically-positioned clinics and aviation assets.

Often working in locations that are remote, challenging or under-resourced, its multi award-winning solutions provide clients with world-class healthcare services in any setting. The partnership will enable Collinson to extend its assistance reach and help customers to access quality medical services in locations where existing medical infrastructure is lacking. By augmenting Aspen Medical's ground-level capability with the wider Collinson global medical and evacuation network and its 24/7 always-on medical and security operations centres, the partnership will create a fully comprehensive assistance service for complex international deployments.

Aspen Medical's services also include managing environmental and public health projects, medical training and consultancy, providing occupational health and supporting major sporting events and conferences that need dedicated clinical support.

Scott Sunderman, Head of Assistance at Collinson, commented: "Aspen Medical is renowned for its high-profile contracts with defence, mining, oil and gas, government and humanitarian organisations. From running trauma hospitals in Mosul, Iraq, for the WHO or staffing and managing a UN facility for its personnel in Somalia, through to supporting the UK, US, Australian and New Zealand governments on the construction and management of Ebola Treatment facilities in Sierra Leone and Liberia, our partnership with Aspen Medical truly gives us a global healthcare reach and access to expertise unparalleled in the market.

"This experience will be vital as we broaden our global medical assistance and travel risk management services to ensure clients have the best possible protection, wherever they may be located."

This strategic alliance further enhances Collinson's new 24/7/365 integrated travel risk management solution in partnership with global risk and security consultancy, Drum Cussac, as well as the appointment of its new Global Medical Director, Simon Worrell.

Glenn Keys, Executive Chairman and co-founder of Aspen Medical, said: "Collinson is recognised globally for providing an exceptional medical assistance service. This partnership with Collinson further develops Aspen Medical's global capability with an integrated travel risk management solution. When combined with Drum Cussac's expertise, their global assistance App, security alerts, location tracking and monitoring, together we are delivering a very powerful new capability in the market for those seeking assistance in times of need."

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Medical, Travel And Technical Assistance

 

A guide to leading international medical and travel assistance companies and providers, operating within leisure, expatriate and corporate business travel markets globally.

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