With Now Health International having successfully completed its acquisition of Best Doctors Insurance in July 2015, it is set to achieve another impressive milestone by establishing a new strategic partnership with a subsidiary of leading life and health reinsurance provider Reinsurance Group of America, Incorporated (RGA).
The move underpins Now Health International/Best Doctors Insurance Groups (NHIBDI) focus on sustainable growth and long-term planning and is the result of a comprehensive market assessment. RGA will play an integral role across all NHIBDI markets including Asia, Europe, the Middle East, Africa, Central and Latin America and the Caribbean. Financial details around the agreement are not being disclosed.
RGA will gradually replace NHI-BDI’s existing reinsurance panel creating substantial operational and economic synergies and most importantly, enabling NHI-BDI to deliver a whole new level of service excellence to its distributors and customers over time. The transition to this new platform began in January and will be fully deployed group-wide over the course of 2016. Existing local insurance arrangements will be transitioned so there will be no impact for customers, other than in the Middle East where Now Health International have also recently formed a new partnership with Royal & Sun Alliance (RSA) across the region.
“The seamless delivery of comprehensive, flexible and portable health insurance solutions is what we do best and we’re excited about the prospect of bringing our newly enlarged worldwide operations closer together with the support of such a strong, experienced and committed reinsurance partner. It’s the realization of our original vision for Now Health International and demonstrates our ongoing commitment to innovation, service, capital efficiency and customer value. I’m confident our partnership with RGA will add to our competitive advantage and strengthen our profile in the increasingly competitive IPMI market.” said Martin Garcia, CEO of Now Health International/Best Doctors Insurance.
Alan Watts, RGA Reinsurance Company’s Global Head of Health Solutions commented, “As one of the world’s largest life and health reinsurers, RGA prides itself on delivering innovative and practical solutions for our clients. We’re very pleased with this new global partnership with the Now Health International/Best Doctors Insurance Group and look forward to supporting their ambitious plans for future growth.”
The key macro drivers remain strong for IPMI growth with: Significant increases in the number of globally mobile expatriates A rapid rise in demand for access to top-tier healthcare from high net worth populations in emerging markets. The determination of governments to push escalating healthcare costs onto the private sector. The focus on companies to provide competitive employee benefits to attract and retain talent.
All of the above factors combined add to the global IPMI markets growth potential which, according to Finaccord, is expected to exceed US$20 billion in GWP by 2019.
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