Aetna International has begun its exit from the international private medical insurance (IPMI) market by starting to introduce and refer its customers to Allianz Partners.
The insurers have also published further details of the transfer process and Allianz’s updated proposition which includes creating a version of Aetna’s Summit policy for SME firms and an enhanced wellbeing offering.
A preferred partnership agreement between the pair was first announced last month and was formally completed last week, with Allianz taking on the majority of Aetna’s health insurance portfolio outside the Americas, Thailand, and India.
As a result, Aetna confirmed that from 20 May it had begun introducing its customers to Allianz Partners and is helping migrate their membership to the insurer at policy renewal date.
Comparable terms 6-8 weeks ahead
Detailed migration plans are in place for the next 12-16 months, Health & Protection understands, as customers will come up for renewal at different times throughout the year.
Aetna said it had been working closely with Allianz to plan for a smooth handover for customers at policy renewal and that Allianz will offer new cover with similar benefits and no additional medical underwriting.
Allianz added: “Brokers and policyholders will be provided with new, comparable policy terms from Allianz Partners around 6-8 weeks before their renewal date.
“Preparations are already well progressed for the first migrations which will start in July this year.”
Completion of the migration process is still planned to take place by 31 October 2023.
New Summit product and underwriting
Allianz said it was providing a proposition “which matches and in some cases offers more to customers than their current cover”.
As part of this it has created a new version of Aetna’s Summit product combining the two insurers’ approaches to “bring an even more attractive product to market for the SME segment”.
The new Summit product will be available to Aetna International’s migrating SME Summit customers, as well as new Allianz Partners customers.
Allianz will also support moratorium underwriting for migrating clients who are already on those terms.
There will be an enhanced wellbeing offering at no extra cost including comprehensive cover for chronic conditions, second medical opinion, oncology case management and a digital health check-up for preventive care.
Allianz emphasised that Aetna International policyholders do not need to do anything at this stage.
“Their existing cover and support services remain in place with a commitment from Aetna to maintain existing service levels during this time,” it said.
“Policyholders will be contacted in advance of their renewal date, in the run up to their transition to Allianz Partners.”
Longer-term vision
Allianz also said the moves were in line with its longer-term vision to become a truly global healthcare provider and its bigger footprint in Asia Pacific would mean significant growth in its medical provider network.
Allianz Ayudhya’s agreement to acquire 100% of Aetna Thailand was completed earlier this month.
Allianz Partners CEO for health Ida Luka-Lognoné said: “We’re delighted to be partnering with Aetna International and are very conscious of the trust they’ve placed in us to look after these customers.
“Working closely with our broker partners, our focus will be on making the transition to Allianz Partners as simple and convenient as possible for these customers.
“We will also be extending a very warm welcome to the Aetna International staff joining us to continue providing excellent service and support to our customers.
“This is a fantastic contribution to the transformation and growth story of Allianz Partners and shows our commitment to the global health market and the delivery of our strategic vision.”
Aetna focused on Americas
Aetna International confirmed that its Americas business and operations has become part of Aetna, a CVS Health company.
“Our Aetna International Americas business remains dedicated to our U.S. expatriate business and supporting our customers based in the United States, Canada, Latin America, and the Caribbean,” it said.
“We will continue to provide the same quality coverage and excellent service to our members accessing care around the world.”
Aetna International president Richard di Benedetto added: “I am very proud of what our business has achieved and the difference we have made to our customers and to our company.
“I want to say thank you and acknowledge all my colleagues for their contribution over that period.
“I am very pleased that we are able to work with Allianz Partners to ensure our customers have a smooth transition at policy renewal and cover with comparable benefits.
“Allianz Partners shares our vision to deliver a customer-first approach to healthcare and health insurance, and I know our partners and customers will be in safe hands with them.”