International Medical Group (IMG) has launched a new international private medical insurance (IPMI) offering through its ALC Health brand.
The Global Prima Medical Insurance policy replaces ALC Health’s legacy Prima plans and IMG’s legacy GlobalFusion and GlobalSelect products.
It provides long-term cover to individuals, families, and groups living or working outside of their home country, typically for one year or longer.
The solution offers five levels of coverage options that can cover chronic conditions, cancer, complementary medicine and more to fit the needs and budgets of customers, the insurer said.
Additionally, Global Prima customers can customise their area of coverage and choose from multiple excess and currency payment options.
The plan also includes access to IMG’s 24/7 medical helpline for assistance with claims information, emergency assistance and advice on treatment.
IMG added that policyholders can either choose from the insurer’s extensive network of medical facilities or opt for their own healthcare provider wherever they are in the world.
Speaking exclusively to Health & Protection, IMG global head of IPMI Kevin Melton explained the insurer was particularly pleased to be introducing this single offering across its brands having had two sets of products since the company bought ALC Health.
The ALC Health name will be retained and included alongside IMG branding initially, but it is expected to be phased out over the medium term as market familiarity with the offering grows.
“A number of the brokers in Europe still only know the brand of ALC, so we need to introduce them into the brand of IMG,” Melton (pictured) explained.
“The hospital recognition in a lot of our countries where we distribute business is also under the brand of ALC.”
UK claims centre
The insurer has made some significant changes to this product, including UK-based claims administration service, with much of the development done through broker feedback over the last three years.
“Advisers prefer the service being done in the UK and Europe time zone-wise,” Melton continued.
“Our IMG Europe products have been historically managed in the US, but now under this product, the claims administration is all being done in the UK.”
And Melton emphasised the commitment to the intermediary market, noting the insurer did not have a direct sales force in the UK or Europe.
The new product can be sold anywhere in the world, outside of those jurisdictions under sanctions, with it being on shore in the UK, through IMG’s regulatory structure in Europe and under trust outside Europe.
It is available for those in the Gulf region, but the insurer does not have an active partnership there, meaning it has to be complementary to a local plan in that region.
Individual and SME target
In terms of target market, Melton noted that the insurer was still “very focused” on the individual retail market and SME market of up to around 100 lives.
“We do write schemes bigger than that, but we’re not actively engaged in the large corporate market,” he continued.
“Our target market, apart from being individual and SMEs are globally mobile citizens, so it’s not just purely aimed at expats, but in today’s world where people do travel more frequently.”
Additional services within the products include an evacuation repatriation benefit in all five levels of cover.
And it is possible to use any payments made for treatment under the local health provision to be used against the excess on the policy when submitting a claim.
Dental and maternity benefits can be added to some plans while mental health support through Telus Health is standard on the top two plans and can be added to the remaining three.
‘Ambitious goals’
Melton added that the insurer was ambitious for the product and early feedback from advisers had been “favourable” with quotes already starting to come in.
“We’re just really pleased that we have one product range now encountering all the spectrums of the market, going from a more lower cost benefit competitive plan right up to the top of the range plan with many covers,” he said.
“I’ve been doing this game too long to make predictions, but we now have a product range that is competitive in the marketplace in terms of pricing and benefits that will allow IMG to meet its ambitious goals.
“Over the next three to four years we are looking we are looking to grow our market share, without a doubt, so this is definitely an opportunity for us to grow our business volume.”