The market for health insurance products targeted at expats just receive a recent boost with the announcement that Aviva has created a new program called the International Solutions “pick’n’mix” insurance plan. The policy provides a great new option for expatriates who know that health insurance is important.
This new plan is in step with the movement of health insurance industry trends that have turned the focus towards customizable policy options. No longer favoring the static plans, expat customers will now be able to select and buy the range of benefits that best fits their needs abroad.
Aviva’s new insurance plan is following the example of one established by Bupa International earlier in the year. Their World Health Options (WHO) plan allowed for variations in the costs of policies based on the country where the expat was insured. It was an obvious response since the costs of health insurance vary to such a tremendous degree throughout the world. Such variations could be reflected in premium costs that expat was expected to pay for coverage.
One notable feature of the Bupa International plan was that it allowed policyholders the option to add extra areas of coverage onto basic benefits to extend coverage to appropriate areas. The Aviva plan has taken a very similar approach.
This move by Aviva is being well received by insurance brokers across the planet since many believe that the new plan would provide a new degree of competition with Bupa in the expatriate insurance market. The main point for many is to leverage Aviva’s high quality but lower priced plan to prompt Bupa to reduce their own prices. The goal is for more expats to get quality insurance at decent prices.
Aviva is not new to the expat insurance market. Previous attempts (particularly as Norwich Union) were met with little success since there was no strong brand presence to rally support in the market. Expats chose to continue with Bupa because there was no connection and now means to build recognition. The Aviva plan, with its wider range of policy options, is being position to take its rightful place in the expat insurance market.