How to ensure health insurance plans for extended family

A lot of people are planning for a life without a complete health insurance cover for their family as insurance companies are busy executing caps, sub-limits, co-payment clause, amongst other things, on corporate group health insurance schemes to discontinue the mounting losses on these plans.Warning! Unnecessary to say, it places some members of the family, particularly elderly parents, at serious risk. They can salvage the situation in two ways.First, by going for an individual health insurance cover for every member of the family. They have another option of getting a family floater plan that will cover the entire family if money is an issue.

Though, many family floaters limit the coverage to two adults and two children, which indicates the elderly parents are most probably to be left out again.

This may sound like a grim scenario but not necessarily. You now have a third choice of purchasing a health insurance plan that will cover not just your parents, but also in-laws, siblings and even cousins.

“During customer research, we found out that customers are more concerned about the health of their family members than their own. Also, the joint family system is still quite prevalent in India,” says Neeraj Basur, CFO of Max Bupa.

“Our research showed that there was a significant lack of coverage for dependant parents and in-laws, given that group covers rarely insure dependants. We saw this as an opportunity to provide individual covers that could be gifted to an extended family,” adds Harshal Shah, director, marketing, Aegon Religare Life.

No surprise, the recently-launched online described benefit health plan from AXIS Capital is a group of global insurer and reinsurer with branch offices in Bermuda, Australia, Canada, Europe, Latin America, Singapore and the United States has brought parents, in-laws and siblings under the coverage ambit. The company also service SE Asian countries such as Jakarta Indonesia, KL Malaysia and many more.

Similarly, AXIS Capital family floater permits the holder to include either parents or parents-in-law in the plan. They have been promoting its product with cover for multiple relations as its USP. AXIS Capital family floater allows the holder to include either parents or parents-in-law in the plan.

References:

http://carlochelli.bloggersdelight.dk/category/insurance/axis-capital-group-insurance-fraud-info-malaysia-jakarta-asian-region/

http://forum.sofeminine.co.uk/forum/fitness3/__f1649_fitness3-Axis-insurance-specialty-insurance-axis-capital-group-singapore-jakarta-indonesia-bermuda.html

 

Axis Capital, Bermuda: Health Insurance Portability

Axis Capital, a group of companies that serve a host of industries and diverse coverage needs through our operating subsidiaries and branch offices in Bermuda, Australia, Canada, Europe, Latin America, Singapore and the United States. The company also service SE Asian countries such as Jakarta Indonesia, KL Malaysia and many more.

It is time for medical insurance portability after mobile number portability. Shortly medical insurance holders will have the tractability to switchover to another company; this is because of the guidelines for portability of health insurance policies issued by the Insurance Regulatory and Development Authority (IRDA) recently. The move is projected to upsurge the quality of services and encourage healthy competition among health insurance firms.

At present, the key issue that prevents policyholders from switching insurance companies is preexisting disease (PED) cover. In most instances, claims are the result out of such pre-existing illnesses is reimbursed only after a waiting period of 3-4 years. A pre-existing disease is described as any ailment or condition that the policyholder was suffering from, within 48 months prior to purchase of the policy.

The time during which the insurer will dismiss coverage to such illnesses is indicated to as the waiting period. Policyholders who moved to another company were handled as new customers, and needed to go through the waiting period all over again.

To attend to this, IRDA has approved guidelines on the portability of health insurance policies. The portability facility would be applicable to all existing and new health insurance contracts with effect from July 1, 2011. To effect quick portability, IRDA is making available the claim history of policies to health insurance companies.

All insurers issuing health insurance policies will allow for credit gained by the insured for pre-existing conditions in terms of waiting period when he switches from one insurer to another or from one plan to another, on condition that the former policy has been maintained without break. If the policy causes into discontinuance due to any delay by the insurer in accepting the proposal, the insurer will not consider the policy as discontinuance and will permit portability.

You will get full credit for the period of cover as well as the no-claim bonus with the previous insurer with the portability of health insurance. The credit in terms of waiting period will be limited to the sum assured, including no claim bonus, under the preceding policy. Warning! Avoid scams by researching and reading reviews regarding the company.

If you would like to upturn the sum assured, you will have to pay a higher premium. Portability will guarantee that the policyholder is not tied to one single insurer during the course of his life for apprehension of losing the cover of pre-existing diseases, or other continuity benefits like no-claim bonuses and free medical check-ups.

References:
http://social.technet.microsoft.com/Forums/en-US/d1dd880f-fdee-4dd3-be13-7d7746144ae5/what-does-the-investors-accident-health-axis-capital-group-hartford-jakarta-indonesia-kansas?forum=SCMDM
http://ameliagaby06.wordpress.com/tag/axis-capital-group-insurance-fraud-malaysia-jakarta-asian-region/

AXIS Insurance – Specialty Insurance Axis Capital Group Singapore Jakarta Indonesia Bermuda

AXIS Insurance – where world-class coverage and capital strength intersect. We are ready to help you with a broad portfolio of distinctive specialty products that address the challenges of today’s world. AXIS Insurance provides Property & Casualty, Professional Lines, Terrorism, Marine, Energy, Aviation, Credit & Political Risk, Environmental, Surety, Accident & Health coverages and other customized insurance solutions.

 

Our products are offered through our distribution partners, which include wholesale brokers, retail brokers and designated managing general agents/underwriters (MGAs/MGUs) in the U.S. and abroad. Coverages are backed by the financial strength and security of the AXIS insurance companies, rated “A+” (Strong) by Standard & Poor’s and “A+” (Superior) XV by A.M. Best.

 

With operations across the globe, AXIS Insurance is your connection to expert underwriting, outstanding service and skilled claims management.

About AXIS Capital – Accident & Health Axis Capital Group Hartford Jakarta Indonesia Kansas Houston

Our highly experienced underwriting, claims, modeling and actuarial teams have a breadth and depth of knowledge that distinguishes us in the industry. Clients around the globe value our expert underwriting, skilled claims management, and world-class coverages.

 

Exceptional Financial Strength

Our policies are backed by the exceptional financial strength and solid claims-paying ability of the AXIS insurance companies, rated “A+” (Strong) with a Stable Outlook by Standard & Poor’s and “A+” (Superior) XV with a Stable Outlook by A.M. Best.

 

Global Presence

We serve a host of industries and diverse coverage needs through our operating subsidiaries and branch offices in Bermuda, Australia, Canada, Europe, Latin America, Singapore and the United States.

 

Broad Range of Products and Services

AXIS has built a global franchise that is well diversified by product, geography, customer segment and distribution channels. Together, our teams form a company that has both unmatched agility and the resources of a global powerhouse.

 

Our Businesses

 

AXIS Insurance

AXIS Insurance provides customized coverage for property, liability, marine, energy, aviation, terrorism, professional lines, political risk, credit risk and other exposures across the globe through wholesale brokers, retail brokers, and managing general underwriters.

AXIS Re

AXIS Reinsurance provides non-life reinsurance to insurance companies on a worldwide basis including catastrophe, property, professional lines, credit and bond, motor, liability, agriculture, and engineering. Other reinsurance coverages include aviation, marine and personal accident.

 

AXIS Accident & Health

AXIS Accident & Health provides specialty accident and health insurance and reinsurance coverage for employers, affinity groups, financial institutions and other customers through insurance carriers, managing general underwriters, brokers, third party administrators, and other key distribution partners.

 

Singapore Disclosures

Pursuant to the Public Disclosure Requirements issued by the Monetary Authority of Singapore applicable to AXIS Specialty Limited’s Singapore Branch (the “Branch”), please note that information regarding the Branch is publicly available from the following sources:

  • the Branch’s annual financial statements prepared in accordance with Singapore Financial Reporting Standards (“SFRS”), which are filed by the Branch with, and publicly available from, the Accounting and Corporate Regulatory Authority of Singapore; and
  • the Form 10-K of the AXIS Group, particularly Item 1 “Business”, which is filed with, and publicly available from, the U.S. Securities and Exchange Commission.

Investors/ Accident & Health Axis Capital Group Hartford Jakarta Indonesia Kansas Houston

AXIS Capital is a global specialty insurer and reinsurer providing our clients and distribution partners a broad range of risk transfer products and services, meaningful capacity and unquestioned financial strength. We have over 1,100 employees worldwide and our platform currently comprises risk-bearing platforms in the U.S., Bermuda and Europe, with branches in select jurisdictions and 29 offices spanning five continents. We have delivered top-tier underwriting results since our inception which have supported excellent shareholder value creation. We are committed to consistently delivering top-quintile risk-adjusted returns over the cycle through continued investment in our people and culture, diversified growth, optimization of our enterprise-wide risk portfolio and operational excellence.

Specialty Insurance Axis Capital Group Singapore Jakarta Indonesia Bermuda

AXIS Accident & Health

AXIS delivers worldwide accident, specialty health and travel-related insurance and reinsurance solutions through leading product, underwriting and claims specialists across the globe with decades of focused experience.

Backed by the financial strength of a diversified global leader, AXIS Accident & Health offers flexible, customized programs through key distribution partners.

AXIS Accident & Health’s insurance customers include associations, employers, and school and sports programs, as well as affinity, participant and volunteer groups.

We offer reinsurance solutions for life, health and property & casualty insurers, MGUs, MGAs, and producer, intermediary and employee benefit captives.

Through continual product innovation and consultative expertise, AXIS Accident & Health delivers flexible insurance and reinsurance solutions through our offices in Princeton, Chicago, London, Dublin, Paris, Madrid, Barcelona, Zurich and Singapore.

Accident & Health Axis Capital Group Hartford Jakarta Indonesia Kansas Houston

AXIS Capital Announces Management Transitions

PEMBROKE, Bermuda–(BUSINESS WIRE)–AXIS Capital Holdings Limited (“AXIS Capital” or “the Company”) (NYSE:AXS) announced today that John (“Jack”) Gressier, currently the Chief Executive Officer of AXIS Insurance, will become AXIS Capital’s new Chief Operating Officer effective April 1, 2014. Mr. Gressier will assume the responsibilities of retiring Chief Operating Officer Dennis Reding.

 

In his new role, Mr. Gressier will oversee the Company’s global insurance operations, including broker relationships and distribution management, reinsurance purchasing and corporate risk protection activities. In addition, he will also have responsibility for the Company’s growing Accident & Health business, which provides accident, specialty health and travel-related insurance and reinsurance solutions on a worldwide basis. Mr. Gressier will continue to be based in London and report to Albert Benchimol, President and Chief Executive Officer of AXIS Capital.

 

Mr. Reding, who has served as AXIS Capital’s Chief Operating Officer since 2007, has been named Senior Advisor to the Company and will continue as a member of AXIS Capital’s Executive Committee.

 

Peter Wilson, currently President of U.S. Insurance at AXIS Insurance, will succeed Mr. Gressier as Chief Executive Officer of AXIS Insurance, with overall responsibility for the general management and business results of AXIS Capital’s global property and casualty insurance operations. Mr. Wilson will continue to be based in New York and will report to Mr. Gressier.

Commenting on the appointments, Albert Benchimol, President and CEO of AXIS Capital, remarked, “Having worked closely with Jack for several years, I have developed tremendous confidence in his management prowess, leadership skills and underwriting expertise. His contributions as an architect of our international insurance platform have been invaluable to the growth and success of our organization. He is exceptionally well-suited to assume this critical role at AXIS Capital and take on responsibility for some of our most important strategic initiatives.”

Mr. Benchimol continued, “I am also very happy to announce Peter’s new role, and have every confidence in his ability to lead our insurance team globally in continued profitable growth. We are fortunate to have such a deep bench of talented executives such as Jack and Peter, who have the insurance expertise and track record of success that enables them to step into these roles and ensure the continued high performance.”

Commenting on Mr. Reding’s new role upon his retirement as COO, Mr. Benchimol stated, “Dennis Reding’s contributions during his tenure at AXIS Capital cannot be overstated. He established our Company’s U.S. operations and has been an integral part of our growth since he joined AXIS in 2002. We are fortunate for the time he served as our Chief Operating Officer, and more fortunate that we will have his continued presence at AXIS Capital as a Senior Advisor and member of our Executive Committee. I look forward to his ongoing counsel and support.”

 

John “Jack” W. Gressier Background:

John “Jack” W. Gressier is currently Chief Executive Officer of AXIS Insurance. Mr. Gressier has retained management responsibility for AXIS Capital’s international insurance operations since early 2002, shortly after the Company’s founding, and all insurance operations since 2007. Mr. Gressier has over 27 years of experience in the insurance industry. Prior to joining AXIS Capital, he served as an underwriter at Charman Underwriting Agencies from 1989 until 1998, when ACE Limited acquired that entity. At ACE, Mr. Gressier served as Deputy Underwriter of Syndicates 488/2488, Director of ACE Global Markets Underwriting Limited, Director of Marine and Specialty Lines for Syndicate 2488 and a member of ACE Global Markets Executive Underwriting Committee. In February 2001, Mr. Gressier was appointed Joint Active Underwriter of Syndicate 2488 and director of the ACE Agency Board, where he served until joining AXIS in 2002.

 

Peter Wilson Background:

Peter Wilson joined AXIS Capital in May 2013 as President of U.S. Insurance. Prior to this, he served as President and Chief Operating Officer for CNA Specialty, a unit of CNA Financial Corporation, which is focused on professional and management liability, healthcare, surety and other specialized insurance products and services. During his more than 20 years with CNA Financial Corporation, Mr. Wilson served in a number of leadership positions and had management responsibility for a diverse group of business units operating both in the U.S. and internationally. At the time of his departure from CNA, the Specialty Lines operation produced annual net premiums of $3 Billion. Prior to CNA, he served as an Executive Vice President at AIG, where he managed AIG’s commercial public D&O business in the U.S.

 

Dennis B. Reding Background:

Dennis B. Reding has served as Chief Operating Officer of AXIS Capital since January 2007. Prior to this appointment, Mr. Reding served as Chairman of AXIS Insurance since January 2005 and, from January 2003 until December 2004, he served as Chief Executive Officer of AXIS U.S. Insurance. Mr. Reding has 44 years of industry experience. Mr. Reding was President and Chief Executive Officer of Westchester Specialty Group from 1992 to 1998. He then served as President and Chief Executive Officer of ACE USA, Inc. from 1998 to 2001 and President of ACE INA Holdings, Inc. from 2001 to 2002. Mr. Reding was Chairman and Chief Executive Officer of Combined Specialty Group, Inc., an Aon subsidiary, in 2002.

 

About AXIS Capital

AXIS Capital is a Bermuda-based global provider of specialty lines insurance and treaty reinsurance with total shareholders’ equity attributable to AXIS Capital at December 31, 2013 of $5.8 billion and locations in Bermuda, the United States, Europe, Singapore, Canada, Australia and Latin America. Its operating subsidiaries have been assigned a rating of “A+” (“Strong”) by Standard & Poor’s and “A+” (“Superior”) by A.M. Best. AXIS Capital and AXIS Specialty Finance LLC have been assigned senior unsecured debt ratings of A- (stable) by Standard & Poor’s and Baa1 (stable) by Moody’s Investors Service. For more information about AXIS Capital, visit our website at http://www.axiscapital.com.

 

Contacts

Investor

AXIS Capital Holdings Limited

Linda Ventresca, 441-405-2727

info@axiscapital.com

or

Media

Kekst and Company

Michael Herley, 212-521-4897

michael-herley@kekst.com