Insurer granted license to offer individuals and employers health benefits.
Global diversified health care benefits leader, Aetna, has announced its latest insurance industry news, that it has now received the license required to begin selling health coverage in Singapore.
The insurer will now be selling these plans to both individuals and groups in the city-state.
According to the managing director for Southeast Asia at Aetna International, Derek Goldberg, “We’re very pleased to offer our insurance products in Singapore.” He explained that “Singapore is a very attractive market for Aetna. It has a vibrant, growing economy and a large number of expatriates and local residents who may need global or regional health care coverage.”
Furthermore, Singapore is an ideal hub from which to grow further Southeast Asian business, said Goldberg.
Once Aetna had received the necessary licensing, its first step was to introduce its International Healthcare Plan (IHP), which is its flagship product, into the Singapore marketplace. The IHP is a form of comprehensive health benefit plan that is geared mostly toward consumers who either live outside their country of origin, or travel outside of it on a regular basis. Furthermore, Aetna has released their new Healthy Aessentials product in Singapore, which is brand new and was launched there, ahead of the worldwide roll-out that has been scheduled for the plan.
The new product is meant for people who are looking for regional coverage.
It was created as a policy that fills a gap that currently exists between the higher-end worldwide plans, such as IHP, and the existing local plans that are available in Singapore.
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The Asia Pacific region general manager at Aetna, Michael Elliot, explained that the entry of his company into this marketplace shows that it is committed to growing their business within the Southeast Asian region. He stated that the insurer is seeking to become a global leader in providing individuals with the ability to live their lives in a healthier way.
He added that this latest insurance industry news is only the most recent in the 158 year history of the company, and that this background and experience in global leadership of the healthcare sector proves that they have a great deal to offer the marketplaces in that part of the world.