KUALA LUMPUR, January 12, 2017: Archipelago Insurance Limited (Archipelago), a homegrown insurance group licensed by the Labuan Financial Services Authority, today announced the launch of their latest fronting products – Aetna PioneerSM and Aetna SummitSM, new global health care products for individuals, families and groups around the world.
Aetna PioneerSM and Aetna SummitSM are innovative new products incorporating the best elements from Aetna’s existing products with new and improved features added to meet client needs. Aetna PioneerSM is aimed at individuals and families with Aetna SummitSM supporting group clients.
Commenting on the uniqueness of the products, Ian Lim Teck Soon, Principal Oﬃcer of Archipelago Insurance Limited said, “The plans combine ﬂexible product features with deep clinical expertise and personalized in-house service to oﬀer a superior experience for our clients wherever they are in the world. Each product is modular in style with four base plan levels available – Aetna PioneerSM/Aetna SummitSM 1750, 2500, 4000 and 5000. Overall annual beneﬁts range from USD1,750,000 to USD5,000,000”. He further added “All plans provide full cover for inpatient treatment, cancer care and emergency medical evacuation as standard. Higher-level plans oﬀer increasingly more beneﬁts including management of chronic conditions; compassionate visits by family members; dental and vision; and outpatient paid in full for Aetna PioneerSM/Aetna SummitSM 5000.”
Derek Goldberg, Managing Director for Southeast Asia at Aetna International, Chief Executive of Aetna Insurance (Singapore), Chief Executive of Aetna Insurance Company Limited Singapore Branch, and president commissioner of Aetna Global Beneﬁts Indonesia, who was also present at the launch said “The rising cost of claims and over-utilization of medical treatment are signiﬁcant challenges for health insurers in the region at present. Coupled with the increased emphasis that regulators are placing on market stability and integrity, insurers will need to look to innovative solutions to build a sustainable future.” In year 2016, Aetna International bagged the New Insurance Product of the Year – Singapore award at the inaugural Insurance Asia Awards. Derek said “We are delighted to have been awarded “New Insurance Product of the Year”. Our goal in designing the Aetna PioneerSM and SummitSM products was to break new ground in the market to better meet our customers’ needs in the Asia Paciﬁc region. This award is evidence that we’re more than on the right track.” With a medical network of over 1 million providers in the USA and 165,000 throughout the rest of the world, Aetna International members – depending on their plan type and level – can access a range of beneﬁts created to support their personal health and wellness goals:
• A Healthy Behaviours premium discount for individuals up to a maximum of 25% oﬀ of premiums;
• Country risk information and personal safety protection from specialist crisis management company, red24;
• An Employee Assistance Programme with telephone counselling support and other beneﬁts, for members on company sponsored plans; and
• Access to a secure member website and mobile app.
Incorporated in March 2013, Archipelago Insurance Limited (Archipelago) is a homegrown Labuan based company that focuses on the ASEAN region. Born out of The Archipelago Group which has wide experience as a niche insurance provider, Archipelago’s strength is in creating customized insurance products designed to meet changing market trends and client sophistication. Despite being a new insurance brand name, Archipelago generally does not compete with established insurance companies into the same market. Its oﬀshore positioning allows access to global range of ﬁnancial solutions, allowing them to provide alternative and unique products which are diﬀerent from domestic regulated options. Besides Malaysia and Singapore as its key markets, Archipelago has since established business links with clients through local broker platforms in Indonesia, Thailand, Philippines, Cambodia and Vietnam.
In the next ﬁve years, Archipelago’s goal is to enhance its capital base in order to support regional partners, investing and venturing into unorthodox paths. Building on its foundations of sound risk management, Archipelago continues to grow by ingeniously limiting the downside tempered with the universally accepted value of doing the right thing. Archipelago stands by its tagline of Same Traditions, Strong Values as it looks forward to an exciting time for the insurance industry by bringing in their responsive and ﬂexible products.
Aetna International is one of the largest and most prominent international health beneﬁts providers, supporting nearly 700,000 members worldwide. We provide health care insurance, access to primary care and wellness solutions to globally mobile and high net worth populations seeking healthcare outside their normal country of residence. We also oﬀer customised technological and health management solutions for health care systems, government entities and large employers to improve people’s health, enhance quality of care and contain costs. As part of Aetna, one of the largest health care beneﬁts companies in the U.S., Aetna International beneﬁts from the heritage of more than 160 years of expertise.