Posted on Dec 24, 2014 by Alex Nellist
At the end of 2013 Aetna insurance announced their purchase of InterGlobal and their agreement to move forward together as part of an international expansion strategy. Aetna is a health care benefits company with about 44 million members worldwide, and the third largest company of its kind in the United States. InterGlobal is a specialized insurer focusing solely on the International Private Medical Insurance market, with its flagship range of products ‘UltraCare’. The acquisition will complement Aetna’s presence in the international individual and families market, thanks to its health management solutions and global direct-settlement network of over 100,000 health care providers. Founded in 1987, InterGlobal has been the source of speculation regarding its possible take-over for a number of years.
Throughout 2014 there were no drastic changes made to the operation of either companies, both continued to be run independently of each other with no specific alterations to products, services or administration on claims.
InterGlobal’s plan for 2015 is to initiate a re-brand, positioning themselves as an ‘Aetna Company’, and Pacific Prime anticipates a positive impact on brand recognition among customers particularly in Asia. InterGlobal operates several offices throughout Asia; Singapore, Thailand, Vietnam and Japan among others, with the regional head office in Singapore since the last few months of 2014.
Both companies now operate in the same location working on products to be launched in 2015. The communal premise has enhanced the infrastructure, and cooperation has seen a sharing of assets including network of providers, IT systems, broker and producer online E-tools etc.
Since InterGlobal and Aetna both had licensing and trading names in Singapore, the new structure combining both companies will operate under the trading name of ‘Aetna Insurance Company (Singapore Branch)’ locally in Singapore. All the new product brochures and marketing documentation reflects the change.
Pacific Prime has been a Top Producer for both companies in the past 10 years and welcomes the move and strengthening of what will remain a major partner for the company. “InterGlobal’s knowledge on the individual and family market, coupled with Aetna’s financial strength and powerful brand can lead to better servicing for our existing and future clients”, says a spokesman for Pacific Prime Singapore. 2015 promises many challenges ahead for the new Aetna Insurance Company, particularly so with the rising costs for medical treatments globally.