16 December 2015

Global Insurance and Pacific Cross Insurance PCL, a strong partnership

PACIFIC CROSS Health Insurance, our major partner for medical insurance in Thailand, is forging ahead with its efforts to penetrate the Asean market.

It says its financial health is strong, with a capital adequacy ratio of nearly 240 per cent in the third quarter of this year, and it targets gross premium income of Bt1 billion within five years.

Given worries about serious diseases and rising healthcare expenses, more people are buying health insurance, so this market is expanding rapidly.

With its deep experience in health insurance for more than 45 years, Pacific Cross and its forebears have been doing business in Thailand and neighbouring countries consistently.

Under the name Blue Cross Thailand, the company began offering health insurance in here in 1980. Bupa acquired its entire business that year.

In 2001, the company returned to Thailand as a management service provider, Made-Sure Services Co, managing travel and health insurance for Nam Sin Insurance and LMG Insurance customers.

After the company's acquisition of Borirak Insurance in 2013, the Pacific Cross Health Insurance brand arrived in Thailand in September last year.

Tom Thomson, chief executive officer at Pacific Cross Health Insurance, said in an interview that the company had set out a business plan for the next five years (2016-2020), targeting growth in gross premium income of 40 per cent per year to reach Bt1 billion.

Pacific Cross has opened an online system, to connect with 344 hospitals nationwide. Customers can easily check their insurance rights and protection limits through the website.

"This year, the company targets total gross premiums of Bt280 million. In the previous 11 months, it booked Bt240 million in total gross premiums. The renewal rate is 80 per cent and claim rate is 60 per cent. It's satisfactory," he said.

Health insurance is new to Thais and it is necessary to educate them about policies, and how they offer healthcare flexibility without a heavy financial burden.

The company has offices in Thailand, Hong Kong, the Philippines, Vietnam, Indonesia and Cambodia. Next year, it will expand into Myanmar, planning to cooperate with Myanmar Insurance through reinsurance. Pacific Cross is in the process of planning this business. It believes that Myanmar is the most attractive for investment now as purchasing power is rising.

He said the company's products stand out with the most comprehensive packages in the market. The company provides protection of up to Bt50 million per disease. Protection is provided 24 hours a day across the world. One of its strengths is lifetime policy renewal. Customers who suffer a health emergency while travelling abroad can find hospitals in the company's network worldwide.



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