Global Medical Insurance: A Breakthrough of AAA Assurance

The story about the world-acclaimed American math professor Papert Seymour’s motorbike accident in Hanoi and emergency air transport to the US on commercial flight of Swiss Air Ambulance for treatment is possibly the first publicly known instance of a global medical insurance product in Vietnam. This is the result of a service introduced to Vietnam by AAA Assurance Corporation.

Seeking a global assurance

According to the Vietnamese Ministry of Health, up to 30,000 Vietnamese people go abroad for medical treatment each year. Major destinations are regional countries like Singapore, Thailand and Australia. Only a few families can afford costly health services in the United States and developed European countries.

Previously, most Vietnamese people were familiar with only health insurance service at hospitals through social insurance policy. When the insurance market was opened up, there were more insurance products such as casualty insurance, personal insurance and beauty insurance. Although each insurance product has its own characteristics, they share the same problems: overloaded hospitals in Vietnam and unpleasant behaviours of insurers and customers.

According to Mr Pham Vinh Thao, General Director of An Giang Real Estate Company, bearing in mind of his illness, plus frequent overseas business trips, he has long sought for a suitable health insurance product. From his personal experiences, Mr Thao said an overseas medical treatment costs at least US$10,000. He was one of the first customers of Global Medical Insurance introduced by AAA Assurance Corporation in Vietnam. Mr Thao said the liability coverage of this insurance package is up to US$8 million and he will enjoy the world-class medical service of the International Medical Group (IMG). With this product, he can visit any of 8,600 hospitals and 16,000,000 medical units throughout the world.

At the introductory date, AAA Assurance sold this high-grade insurance product to 33 customers, including Mr Thao. They are mainly business leaders and well-to-do people. Some of them are contracting diseases while others are completely healthy.

Service is the most important

For insurance policyholders, apart from the liability coverage, the service quality is the first thing they care about. Mr Nguyen Gia Thieu, a businessman in Ho Chi Minh City, who used to live in foreign countries for a long time and is holding an international medical insurance service, said: “I am now seeking a new insurance package to replace my nearly-expired one and to seek a better care.” He is approaching the health insurance package at AAA Assurance because, with this service, he only needs a card to visit any hospital and he will feel rest assured on his health.

According to AAA Assurance Corporation, with this global medical insurance product, customers are provided free health consultations from world-leading doctors. When customers go abroad for medical treatments, they will be guided in any language around the clock. In special cases, the system can carry the patient to the nearest medical unit or to a foreign country in the quickest manner on special air service like the case of Professor Papert Seymour. The customers need to wait only 15 minutes to receive maximum supports from AAA Assurance.

Additionally, the insurer provides more than insurance protection: Bad tracking, lost passport and travel document assistances, prescription drug replacements, drug translation service, embassy and consulate referral, pre-trip health and safety advice, emergency cash transfer to any place in the world, emergency message relay, emergency travel arrangement, etc.

Golden time for high-end products

In terms of insurance premium, Global Medical Insurance has three option plans: gold, silver and platinum, with the highest premium (US$134 a year for children and US$17,565 for the elderly). Ms Do Thi Kim Lien, CEO of AAA Assurance Corporation, said: “We are absolutely confident about the time to launch this product because the living standards of Vietnamese people have been significantly improved. In my opinion, the people begin to think of how they are living, not how long they will live. You can spend your money on an expensive car, high-priced clothes, etc. But, why not use part of such amount to protect your health and your relatives?”

Our target customers are well-to-do families, business leaders, artists, government offices, international schools, crews and global citizens living and working in Vietnam. According to AAA Assurance Corporation’s estimation, some 30 % of Global Medical Insurance clients are foreigners. At present, AAA Assurance is training professional consultants. “Because our target customers are high-income earners, our agents need careful training to work with them successfully,” said Mr Pham Vinh Linh, Sales Director of Global Medical Insurance at AAA Assurance Corp.

With this product, policyholders will be served by 8,600 hospitals and 16,000 medical units with millions of experienced doctors and specialists. In the United States alone, there are 4,700 medical units with 500,000 doctors, accounting for 67 % of hospitals in the country. Hospitals of universities and specialized medical units licensed to transplant human parts will be in the list for your options.

The age to join the global medical insurance plans is also a record in Vietnam, from 14 days of age to 74 years of age. The list of diseases, services and benefits of customers are also unprecedented in Vietnam: Policyholders can choose any famous hospital and doctor in the world, enjoy remote transportation by modern means of transport in case of emergency, political evacuation, return of mortal remains, high-school sports injury, dentals, mental and psychology services, and organ transplants. Even, when they are in a hospital, they will be granted US$100 a month for unemployment.

Ms Do Thi Kim Lien added: “Previously, AAA Assurance introduced such insurance products as motorbike insurance, mobile phone insurance and lady care insurance. The cooperation with IMG to introduce the Global Medical Insurance in Vietnam reaffirms the pioneer of AAA Assurance in making new products to bring the best services to Vietnamese people.”

Vietnam Business Forum would like to introduce comments of experts and clients of AAA Assurance

Mr Pham Vinh Thao, General Director of An Giang Real Estate Company

I also bought the insurance policies for my wife and children because health is the most valuable asset and needs to be looked after. Besides, because IMG undertakes medical diagnosis and treatment, AAA Assurance is the distributor and is responsible for caring and guiding customers. They cannot pass the buck to others.

Mr Do Duc Duc, President of the Board of Directors of Viet Duc Fibre Optic Cable and Parts Production Joint Stock Company in Long An province

Compared with my current insurance policies, the liability coverage of the Global Medical Insurance of AAA Assurance is very high. However, I purchase insurance not only to prevent the highest risk or death, but mainly to prevent mishaps on my way to recovery after medical treatment. Diagnoses and remedies contain many risks.

Ms Nguyen Kim Loan, Director of Social Insurance, An Giang province

Apart from business aspect, I think this is a very humane product because of its global coverage. This global product enables policyholders to choose many prestigious medical units in the world. I also think this is a good time to launch such a high-end product, given strongly growing economic development of Vietnam and improving living standards of the people.

Posted by VBN on Nov 16 2009. Filed under Enterprises. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry