Memorandum of Understanding (MOU) Will Increase China-based customers' Access to High-End international medical Insurance
Will Launch partnership one of China's MOST Benefit-rich international Healthcare Products with a pan-China license, targeting High net worth Individuals and expatriates
HONG KONG, November 16, 2011 - Now Health International ("Now Health"), www.now-health.com, the Innovative Provider international Private medical Insurance, and Property and Casualty Insurance Company Minan Today Signed a Memorandum of Understanding (MOU) for cooperation in sales and distribution of international medical insurance to China-based consumers.
The partnership will launch one of China's most benefit-rich international healthcare products, with a pan-China license. Customers will gain access to much sought-after private clinics and private hospital wards in China, as well as access to treatment anywhere in the world , fast customer service and a quick, simple claims process.
Wang Xin Li, Chairman and General Manager, Minan Property and Casualty Insurance Company, said, "As an established and leading provider of property and casualty insurance products with nationwide distribution to individuals, families, businesses and groups in China, Minan is well placed to roll out new and innovative products such as the Now Health's WorldCare to China-based customers. "
"Minan is striving to become the premier international medical insurance provider in China. Now Health's set of differentiating service elements will help us to build stronger relationships with our customers and to open up new business opportunities across the country."
"Medical costs in China and Hong Kong are the highest in the world after the United States. Yet international medical insurance is hugely lacking in China, where local general medical policies do not cover treatment outside the Mainland, making them unappealing to both Chinese customers who travel internationally and expatriates stationed in China, "said Martin Garcia, CEO, Now Health International.
"With today's MOU signed, Now Health looks forward to addressing this gap. We will collaborate with Minan to deliver high-end benefit-rich product and innovative customer experience in China via a set of six service promises and a state-of-the- art website which provides instant access to plan documents and claims tracking information for customers. "
The WorldCare product - issued by Minan, fully managed and backed by Now Health and a leading global reinsurer - is expected to launch in the first quarter of 2012 in China Customised to reflect local market requirements, the policy will target expatriates, high net worth. individuals (HNWI) and frequent business travellers in China, starting in Shanghai, Beijing and Guangzhou and targeting further cities and regions thereafter.
Headquartered in Hong Kong, Now Health has offices around the world including Dubai and the United Kingdom. Minan is headquartered in Shenzhen with offices in key cities in China such as Hong Kong, Beijing, Shanghai, Sichuan and Tianjin.