IPMI (International Private Medical Insurance) provider, Now Health International has confirmed that its investor, the Primary Group, has completed the transaction to acquire Best Doctors Insurance, a major medical insurance provider with distribution throughout Latin America, the Caribbean and Canada.
With its headquarters in Hong Kong, and strategically placed regional offices in Shanghai, Beijing, Singapore and Jakarta, customers in Asia Pacific will benefit from local service and top quality healthcare facilities should they seek treatment both locally and when travelling to the Americas.
The combination of the two businesses, both Bermudan-based, will create one of the largest independent IPMI providers in the world, with 12 sales/service offices, 100,000-plus members, 330-plus staff and more than 5,000 distribution partners.
The combined business aims to deliver top-class service to existing and prospective customers, distributors and providers while minimising business disruption in the process.
Additionally, the business is aiming to deploy a common, bespoke technology platform enabling execution of a full in-house 24-seven customer service offering across multiple languages and currencies.
Further benefits will include a broadened distribution network across Asia, Europe, the Middle East, Africa, Latin America, Canada and the Caribbean, as well as a leveraging an expanded proprietary medical provider network to deliver increasing economies of scale.
Finally, the combined business will supplement the core IPMI product offerings with a range of complementary accident and/or health-related products in the coming months and years.
All told, the business will join the ranks of the top-tier providers of worldwide IPMI solutions, with an ambitious cumulative premium target of US$1billion over the next three years.
“This combination of Now Health and Best Doctors Insurance is a significant milestone in our journey and I’m excited to take our newly enlarged IPMI platform to a whole new level,” said Martin Garcia, CEO, Now Health International. “I’m confident I have one of the strongest and most experienced leadership teams in the industry and together we will continue to deliver great value international health insurance solutions and a high quality, differentiated customer experience.”