Allianz Partners, the global insurance and assistance provider, has agreed a preferred partnership deal which will see it take on the majority of Aetna International's health insurance portfolio outside the Americas, Thailand, and India.
It said in a statement on 24 May that the migration, include large multinationals, SMEs and private families, has started already.
The agreement was in line with Allianz Partners longer-term vision to become a truly global healthcare provider and demonstrates the company's commitment to, and investment in the fast-evolving global health market and emerging customer segments, it said.
As a result of this agreement, Allianz Partners plans to have an even bigger footprint in Asia Pacific, across Hong Kong, Indonesia, Philippines, Thailand and Vietnam, and in the Middle East and Africa, including Bahrain, Kuwait, Oman and Morocco.
Aetna International selected Allianz Partners for this partnership deal to ensure that its customers could be migrated to a "reliable and well-established international health insurer that can offer a high level of cover and service internationally".
Allianz Partners is also taking on a number of Aetna International employees which it said would help ensure a smooth transition.
"Allianz Partners and Aetna International are working closely together, and with the global broker community, to make the migration as easy and seamless as possible for customers.
"Customers will migrate to Allianz Partners at their policy renewal date and detailed migration plans are in place for the next 12-16 months, as customers will come up for renewal at different times throughout the year.
"Brokers and policyholders will be provided with new, comparable policy terms from Allianz Partners around 6-8 weeks before their renewal date.
"Preparations are already well progressed for the first migrations which will start in July this year.
Allianz Partners said it was keeping things as consistent, simple and straightforward as possible for these new customers, providing a proposition which matches and in some cases offers more to customers than their current cover.
Allianz Partners will offer the same service and flexibility to brokers as Aetna International and also support moratorium underwriting for migrating clients who are already on those terms.
There will also be an enhanced wellbeing offering, at no extra cost, including comprehensive cover for chronic conditions, second medical opinion, oncology case management and a digital health check-up for preventive care.
In line with its approach to serve the needs of different customer segments within this market, Allianz Partners has created a new version of Aetna International's very popular, flexible and competitive Summit product.
Combining the best of Aetna International and Allianz Partners approach to bring an even more attractive product to market for the SME segment. The new Summit product will be available to Aetna International's migrating SME Summit customers, as well as new Allianz Partners customers.
Aetna International policyholders do not need to do anything at this stage, it said. Their existing cover and support services remain in place with a commitment from Aetna International to maintain existing service levels during this time. Policyholders will be contacted in advance of their renewal date, in the run up to their transition to Allianz Partners.
Allianz Partners CEO for Health and member of the Board of Management, Ida Luka-Lognoné said: "We're delighted to be partnering with Aetna International and are very conscious of the trust they've placed in us to look after these customers. Working closely with our broker partners, our focus will be on making the transition to Allianz Partners as simple and convenient as possible for these customers.
"We will also be extending a very warm welcome to the Aetna International staff joining us to continue providing excellent service and support to our customers. This is a fantastic contribution to the transformation and growth story of Allianz Partners and shows our commitment to the global health market and the delivery of our strategic vision."
Richard di Benedetto, President of Aetna International added: "Over the last several years, we have made significant headway towards our mission of transforming the consumer health experience by making healthcare more accessible, affordable and simply better. I am very proud of what our business has achieved and the difference we have made to our customers and to our company. I want to say thank you and acknowledge all my colleagues for their contribution over that period.
"I am very pleased that we are able to work with Allianz Partners to ensure our customers have a smooth transition at policy renewal and cover with comparable benefits. Allianz Partners shares our vision to deliver a customer-first approach to healthcare and health insurance, and I know our partners and customers will be in safe hands with them."
The expanded footprint will also result in significant growth in the Allianz Partners medical provider network, offering customers greater choice and accessibility.
In addition, Allianz Ayudhya has entered into an agreement to acquire 100% of Aetna Thailand, a prominent player in the Thai health insurance market. The acquisition reaffirms Allianz's commitment to further invest and expand its global health insurance business.