Goodhealth bolster Chinese health insurance market

Shanghai (Courtesy of the China National Tourism Office)

Goodhealth Worldwide has launched its first expat Healthcare product in China in a partnership with China Life Insurance Company Limited

The China Life Goodhealth International Healthcare Plan (IHP) is the first international Healthcare product with a pan-China license. The allows companies to provide protection for their staff no matter whereabouts in the country they are based – hopefully proving to revolutionise the market as, up until now, companies have been restricted to purchasing from providers in the same region

Issued by China Life, the IHP is fully managed and backed by Goodhealth through its newly opened Shanghai base, alongside its other global offices.

Martin Garcia, managing director of Goodhealth Worldwide commented: “We are delighted to be breaking new ground by entering the market with a pan-China product which has huge advantages for the corporate expatriate community.

“We have worked very hard with China Life both in designing an immensely competitive product for multinational companies based anywhere in the country and in carrying through the localisation process to ensure we meet all the regulatory requirements. The result is just the beginning of a partnership which will allow us to penetrate the whole China market and benefit from its vast potential for business growth.”

The IHP will initially be available only to groups and corporate clients operating within the expatriate community, however there are well-developed plans for further expansion which will include policies for individual expats as well as Chinese nationals.

IHP policyholders will gain the benefit of access to much-sought-after private clinics and private hospital wards in China and throughout the world, as well as the policy’s worldwide health Insurance benefits.

Goodhealth’s unique direct settlement network also gives companies improved control over their Healthcare claims budgeting. And, because it is issued locally and the settlement currency is RMB, there is no need for any international premium remittance, which will help streamline clients’ internal administration issues. The plan also allows overseas companies trading in China the tax advantage of deducting health Insurance premiums from expenses.

Mr. Wang Xu, deputy general manager of China Life’s health Insurance department said: “Following the launch of the IHP with Goodhealth we are committed to continuous new product development to meet the dynamic market needs in China. We expect to announce a US dollar version of the policy later in the year.”

Garcia concluded: “By offering one of the first global Healthcare Insurance solutions to expatriate corporates throughout China we are signalling our joint ambition to lead the way in this market. As the largest life Insurance company in China with a market share around 45 per cent, China Life is the perfect partner for our planned expansion within both the expatriate and Chinese business markets.”