Efes Insurance launches two health insurance products in Armenia
31.05.2024,
15:26
Efes Insurance CJSC announced the launch of two new health insurance products in Armenia starting 1 July.
YEREVAN, May 31. /ARKA/. Efes Insurance CJSC announced the launch of two new health insurance products in Armenia starting 1 July.
“Efes Insurance Company provides all types of insurance operating in Armenia, but we want to introduce the long-term experience and knowledge of our team for the benefit of the people and to ensure the availability of international types of insurance,” Arevshat Meliksetyan, General Executive Director of Efes CJSC said at a press conference on Friday.
Cancer insurance
According to Meliksetyan, a new product (Oncocare with Medical Second Opinion - MSO) was developed together with the international reinsurance company Swiss Re and the American company Mediguide, specializing in providing second medical opinions. He explained that the product provides financial compensation in the event of a cancer diagnosis, and also provides a second professional medical opinion on the prescribed treatment, diagnosis or examination results.
“If at the time of concluding the insurance contract the policyholder does not have a diagnosis of cancer, but if such a diagnosis is made for the first time after six months (there is no waiting period for subsequent years), they receive 4 to 25 million drams (€10-60 thousand). The monthly insurance premiums start from 2,900 drams,” he said.
According to Meliksetyan, it is planned that this product will be available to the general public.
“The most important component is the availability of a second medical opinion, which is provided jointly with the American company Mediguide through an online platform. A second opinion can be obtained within 10 days,” he explained.
At the same time, the general executive director of Efes noted that this product has been used in neighboring Georgia for about two years.
“In 85-90%, either the diagnosis or treatment changes, or the need for surgery disappears,” he said.
International Health insurance package
Speaking about the second product, Meliksetyan said that the Efes insurance company, together with the German insurance company Allianz, is presenting a package of international health insurance at a new level.
“If an Armenian citizen wants to purchase any European insurance, but cannot do so due to lack of availability or legal paperwork, then Allianz has given us the signing authority so that we can provide this product together with them for 100% reinsurance,” he said.
Meliksetyan explained that coverage is provided almost everywhere in the world except North America for virtually all areas of health care, from annual physicals to cancer treatment. The coverage limit is about €2 million, the cost is monthly from $120-130 (47,000 drams). There are also family packages with a discount system.
The importance of reinsurance companies
Meliksetyan, answering a question from the ARKA agency, said that one of the important factors in cooperation with reinsurance companies is the protection of capital.
“Reinsurers balance large losses across time and space,” he explained.
In addition, according to the head of Efes, insurers learn methodology, gain access to extensive international experience and try to bring this experience, knowledge and culture to Armenia.
Bringing Armenia closer to European standard of life
Efes Chairman of the Board Giorgio Callegari noted that the Armenian market has extremely important traits for any investor, such as possible growth potential, the quality of human capital, and the presence and high quality of supervisory authorities.
“I believe our recent agreements bring Armenia closer to the European standard of life,” he said.
Callegari said it is no coincidence that the new products include precisely these types of insurance.
“This means understanding the people the company wants to provide services to, means doing it well and efficiently, and, accordingly, contributing to the development of the country, which should be the goal of any insurance company,” he said.
Institutional investors is a factor of stability and development
Deputy Chairman of the Central Bank of Armenia Armen Nurbekyan noted that the presence of institutional investors is very important for the regulator.
He welcomed the formation of two new products of the Efes company, especially taking into account the fact that its two partners, Swiss Re and Allianz, are major international organizations.
“We, as a regulator, believe that this is one of the most important factors of stability and development,” he said, adding that it is important for the regulator that the insurance market of Armenia does not remain in a vacuum, but develops through cooperation with international companies.
Nurbekyan also stressed that Armenia has accumulated enormous potential in the field of health insurance.
“Our companies have a lot of work to do to increase the availability of new products to the general public. I am absolutely confident that this is possible,” he said.
Georgia’s experience
Speaking about why Georgia's model was taken as a basis, the General Executive Director of Efes noted that during cooperation with Swiss Re, when they compared the list and frequency of diseases common in Armenia, it became clear that the behavior of the residents is quite close to Georgia.
“We are similar in many ways. In addition, Georgia has successful experience that can be applied in Armenia,” Meliksetyan explained.
As noted by the Chairman of the Association of Georgian Insurers, Devi Khechinashvili, leading insurance companies in the Georgian market provide similar services, which are in great demand, especially among young people.
“Given that our peoples have a like-minded mentality, I am confident that the program will be successful in Armenia as well,” he said.
Efes Insurance
The Efes insurance company received a license on 25 July 2023 for non-life insurance and reinsurance. The authorized capital is 2.5 billion drams. In the first quarter of 2024, the company collected insurance premiums in the amount of more than 5 billion drams, which is 23% of the total insurance market in Armenia or 44% of the voluntary insurance market. The company operates under the slogan “You are the priority” and values individual services for each client. ($1 – 388.32 dram).
“Efes Insurance Company provides all types of insurance operating in Armenia, but we want to introduce the long-term experience and knowledge of our team for the benefit of the people and to ensure the availability of international types of insurance,” Arevshat Meliksetyan, General Executive Director of Efes CJSC said at a press conference on Friday.
Cancer insurance
According to Meliksetyan, a new product (Oncocare with Medical Second Opinion - MSO) was developed together with the international reinsurance company Swiss Re and the American company Mediguide, specializing in providing second medical opinions. He explained that the product provides financial compensation in the event of a cancer diagnosis, and also provides a second professional medical opinion on the prescribed treatment, diagnosis or examination results.
“If at the time of concluding the insurance contract the policyholder does not have a diagnosis of cancer, but if such a diagnosis is made for the first time after six months (there is no waiting period for subsequent years), they receive 4 to 25 million drams (€10-60 thousand). The monthly insurance premiums start from 2,900 drams,” he said.
According to Meliksetyan, it is planned that this product will be available to the general public.
“The most important component is the availability of a second medical opinion, which is provided jointly with the American company Mediguide through an online platform. A second opinion can be obtained within 10 days,” he explained.
At the same time, the general executive director of Efes noted that this product has been used in neighboring Georgia for about two years.
“In 85-90%, either the diagnosis or treatment changes, or the need for surgery disappears,” he said.
International Health insurance package
Speaking about the second product, Meliksetyan said that the Efes insurance company, together with the German insurance company Allianz, is presenting a package of international health insurance at a new level.
“If an Armenian citizen wants to purchase any European insurance, but cannot do so due to lack of availability or legal paperwork, then Allianz has given us the signing authority so that we can provide this product together with them for 100% reinsurance,” he said.
Meliksetyan explained that coverage is provided almost everywhere in the world except North America for virtually all areas of health care, from annual physicals to cancer treatment. The coverage limit is about €2 million, the cost is monthly from $120-130 (47,000 drams). There are also family packages with a discount system.
The importance of reinsurance companies
Meliksetyan, answering a question from the ARKA agency, said that one of the important factors in cooperation with reinsurance companies is the protection of capital.
“Reinsurers balance large losses across time and space,” he explained.
In addition, according to the head of Efes, insurers learn methodology, gain access to extensive international experience and try to bring this experience, knowledge and culture to Armenia.
Bringing Armenia closer to European standard of life
Efes Chairman of the Board Giorgio Callegari noted that the Armenian market has extremely important traits for any investor, such as possible growth potential, the quality of human capital, and the presence and high quality of supervisory authorities.
“I believe our recent agreements bring Armenia closer to the European standard of life,” he said.
Callegari said it is no coincidence that the new products include precisely these types of insurance.
“This means understanding the people the company wants to provide services to, means doing it well and efficiently, and, accordingly, contributing to the development of the country, which should be the goal of any insurance company,” he said.
Institutional investors is a factor of stability and development
Deputy Chairman of the Central Bank of Armenia Armen Nurbekyan noted that the presence of institutional investors is very important for the regulator.
He welcomed the formation of two new products of the Efes company, especially taking into account the fact that its two partners, Swiss Re and Allianz, are major international organizations.
“We, as a regulator, believe that this is one of the most important factors of stability and development,” he said, adding that it is important for the regulator that the insurance market of Armenia does not remain in a vacuum, but develops through cooperation with international companies.
Nurbekyan also stressed that Armenia has accumulated enormous potential in the field of health insurance.
“Our companies have a lot of work to do to increase the availability of new products to the general public. I am absolutely confident that this is possible,” he said.
Georgia’s experience
Speaking about why Georgia's model was taken as a basis, the General Executive Director of Efes noted that during cooperation with Swiss Re, when they compared the list and frequency of diseases common in Armenia, it became clear that the behavior of the residents is quite close to Georgia.
“We are similar in many ways. In addition, Georgia has successful experience that can be applied in Armenia,” Meliksetyan explained.
As noted by the Chairman of the Association of Georgian Insurers, Devi Khechinashvili, leading insurance companies in the Georgian market provide similar services, which are in great demand, especially among young people.
“Given that our peoples have a like-minded mentality, I am confident that the program will be successful in Armenia as well,” he said.
Efes Insurance
The Efes insurance company received a license on 25 July 2023 for non-life insurance and reinsurance. The authorized capital is 2.5 billion drams. In the first quarter of 2024, the company collected insurance premiums in the amount of more than 5 billion drams, which is 23% of the total insurance market in Armenia or 44% of the voluntary insurance market. The company operates under the slogan “You are the priority” and values individual services for each client. ($1 – 388.32 dram).
