Banking
Health insurance innovations from AAI
View(s):As ‘the benchmark provider of quality financial solutions’, Asian Alliance Insurance (AAI) has proved itself to be a trail-blazer in introducing pioneering insurance solutions in the country. Once again, in pursuit of this pioneering vision and with the backing of its parent company, the Softlogic Group, Asian Alliance made a strategic entry in the area of medical insurance with the ‘Asiri Alliance Medical’ range of health care products. Further augmenting the product line, AAI has now introduced an easy payment scheme where the customers can pay the annual premium for their Asiri Alliance Medical insurance policies in installments, and has launched Asiri Alliance Medical – Senior for the benefit of our senior citizens.
“By entering the area of individual health insurance, we like to think that we have catalyzed interest within the financial services industry to enter this market space with various products and facilities. We feel proud to have set off a “virtuous cycle” of renewed interest in this vital area of insurance,” opined Ramal Jasinghe, Director/Chief Executive Officer, AAI.
“Sri Lanka possesses a robust public sector health care system which is probably one of the oldest within the Asian Region, and has sustained the country’s citizens since the turn of the 20th century! However, an increase in ageing population and the rise in lifestyle diseases are placing a severe strain on the state health care sector, which is provided to citizens free of charge. The private health care sector can do much to alleviate this burden while functioning as a safety net as well as to supplement the medical insurance needs of an individual or a family unit, in the absence of a national contributory medical insurance scheme. Our medical insurance solution – Asiri Alliance Medical – facilities can be obtained at any approved hospital in Sri Lanka, including the state sector paying wards, which will widen health care choices for people of the country like never before,” informs Jasinghe.AAI’s acquisition by Softlogic Holdings has given rise to strategic group synergies and the group companies – Asiri hospitals and AAI – have collaborated to emerge with ‘Asiri Alliance Medical’, which offers attractive medical insurance solutions to cover customer needs in a comprehensive manner. ‘Asiri Alliance Medical’ makes history as the first stand-alone, annually renewable medical insurance solution to offer a multitude of health care benefits to individuals – with an emphasis on pre & post hospitalisation benefits and day care surgeries.
Customers of ‘Asiri Alliance Medical’ will also benefit from the rapidly expanding private hospital sector in the country. This scheme is applicable in all hospitals however ‘Asiri Alliance Medical’ customers availing treatment from the Asiri Group of Hospitals’ services will receive extra conveniences and benefits.
Jasinghe says, “The response to our health care insurance solutions has been phenomenal and has already started off a wave of similar medical solutions in turn, which is a testimonial to the potential this segment holds. Judging by the existing potential and the positive feedback from the market, medical insurance will be the next frontier of growth – much like what motor insurance was at one time.”Further, Harin Perera, Head of Healthcare Projects, AAI, comments, “Asiri Alliance Medical’ consists of Basic, Executive, Empire and Esteem packages, which start from Rs. 75,000 sum insured, going up to one million rupees at premiums starting at low as Rs. 7,500 per year. Policyholders of the Asiri Alliance medical insurance products avail to themselves a second opinion with Best Doctors Inc. This opportunity of a FREE consultation with the World’s 5000 Best Doctors® is introduced to insurance policyholders for the 1st time in Sri Lanka. All in all, the policies cover the entire gamut – from OPD, 135 day care surgeries, hospitalization and pre/post surgery care.
Our collaboration with Asiri Hospitals ensures that customers of ‘Asiri Alliance Medical’ can also receive cashless benefits with the Asiri Hospital’s ‘Asiri Amazing Care’ loyalty programme.
Meanwhile, the insurance company forges ahead in developing the segment with further innovations. Creating history in the medical insurance landscape in Sri Lanka, AAI announced the launch of its newest addition to the ‘Asiri Alliance Medical’ product range – ‘Asiri Alliance Medical – Senior’ a much needed individual insurance scheme, which will offer insurance cover until the ripe age of 75. This is our contribution towards addressing the needs of the aging population of our Nation.
Piyal Gunawardena, Assistant General Manager – National Distribution and Business Development (Non Life), AAI, says, “We will be accessible across all customer touchpoints islandwide. We maintain a strong presence in 33 locations which has now been further strengthened by establishing our presence at Softlogic Finance outlets. We will continue expanding our distribution channels in a strategic manner through regional distribution outlets.
“He explains that the medical solutions have been devised after careful strategizing and analysis of target groups. The main focus will be targeting the growing middle class income segment, with affordable medical insurance product offerings, to manage their healthcare needs. Sri Lanka has a growing middle class with greater spending power, coupled with aspirations to enjoy a healthy and secure lifestyle. For details of these product innovations one could call 0772 315555.
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