Several insurance companies disclosed new products and coverage enhancements in recent days.
Life and health
Italian bank UniCredit SpA entered into exclusive strategic partnerships with Generali and Allianz Group to enhance its individual and small business bancassurance product reach in Central Eastern European countries. The partnerships will gradually be implemented in the second half, and are predominantly focused on the life and non-life products with Allianz and credit protection insurance products with Generali.
Allianz Life Insurance Co. of North America entered into an agreement with DPL Financial Partners to expand its offerings for registered investment advisers, or RIAs. DPL Financial, an insurance network for RIAs, will bring Allianz Life products, including fixed index annuity and buffer annuity, to the RIA market.
India's Karur Vysya Bank Ltd. partnered with Aditya Birla Health Insurance Co. Ltd. to provide its customers health insurance products. The bank had already partnered with Birla Sunlife Insurance Co. Ltd. to provide its customers life insurance products.
Empire BlueCross and Empire BlueCross BlueShield is offering Medicare Supplement plans to New York residents who have Original Medicare coverage. The plans cover some health care costs, such as copayments, deductibles and coinsurance, which Original Medicare does not cover. The plans have no provider networks, allowing policyholders to see any provider who accepts Medicare patients. Additionally, those who enroll in the plans will gain membership to SilverSneakers, a training and fitness program for the elderly. The plans are sold by private companies and have premiums. New York residents can enroll in the Medicare Supplement Plans A, B, F, G, and N starting July 1. Empire BlueCross is the trade name of Empire HealthChoice Assurance Inc. Empire is part of Anthem Inc.
Saudi Arabia-based insurer Saudi Enaya Cooperative Insurance Co. will include healthcare providers accredited by the Global Healthcare Accreditation program in its network. GHA is an independent accrediting body that reviews international patient services programs for patients traveling for medical care and treatment.
Montana, U.S.-based Monida Healthcare Network, an association of health care providers, teamed up with Humana Inc. to provide in-network access for Humana Medicare Advantage members at Monida member hospitals and clinics in Montana. Members will have in-network access at Broadwater Health Center, Clark Fork Valley Hospital, Granite County Medical Center, Mineral Community Hospital and St. Luke Community Hospital in Montana, as well as at 11 clinic locations in five western Montana counties.
American Medical Association's subsidiary AMA Insurance partnered with New York Life Insurance Co. to provide physicians in the U.S. who are members of AMA with enhanced coverage. Plans include disability income insurance, level term-life insurance, office overhead expense insurance, hospital income insurance and premier accident insurance. The array of products is underwritten by New York Life.
Property and casualty
USI Affinity introduced the attorneys' preferred insurance program, an enhanced version of its lawyers' professional liability insurance policy. The product, designed to protect lawyers and law firms, is available to customers in New Jersey, Massachusetts, Washington, D.C., Connecticut, Maryland, Virginia and West Virginia, beginning June 4. The company urged those with lawyers' professional liability policies expiring in and after July to avail of the enhanced product. The policy was created by USI Affinity together with Hanover Insurance Group Inc.
Securian Financial Group Inc. launched a new open multiple employer plan called MEPconnect for small to medium-sized businesses, according to Plan Adviser. The product operates similar to a single employer retirement program, but the majority of the administrative and fiduciary duties are outsourced to third-party retirement professionals. The company teamed up with The Platinum 401(k), which assumed the role of plan administrator and principal fiduciary for administrative functions of MEPconnect, and Fidelis Fiduciary Management, which serves as investment manager, to complete the plan.
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