Archipelago Insurance expects good uptake for new product
KUALA LUMPUR: Archipelago Insurance Ltd expects RM7.5 million in take up for its newly-launched "Malaysia UltraCare" product. The product is in collaboration with InterGlobal Insurance Co Ltd, which caters to expatriates and high net worth individuals.
"We're expecting at least 500 uptakes of this new product within a year timeline and that translates to some RM7.5 million," said Alan Chew, director of the Archipelago Group.
"What is special about our product is that we designed it with expatriates in mind,” said Steve Conway, regional manager and chief executive of InterGlobal Insurance Co Ltd.
"We offer evacuation benefits if they feel that they are somehow threatened and need to make a fast escape."
It also offers global healthcare if the client choses to get medical care from their own country or any other country, he added.
The Malaysia UltraCare offering is open to individuals, family and corporate bodies with three people and more.
This is the first collaboration InterGlobal has with a Malaysian-based entity, the Archipelago Insurance.
“We feel confident of this collaboration with Archipelago will be fruitful. It is licenced by the Labuan Financial Services Authority and with its and our existing reach, we believe we could tap into the clientele portfolio that we want,” said Paul Weigall, group sales and marketing director of InterGlobal International Private Medical Insurance.
"What we want to put across is that we are not here to compete with the local products as we are offering what the local products are not offering a peace of mind as we offer a no-nonsense coverage of the best kind of treatment and our product offers a simple, cover-all with one limit that goes up to US$3.5 million (RM11.45 million)," said Conway.