Most companies now have global operations. They may be required by the statutory laws of the foreign land to provide coverage to expat employees working in their respective geography. Since in most countries insurance is regulated by local law, while buying the insurance policy for expat employees, it is important to ensure that the policy is admissible in the respective geography, i.e. the policy terms and conditions are compliant with local standards. In case you miss out on admissibility criteria, you are left exposed to the larger risk of non-compliance with local labour laws.
Following options are available to a corporate for covering expats employees –
- Group policy from a local insurer – Several local insurers offer insurance solutions that cover expat employees. Internally they have tied up with either regional insurers or hospital network providers to provide claim services ( both cashless and reimbursement settlements) to covered expats. Their solutions extend to arrange for local insurance policies wherever it is mandated by local laws.
Group policy from an international insurer – The big names in insurance, likes of AXA, Cigna, Generali, Bupa, Allianz, etc. have a global presence. They either have direct operations in a country or are present through a subsidiary company. These insurers have a good understanding of specific laws in each market and are able to present robust expat solutions that help solve end-to-end insurance requirements for the company.