DKV: An Introduction

See a comparison of the benefits of each plan.

DKV Globality was established in Luxembourg in 2008 as a subsidiary of its German parent - Deutsche Krankenversicherung (DKV), the largest private health insurer in Europe - to build an international health insurance business outside the framework of its Berlin-based European domestic portfolio of approximately 2.9 million customers. Like Nordic Health Care, DKV is a member of the ERGO Insurance Group, which is ultimately owned by Munich Re, the world’s largest reinsurer.

Going to work or study abroad is a fantastic opportunity for anyone and with an estimated 200m expatriates doing just that, DKV Globality is confident of being able to replicate the success of its parent not only in Europe, but further afield in the international arena. Globality views itself as a key player in the Munich Health community and with more than 5,000 experts in 26 locations it does seem to be operating from a position of strength.

As a relatively recent startup however, DKV Globality has had to select a couple of areas in which to distinguish itself and build market share.
In a world where every international health insurer has claims or ambitions to being in some way special or unique, DKV Globality has chosen initially (it seems to us) to make its mark in the following ways:

1. Cover is only for expatriates.

   Given that the majority of expatriates complete their time abroad and then retire to their home country, this strategy suits a new player in the market. It means that DKV can solely focus on the client base it feels it can service best with all their plans offering worldwide cover if required anyway.

2. Cover is unlimited!

   That's right, no annual cap.
   This is a case where having strong reinsurance support really helps. It is a smart move from a marketing point of view, as this totally defuses the issue of ‘How much cover is enough?’
   Recent changes now beginning in Health Care in the US will ultimately mean that international US based health plans will be forced to match the benefits of US domestic plans and likewise remove any ceilings on total claim amounts.
   It will be interesting to see if this approach by DKV Globality begins to be copied by other European insurers which currently cap their benefit payouts to anywhere between around USD1m to USD8m per person per annum, or per lifetime.

3. Maternity waiting period is just 8 months!

   That's right, just 8 months in a market where the waiting period before you can claim is routinely 10, or more commonly, 12 months! There is a catch however in that pre-existing conditions are not covered so you cannot apply for cover when already pregnant. That doesn’t stop you from falling pregnant the day after securing cover!
   DKV Globality has also shaken up the market by providing substantial cover for infertility treatments when the diagnosis of infertility is made AFTER the policy is taken out. For its ‘Top’ plan for example cover exists up to 50% of US$19,500 per couple.

4. Premiums are very low by the standards of the competition.

   Combining low premiums with exceptional levels of cover have made the Globality plans, on paper, the best around. It remains to be seen how long the premiums can remain at such levels however especially with the 8 month pregnancy waiting period having such an impact. Service levels initially seemed to suffer but have improved recently and as their portfolio grows hopefully this will only continue.