Welcome to Navigator Insurance Brokers
Download The Nordic Essentials
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Navigator Insurance Brokers is a general insurance broker specializing in personal and business property,
auto, travel, liability and health insurance.
Why Choose Nordic Health Care?
| Strong | Part of the Munich Re Group |
|---|---|
| Strategic | Health and important focus area within Munich Re |
| Skilled | Nordic has 80 years underwriting experience within health |
| Stable | Moderate price increases – an average of only 5% pa since 1995. The low price increase is helped by Nordic never pushing us into a higher age brackets after we join (as adults). Join at 39 and you are still 39 in 50 year's time |
| STRICT! | Thorough selection of clients and efficient cost containment. Unlike competitors which will offer to guarantee future cover and accept people without knowing anything about their health history, Nordic only guarantees lifetime cover for people it has individually underwritten. |
| Standing by | In Hong Kong Northern Lights Health Care Administration Ltd. acts as Nordic’s liaison office and is standing by to:
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Caring Companies Care for Client’s Capacity to Pay Health Insurance Premiums in their Older Age
Arguments for Nordic Health Care and NHC Global Private
A Concerning Nordic
1. Pedigree:
Nordic Health Care (Nordic) is the trading name of Europaeiske Rejseforsikring A/ S, a specialist health and travel insurance company established in the 1920's in Copenhagen, Denmark. Nordic is owned by Europäische Reiseversicherung AG (Germany) which is in turn owned by Munich Re of Germany, 94.7%.
The Munich Re Group is one of the world’s leading risk carriers. Its business model is a coherent example of how insurance, reinsurance and asset management can be brought together under unified control.
Last year's gross revenues were approximately €21.8bn, of which around €7.0bn came from life and health. With primary insurance and reinsurance under one roof, Munich Re can compensate better than many for negative developments in individual segments.
Jörg Schneider Joachim Oechslin
2. Management Philosophy:
Munich Re sees itself as being in its business for the long term and has a reputation for caution. Prior to the recent financial crisis, Munich Re was well capitalised, over-capitalised according to some. Although it may be tempting for Nordic to buy market share by cutting prices or unreservedly accepting anyone who applies, there is no way Munich Re will permit its subsidiaries to mortgage the future for temporal gains in the present.
3. Scandinavian Ethics
When it comes to claims, prompt and efficient claims payment is seen by Nordic as its high moral calling. In the words of Thomas Rask, a senior manager at Nordic ‘Nordic’s policies are much more than a piece of paper. They are simply a sign of Nordic’s commitment to deliver the claims service clearly promised in the policy.’
B Concerning the NHC Global Private and Corporate products and services offered
1. Appreciation for Loyalty
Others may preach about the value of the client and the value of the long term relationship, but Nordic is radically different in practicing what it preaches. With Nordic the adult age group we first enter is the one we stay in for life.
Though this may appear to be guileless idealism, it has a hard core of practical thinking behind it. Nordic believes that by encouraging healthy people to stay in their older age, rather than forcing them out by ever higher prices, then its operating overheads will be reduced by having a more stable portfolio. After all, if it can keep healthy people in their older age, rising claims costs will be better spread.
There is also a sense in which Nordic believes that is only fair and right that loyalty be rewarded.
Comparing cost of Nordic with competitors will often turn up a graph like below. Nordic’s keeping us for life in the age bracket we join as adults and its track record of success in price restraint will likely put customers at an increasingly favourable position over time.
2. Pricing Discipline
Effects of differing price rises each year |
|||
Year |
5% |
10% |
15% |
0 |
3,000 |
3,000 |
3,000 |
1 |
3,150 |
3,300 |
3,450 |
2 |
3,308 |
3,630 |
3,968 |
3 |
3,473 |
3,993 |
4,563 |
4 |
3,647 |
4,392 |
5,247 |
5 |
3,829 |
4,832 |
6,034 |
6 |
4,020 |
5,315 |
6,939 |
7 |
4,221 |
5,846 |
7,980 |
8 |
4,432 |
6,431 |
9,177 |
9 |
4,654 |
7,074 |
10,554 |
10 |
4,887 |
7,781 |
12,137 |
Never once in the past decade has Nordic ever sent clients a letter justifying price rises on the so called costs of 'medical inflation'.
The reason is simple as it is profound. Nordic believes in leading by example.
Nordic has faced cost pressures like everyone else in the market, but its response has been radically different. Nordic management believes that cost control begins with itself. So every year each department is expected to demonstrate creative and in telligent solutions to the challenge of rising costs.
Nordic does not guarantee that its 10 year record of restraining price rises to 5% can or will continue, but it shows a commendable dedication to putting the customer first.
Consider for a moment the impact on your personal budget of a relatively slower rate of price increase..
Nordic must run its operation profitably, but at the same time it's goal is to deliver value for money cover and has not lost sight of the fact that in the end, the customer pays. This is one key reason behind Nordic's caution not to make promises of long term cover in the US which it may not be able to keep.
Nordics' co-operation with Northern Lights Health Care Administration in Hong Kong is an example of saving on the overheads of a fully fledged office, while the Asian business is being developed.
3. Comprehensive Cover
In most cases those with preexisting conditions will be offered loadings in return for hospital and outpatient consultations, but not medication. On leaving the firm the cover will be portable.
Taken as a group, underwriting is more lenient than had the individuals applied in their own right.
For the dependents in the US, the very similar NHC Global Corporate plan is offered with the key difference that in this case, renewal is not guaranteed. However, as of date, Nordic has never exercised the cancellation clause or denied renewal of an existing Corporate cover. ‘Cobra like’ 18 month extensions may on occasion be negotiated in order to give US staff a safety net of continued cover in the US.
4. Global claims capability
As a member of the Munich Re 'Family' company Euro-Center alarm and claims centre network, Nordic has access to over 50,000 hospitals and clinics worldwide which have agreements in place to treat customers of Munich Re health and travel insurers. In 2008 the Euro Centers handled around 160,000 incidents. If a staff had an emergency in Asia for example, the first call could be made to a Euro Center in Beijing or Bangkok or Northern Lights in Hong Kong, or in fact to the 24 hour Nordic alarm centre in Copenhagen.
Nordic Health Care Benefits
Nordic’s individual plan has four options..most popular are its Platinum and Gold, which essentially offer 100% private hospital and outpatient benefits, with differing levels of maternity, physiotherapy, psychiatric care & medical check-up benefits.
Each has an option of US$600 and US$2000 pa deductible
Nordic Health Care Costs – Contrasted with BUPA/IHI’s
With no deductible, these are the cost of Nordic’s most popular covers. You can pay quarterly (+5%) and half yearly (+3%)
All figures are in USD. (Euro and DKK options are also available)
We look forward to hearing from you
Joseph Chiu
Interested in a quote? Please download the family or company quote Excel sheets. These quotes are merely budgetary estimates as after Underwriting Nordic will either accept you with no qualifications, or offer you cover with a loading or decline your application entirely.