Clements Worldwide offers growth-minded independent agents and brokers an opportunity to cut their teeth in the global marketplace: Its affordable health insurance program, GlobalCare™, provides medical benefits for expatriates.
PRODUCT: Flexible medical benefits, borderless coverage
COMPANY: Clements Worldwide
BEST RATING: BBB: A+ (Superior). Global broker Clements does not hold an A.M. Best rating, but instead has coverholder status with Lloyd’s of London’s insurance market and other carriers. Clements has also appeared on the Big “I” Best Practices Agencies list for seven years.
AVAILABILITY: Coverage is available on an open-brokerage basis.
FOCUS: Clements Worldwide offers growth-minded independent agents and brokers an opportunity to cut their teeth in the global marketplace. Since 1947, Clements has provided insurance for individuals and organizations living and operating abroad. In particular, its affordable health insurance program, GlobalCare™, provides medical benefits for expatriates.
PricewaterhouseCoopers predicts 50% growth in overseas assignments by 2020, so more and more customers will be looking for borderless medical insurance coverage, according to Sam Sheibani, manager of the Clements Global Broker Network. “We understand the typical loss ratios in different countries, and that allows us to offer affordable yet sustainable offerings to our customers,” Sheibani says, noting that independent agents and brokers who want to explore the international marketplace through a relationship with Clements can “be as hands-on as they want.”
UNDERWRITING: Personal health care coverage through GlobalCare is available for individuals on international assignments for more than six months (other plans are available for short-term stays). For expatriates living outside the U.S., Clements offers coverage for visits to the U.S. and Canada on its Globalcare PLUS and PRO plan, which grants access to more than 700,000 medical providers in North America.
Coverage includes emergency medical evacuation at no additional cost; hospitalization and prescription drugs; physician, surgeon, and specialist fees; portability that crosses borders; monthly, quarterly, semi-annual and annual payment plans; guarantee of payments to more than 6,000 providers worldwide; free coverage for first two children up to age 9 if both parents are insured; vision; a wellness benefit applicable to an annual physical, mammogram or gynecological exam. Preexisting conditions are typically excluded.
Other benefits include a $5 million lifetime benefit for all GlobalCare plans and fast online claims handling with service available 24/7 in multiple languages. Insured individuals can choose their own doctor or facility overseas. Optional coverage includes dental, accidental death and dismemberment, and war- or terrorism-related injuries.
As a full-service broker, Clements can adjust products to meet the needs of customers who might want different limits and different parameters at different price points. The firm will work with brokers for unique products for their customer bases.
MINIMUM PREMIUM: Because programs are highly customizable, product pricing depends on individual policies. One driver is the chosen deductible. Deductibles for personal health care coverage range from $250 to $5,000 per calendar year.
TARGET: For personal health care coverage, target clients work outside their home country and include professional expats, missionaries, entrepreneurs and consultants who relocate overseas, as well as a new category of digital nomads—self-employed individuals who decide to reside overseas.
COVERAGE TERRITORY: Portable coverage across borders is available in more than 170 countries
CONTACT: Sam Sheibani, manager of Global Broker Network; Clements Worldwide, 1 Thomas Circle NW, Washington, DC 20005; 800-872-0067 or 202-872-0060; fax: 202-466-9064.
Ronimarie Acord is an IA contributor.
