Global Health Adapt provides comprehensive, modular healthcare coverage that adapts to the evolving needs of SMEs and their employees, no matter where they are in the world. With more companies now supporting staff working abroad, ensuring their health and that of their families is looked after, is essential to sustainable business growth. AXA’s Global Health Adapt product addresses this by offering SMEs customisable health insurance options that scale with their workforce.

This will be the first time that AXA Global Healthcare will be offering its latest innovations into a new product. Global Health Adapt will come with the following:

• The ground-breaking Healthcare Payment Card, which will make payments a lot simpler. When clients choose the Outpatient module, their employees can pay for eligible outpatient treatment using the healthcare payment card with just a tap of their mobile device and without using their own funds or filling in any claims forms. No pre-pay. No pre-loading. No-pre-authorisation.

• The new all-in-one app which enables employees to manage their policies, benefit from personalised wellness features, and receive medical support through services such as Virtual Care. From policy documents and claims to proactive health support, the app is designed to be an all-encompassing health solution for globally distributed teams.

With AXA’s powerful reputation as a global health insurance leader, Global Health Adapt is more than just a health insurance product—it’s a commitment to ensuring employees receive care wherever they are, helping SMEs foster a healthy, productive workforce, and empowering businesses to focus on growth without compromising employee well-being.

The product was previewed at global events over the last few weeks and was met with excitement from key intermediaries. One guest from the Hong Kong event said of the launch: “Very innovative, the product. Easy to digest, very well organised and I can’t wait to introduce it to my clients.

“What stood out is the flexibility of the modules, and the understanding of the local markets- with the semi-private room option being catered for in this market. I appreciate that you introduced it in HK market first”

Xavier Lestrade, CEO of AXA Global Healthcare said: “In today’s increasingly global economy, running a small or medium enterprise (SME) presents unique challenges, especially when it comes to managing a dispersed workforce. From navigating tight budgets and manoeuvring an unpredictable market to seizing new opportunities and scaling up, business owners are constantly balancing local operations while keeping their international employees’ wellbeing top of mind.

“I am thrilled that we are bringing to market a transformative insurance solution tailored to these businesses’ unique needs. While the IPMI industry has previously lagged behind in product innovation, we’ve created a solution which adapts to the evolving needs of SMEs.

“Human experience matters in insurance and is just as important as digital-based experience, and this is where we, at AXA – Global Healthcare, are aiming to make a difference with a new proposition that combines excellence in customer care with a ground breaking tap & go payment card and a new all-in-one app (insurance, wellbeing and telehealth services in one single app available 24/7, everywhere in the world).

“AXA is the largest Health & Employee Benefits insurer in the world (excluding the US), and we will leverage this scale to grow our International Heath (IPMI) business over the next 5 years. The SME market is a core pillar of this growth vision.”

This solution allows banks to directly protect their mortgage customers against key risks with a simple plug-and-play solution, it said in a statement on 8 November.

As a seamless plug-and-play solution, addProtect gives banks direct access to the platform without the need for additional integration with existing IT systems. Its user-friendly and intuitive design allows banks to effortlessly integrate the platform into their day-to-day business operations. With the death and payment protection insurance, bank advisors have easy-to-understand products at their disposal that offer added value to customers beyond the existing offering.

The addProtect platform is now available for banks, and an initial pilot will be launched in collaboration with PostFinance.

Samuel Peter, head of partnerships at AXA Switzerland, stated: “With addProtect, AXA is responding to the growing need of customers and banks for appropriate insurance solutions where and when they are needed. The solution creates additional advisory potential and better protection for the customers of our partners’ banks. We look forward to making the solution available to other partners.”

Dieter Lützelschwab, general manager Switzerland at additiv, added: “When developing addProtect, we focused on the user experience for the customer and the bank advisor. In addition, our platform provides an easily configurable, modular insurance solution that covers the entire value chain from quotation to claims processing.”

Investors pulled €2.6bn in (£2.2bn) net outflows from BNP Paribas in the month, the largest of any asset manager in absolute terms. The French asset manager leaked €6.3bn in the year as a whole.

iShares, known for its passive offerings, saw investors pull €1bn from its funds in December. The firm was hit with modest outflows of €26m in 2023.

Overall, Italian firm Eurizon was the asset manager with the largest outflows in 2023 at €17bn, followed by Credit Suisse at €14bn. BlackRock attracted the most cash, with inflows of €68.4bn.

European-domiciled funds as a whole attracted a net €49bn in 2023. Money markets pulled in €196bn, the second-best year on record for the asset class.

Passive strategies continued to capture the attention of investors, with a positive organic growth rate of 8.6% over the year. In contrast, active managers had a negative 2.1% organic growth rate, when excluding money market strategies.

Fixed income funds also enjoyed a positive year, with 4163bn flowing into the asset class. Meanwhile, equity funds attracted €17bn, though this was largely owing to a strong Q1.

In terms of individual funds, the £2.8bn passive UBS (CH) Fund Solutions MSCI USA SF Index fund received the most monthly inflows at £1.8bn.

The Swiss asset manager enjoyed a strong month for flows, with four funds among the top 10 for inflows.

At the other end of the scale, investors pulled £1.6bn from the UBS Multi Manager Access US Equities, leaving its net assets at £451m.

This article was written for our sister title Portfolio Adviser

Laya is an Ireland-based health insurance provider and serves close to 700,000 policyholders.

With the transaction, Axa affirms its ambition to grow its European franchise, by expanding its operations in the health insurance market. Axa is already present in Ireland.

The completion of the deal is subject to customary closing conditions, including the receipt of regulatory approvals, and is expected to take place by the end of 2023.

Patrick Cohen, chief executive of Axa Europe and Health, said: “We are very pleased to join forces with Laya Healthcare, a company recognized in Ireland for its unwavering customer service, its strong brand, and its technical expertise.

“This transaction provides a unique opportunity to strengthen our presence in one of our key European markets through the acquisition of a leading player offering a perfect cultural fit with Axa. Through its relentless focus on innovation and customer experience, Laya will bring invaluable assets to our broader health franchise, notably in terms of digitalization of the healthcare journey and provision of health-related services.”

One of the most important things to consider is how you might access healthcare services when faced with a medical emergency in your new home.

No two healthcare systems are the same, and the cost of different treatments, services and operations can vary wildly depending on where you are.

It’s important to understand how much certain services can cost, and what might affect them, so you know what level of healthcare cover you need.

Is healthcare expensive overseas?

As with almost all products and services, the cost of healthcare depends on where you are and what kind of treatment you need.

The word ‘healthcare’ can refer to anything from a check-up with a GP to a significant operation, like heart bypass surgery. And whilst a routine appointment will usually be relatively cheap compared to a major operation, you might be surprised by how much certain costs can be and how much they differ from one country to another.

Research conducted by Axa Global Healthcare in 2018 indicated that 24% of expats worried about the cost of medical treatment in their new country.

Furthermore, almost a fifth (18%) said they’d consider travelling to another country to receive treatment because the costs were too high in their new home.

How much does the cost of surgery differ between countries?

Whether you’re looking at a minor outpatient procedure, an overnight stay or a major operation, you’ll find that the cost of healthcare varies significantly depending on where you are.

It’s impossible to guess how much you might pay for medical treatment in your new home, so you should do some research and find out how much things cost and whether there’s any kind of public healthcare system available to you as an expat.

For example, the average cost of surgery to remove the gall bladder was $19,288.40 (£15,468, €17,987) in Nigeria in 2022. The same operation in India, however, was a fraction of that amount at around $2,600.

On the other hand, for something like an elective caesarean section, the comparison is as stark. In New Delhi, the operation would cost an average of $2,146.61, while in New York it’s $18,543.73.

Widening the comparison into Europe, the same operation in Belgium would be an average of $5,251.65, while just over the border in France, it’s around 10% less at just $4,726.19.

How about an overnight stay in hospital?

When it comes to spending the night in hospital, whether it’s elective or unplanned, you might be surprised by the amount it could cost.

In Europe, the average for a one-night stay in hospital can be anything between $330 in Belgium and $100 in France.

It’s easy to see how bills could add up if you needed to spend a few nights, or even weeks, in hospital.

What if the care I need isn’t available in my location?

Whether specialist care is needed for a more serious accident or illness, or the cost of healthcare is simply too expensive where you are, you might find that the care you need is an international flight away.

As with all healthcare services, the cost for such a service differs significantly depending on where you are. For example, one of the shorter evacuations that Axa organised for a customer in 2022 was from Jersey to mainland UK, which cost $14,498.

In the same year, a long-haul evacuation from China to Belgium cost $28,667.

While this is almost twice the price, the journey takes more than ten times longer and is nearly thirty times as far.

Why are costs so different?

These are just a few examples of how costs can differ between countries. Additionally, this isn’t necessarily reflective of the quality of care, or the qualifications of the surgeons involved.

The nature of the overall healthcare system within a particular country can lead to cost discrepancies for healthcare services. Some nations have universal healthcare, which often means social security payments and taxes contribute heavily to government healthcare spending.

Inflation, the cost of living and the strength of a nation’s economy can also play their part. In recent years, these outside influences have heavily contributed to the rising costs of healthcare across the globe.

How are costs changing?

The amount healthcare costs rise varies depending on where you are and what treatment or service you’re looking at.

Using the example of a major operation such as hip replacement, we can see that costs have risen in most countries, but have also decreased in some countries over the last few years.

What else is impacting healthcare prices?

Covid-19 had an immediate, tangible impact on the cost of healthcare, and the cost of living in general. It has also brought positive change in some countries, where healthcare services have undergone reform or made improvements.

In Nigeria, for example, the average cost for a hip replacement was $24,742.78 in 2019 and $19,482.50 in 2022, showing a reduction in price of around 21%.

But there are other factors that continue to have an impact. Inflation, for example, is the highest it’s been for decades in most economies.

It’s being driven by rising fuel, energy and food prices, caused by a number of factors including both COVID and the war in Ukraine. This has seen the cost of healthcare increase to keep up with inflation in economies throughout the world.

Another factor that has always contributed to rising healthcare costs is the growing world population. With almost twice as many births per year than there are deaths,4 demand is increasingly outweighing supply. This means that costs continue to rise as healthcare providers try to keep up.

At the same time, the world’s population is ageing. Between 1960 and 2020, the global average life expectancy rose from around 51 years to just over 72.5 As people get older, they tend to experience more health concerns, requiring more involved, complex or specialised courses of treatment. An ageing population means the scales of supply and demand are tipped even further and the cost of healthcare rises, not only to keep up with demand but to deliver the complex care required.

What does the future hold?

Since the pandemic, there has been a paradigm shift in the cost of healthcare across the globe. As different economies and different healthcare systems adjust, there’s not a clear pattern to these increases, and it’s not easy to see what the future might hold.

This means it’s important to familiarise yourself with the healthcare system and costs in any country you visit. It’s vital to ensure you have the right healthcare cover, wherever you’re going and however long you expect to stay. Plans are designed to cover you for all kinds of eventualities, whether you’re on a short-term visit or moving overseas permanently.

There’s also been a shift in the way people access healthcare. During the height of covid-19, when resources were stretched and people couldn’t visit doctors or book procedures, healthcare providers sped up the development of online healthcare services. They introduced or improved platforms where patients can see a GP, specialist or therapist without having to leave the house.

The digitisation of medical services makes accessing healthcare simpler and more cost effective, and the technology is here to stay. In the future, we hope these developments will facilitate an increase in the number of people seeking medical care without hesitation worldwide.

This article was written for International Adviser by Andy Edwards, global head of international health insurance at Axa Global Healthcare.