Globality Health withdraws from the U.K. market
In light of the compliance challenges created by Brexit, Globality Health is withdrawing from the UK market. Customers are offered a continuation option with Bupa Global.
Globality Health shall continue business as usual in other key markets such as Germany, Spain and others, which are completely unaffected by this decision.
Globality Health confirms key dates and collaborates with Bupa Global to help honour all customers
From 11 January 2020, Globality Health will no longer quote for any new business or renewal terms with start dates from 1 May 2020 onwards.
All existing policyholders will remain fully protected until the policy’s renewal date – should an illness or injury happen while they are living or working overseas.
Globality Health and Bupa Global have achieved a mutual agreement that allows Globality’s customers to continue their international health plan with Bupa Global. At renewal time, Bupa Global will offer each Globality customer a new quote on favorable and comparable terms.
Globality’s gradual withdrawal from the UK will therefore take until the middle of 2021 to complete.
Why Globality Health is withdrawing from the UK market
Globality is withdrawing from the UK market due to the changes and challenges caused by Brexit. The move shall allow Globality more focus on other markets where it can continue to achieve scale and profitability.
Globality shall continue business as usual in other key markets such as Germany, Spain and others, which are completely unaffected by this decision.
How Bupa Global will deliver continuation cover
Bupa Global’s brand, scale, expertise and strong service model convinced Globality that customers would be in great hands. Dr. Cornelia Roeskau, CCO commented, “After very careful consideration, we have taken the difficult decision to withdraw from the IPMI market in the UK after Brexit. With Bupa Global we have found a partner who shares our values of customer focus and high-end client services. We are happy to be in a position to offer continuity to our valued customers and to know they are in the care-taking hands of this strong and reliable partner.”
At renewal time, each customer will receive a personalized communication including the option to contact Bupa Global. In this context, customers who accept Bupa Global’s terms will do so on a non-advised basis, with Globality acting as an introducer. Customers choosing to accept their policies with Bupa Global will become Bupa Global customers and will no longer have a relationship with Globality.
Teresa Wighton, Bupa Global, UK Group Sales Director, commented, “We are working with Globality following their decision to withdraw from the UK market and look forward to welcoming their customers to Bupa Global. We are offering Globality customers a comparable product so they can continue to be covered for international private medical insurance and get access to leading healthcare, when they need it. We will ensure there is a smooth transfer and fast-track registration to Bupa Global.”
Globality Health are confident that the customer communications programme they have in place shall help make this a smooth transition process. Both Globality Health and Bupa Global customer and broker service teams will also be available to further smooth the transition.