The FINANCIAL — Israeli insurance company Archimedes Global plans to launch an unprecedented product for Georgian market, enabling people over 65 to receive medical insurance.
International Medical Insurance Group, Archimedes Global Ltd. (AGL) is entering the Georgian insurance market. Headquartered in Tel Aviv the company has invested in health insurance businesses in Kazakhstan, Greece, Bulgaria and now Georgia.
Asd company representative said company mission is to identify markets with a highly promising business potential for developing health insurance operations, to elaborate a penetration strategy, and to carry it out through investments.
Official opening of Archimedes Global Georgia will be held on December 20. Start-up capital of the company is 1.000.000. According to Nika Ramishvili Archimedes Global Georgia has the ambition to establish European standards that have not yet been introduced to the Georgian insurance market.
In January 2008, the company plans to launch an unprecedented product, enabling people over 65 to receive medical insurance. “Our client oriented company has abolished the age limit and given every individual the opportunity to insure their health with us. Our professional team has estimated risks involved in this venture, as risk and the insurance business are always closely connected and this is natural. The main issue is correct calculation and risk management. We would not have created this product had we not been sure that it would be profitable,” said Ramishvili. “Despite the fact that the government has implemented extensive reforms in this sphere the vast part of our population, about 600-700 thousand people are not able to insure their health since not even one insurance company in Georgia provides health insurance for elderly and retired people. We think that many people in this age group are willing to insure their health and are ready to pay a premium every month.”
According to Ramishvili the minimum premium for health insurance policy at Archimedes Global Georgia will be GEL 15. The company plans to establish branches in all regions of Georgia by the end of January. “At this stage we are proposing insurance policy meeting standards established by the government of Georgia. We hope that our practice of insuring elderly people will be shared by other insurance companies in Georgia,” said Ramishvili.
“Competition on the insurance market is quite high. New insurance companies are starting to operate. Aladgi BCI is one of the leading insurance companies in Georgia. We have 17 years of experience of working in this sector and therefore only welcome competition. We believe that working in an atmosphere of healthy competition is much more interesting and exciting,” said Maiko Ivchenko, Aldagi BCI PR Manager. “Our company has been actively operating on individual and corporate market. We are able to meet the needs of every customer, whether they are insured through corporate or individual policy. The company has various products, for instance Chemebi Health Insurance has a product that costs GEL 3 with no age limit.”
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