The product, called the ‘International Tech Pool’, is designed to provide tech workers, many of whom are expats working remotely, with global healthcare access. The exclusive risk pool is also designed to offer lower premiums than more general pools.
Engage Health said that the product ‘marks the first time that an international health insurance scheme has been designed solely for tech companies and start-ups’. It also stated that the product has already been trialled by a ‘range of tech companies, including Maze, a Series B-funded product discovery platform, and Saltpay, a Series C-funded payment service provider.
Paddy Lawlor, Head of Sales and Distribution for UK and Ireland at Allianz Partners, added that the product had ‘surpassed [Allianz’s] initial predictions’ during the trials. He added: “We are already looking at adding additional lines of insurance to the offering as it keeps developing.”
“UK tech companies are increasingly employing overseas workers and are faced with the challenge of providing equal health support to all employees, wherever they are in the world,” said Ian Abbott, International Director at Engage Health Group. “Yet, the cost of global health insurance is often inflated because their premium is calculated against the claims history of a riskier pool of businesses. The International Tech Pool has been created to solve that problem,” he continued.
“The aim of the scheme is to ensure that tech companies get a fairer premium. By doing so, we can help businesses better look after their international employees whether they are expats or local nationals, and ensure they have access to private health insurance wherever they are in the world,” he added.