8 - 14 June 2000

Laferla Insurance launches private healthcare scheme with Middle Sea

by Anthony Manduca

Laferla Insurance Agency, which last April had its representation of PPP healthcare in Malta transferred to Atlas Insurance Agency, has entered into an agency agreement with Middle Sea Insurance and set up its own exclusive Laferla healthplans.

These healthplans have been designed by Laferla Insurance Agency Limited and are based on 13 years experience in private medical insurance. They are Laferla's exclusive products and cannot be purchased directly from Middle Sea or any other agency.

Laferla Insurance Agency Limited had represented PPP healthcare in Malta for 13 years and by selling their products, the company built up a name for excellence in the service it provides to clients. When Laferla first began to represent PPP, the foreign private medical insurer was not known in Malta at the time.

The insurance market has over the past months been inundated with mergers and acquisitions on a worldwide scale. As a result of these international mergers, quite a number of local insurance agencies were forced to amalgamate their operations. PPP healthcare Limited was one of the UK companies that were affected by such international mergers.

It was acquired by Guardian Royal Exchange plc, which in turn was bought over by AXA Assurance IARD. As the French AXA Group were already represented in Malta by Atlas Insurance, Laferla Insurance was given the option to merge with AXA's existing local agent or concede the PPP healthcare agency. It chose the latter.

A statement issued by Laferla Insurance said: "Being one of the major players in the local private medical insurance sector with over 13 years experience in this field, Laferla truly believed that they were able to create their own branded products and continue offering private medical insurance services to the Maltese public. Thus the Laferla healthplans were created and secured with an insurance company capable of offering the best terms and conditions to all Laferla clients."

It added: "Through this new arrangement, Laferla Insurance Agency Limited can guarantee continuity of the unique service it has always offered to its clients.

"All underwriting and servicing of medical insurance claims will continue to be administered by Laferla's offices, where valid claims are guaranteed to be paid within seven working days from receipt of the completed claim form and supporting documents."

Laferla Insurance said that designing its own healthplans combined with securing them with a reputable indigenous insurance company meant that it is no longer at risk of being adversely affected by other international mergers, possibly involving other insurance agencies on the island. "The strategy adopted by the company should put its clients' minds at rest and send a clear message that Laferla is committed to continue being of service to the Maltese public for long years to come in all classes of insurance," it said.

The company said that being built on years of experience, the Laferla healthplans offer enhanced benefits and have been designed to suit the demands for local and international medical treatment.

The four Laferla healthplans that have been launched are: The Laferla Medical Treatment Cover, The Laferla Malta Private Hospital Cover, The Laferla Malta UK Cover and The Laferla International Medical Cover. Laferla Insurance Agency Limited is also in a position to tailor-make group schemes and has already done so with companies and corporations employing over 45 persons.

Laferla's excellent relations with private clinics and hospitals, both in Malta and abroad, facilitate direct settlement arrangements, where, depending on the healthplan chosen, clients would not even have to fork out any money to meet their medical treatment costs.

Laferla Insurance Agency Limited was honoured by the unique PPP Healthcare International Award for Service Excellence in recognition of its caring, timely and professional service. "Laferla is now committed to uphold its reputation for excellent service through its own exclusive products, the Laferla healthplans," a company statement said.

Laferla Insurance Agency Limited is today one of the most renowned names in the Maltese insurance industry. The company deals with all classes of insurance relating to domestic, commercial and heavy industrial risks.

"Laferla invested heavily on the personal lines business, particularly on Motor, Home, Travel and Medical insurance products. Thirteen years ago, the directors of the company were enterprising, far-sighted and courageous enough to break the monopoly that existed in Private Medical Insurance on an island where no private hospitals existed at the time and one strong foreign brand name virtually controlled the local medical insurance market," Laferla said.