What are your Plans for FMC’s Expansion?
We are looking at expanding our presence in the GCC and some European countries. Based on our market analysis, we have noticed a necessity to extend affordable healthcare to senior citizens and retirees in the UAE. Annual medical insurance premiums for this segment usually range between Dh40,000 and Dh50,000 due to pre-existing medical conditions and various health issues. Using data analytics, FMC is now working on a plan for affordable insurance premiums, and will present it to the health authorities in the UAE. Once approved, this initiative will enable the UAE’s elderly expat community to access cost-effective and comprehensive health insurance packages.
What Cost-Effective Measures Have you Introduced for Blue-Collar Workers?
Our research has shown that cost-effective mechanisms are both viable and achievable. Our research focuses on the Ministry of Health approved pharmaceutical products in the UAE, as well as their registration formalities, quality, and efficacy. We look at identifying cost-effective medications for treating blue-collar workers while maintaining high-quality medical services.
Additionally, cooperation with medical service providers through agreements on reasonable tariffs and efforts to reduce fraud, waste, and abuse has been crucial. Their support helps us manage and sustain these cost-effective initiatives.
What are FMC’s Exclusive Offers and Services to Indian Expats in the UAE?
FMC is recognised as one of the pioneers in implementing the compulsory insurance scheme in the UAE. A significant portion of our cardholders are Indian expats, who benefit from comprehensive medical coverage year-round at a low premium.
This initiative aligns with our social goals. FMC continues to grow through a strong focus on research and development, high service levels, and evidence-based medicine.
What are the Major Challenges Facing the Health Insurance Industry?
The health insurance industry has struggled with several challenges such as the recent flood, which have led to significant claims and financial strain on insurers. Recovery from such events may take an additional 2-3 years. However, with government support, the industry has historically been able to address and mitigate the impact of such incident within a relatively short timeframe.
