Polaris Financial Services, at a glance
A specialized Third-Party Administrator (TPA) delivering comprehensive healthcare management solutions to shipowners and crew management companies, ensuring quality healthcare services for seafarers and their families through a transparent, flexible and cost-efficient operating model.
Fast. Fair. Flexible.
Our philosophy is centered on delivering accessible, high-quality healthcare services through an extensive medical provider network, efficient claims administration and tailored healthcare solutions, while ensuring transparency, flexibility and effective cost control for our clients.
Our International Presence
Specialized Healthcare Administration Solutions for the Maritime Industry
Supporting seafarers and their families through accessible, high-quality healthcare services and efficient healthcare management.
Who We Are
Polaris Financial Services Ltd. is a specialized Third-Party Administrator (TPA), providing comprehensive healthcare management solutions tailored to the needs of the maritime industry.
Working closely with shipowners and crew management companies, we design and administer healthcare programs for seafarers and their dependents, combining access to an extensive network of medical providers with efficient claims administration, financial transparency and effective cost management.
Our approach is built around a clear principle: safeguarding the health and well-being of seafarers and their families while helping our clients maintain greater flexibility, predictability and control over their healthcare expenditure.
International Presence & Local Expertise
Established in Cyprus in 2014, Polaris operates through its presence in Athens and Manila, combining European business standards with dedicated local healthcare administration and operational support in the Philippines.
Over 25 Years of Combined Industry Expertise
Our management team brings together extensive experience in banking, insurance, maritime services and healthcare assistance, providing a strong foundation for specialized program design, effective administration and long-term client partnerships.
Operational Excellence & Continuous Development
We continuously enhance our healthcare administration processes, provider network and digital capabilities to deliver reliable, responsive and cost-efficient services, while adapting to evolving client requirements and industry standards.
Our Team
Our strategy
We provide clients with a flexible and cost-efficient alternative to conventional premium-based HMO arrangements, combining high-quality healthcare services with transparent financial management and greater control over healthcare expenditure.
Fast
Prompt access to a wide network of accredited doctors, clinics and hospitals through a dedicated mobile app, with fast authorization processes and efficient claims administration.
Fair
Payments follow the Administrative Services Agreement, with constant diligence in the management of the Shared Account, detailed reporting and full visibility for the benefit of the whole community.
Flexible
Tailor-made healthcare programs based on client and seafarer needs, including the ability for employers to authorize ex-gratia payments when needed, ensuring flexibility and appropriate support for exceptional medical cases.
Industry Expertise & Operational Excellence
Backed by a team with over 25 years of experience in banking, shipping, group insurance and professional services assistance, well-versed in the latest industry trends, technology and regulatory frameworks.
What is a TPA?
A Third-Party Administrator (TPA) provides healthcare administration services on behalf of employers through an Administrative Services Agreement (ASA).
Under this agreement, Polaris designs and administers structured healthcare benefit programs, providing employees and their eligible dependents with access to inpatient and outpatient medical services for illnesses and accidents, including emergency and scheduled treatment.
How the Shared Account Works
Dedicated Healthcare Fund: The Client and Polaris establish an agreed Shared Account (Revolving Medical Fund) to finance eligible medical claims and associated administrative expenses.
Controlled Replenishment: The Fund is replenished only when its available balance falls below 50% of the initially agreed amount, ensuring efficient cash flow management.
Ownership & Financial Transparency: Unutilized funds remain the property of the Client and may be carried forward upon renewal or refunded following settlement of outstanding claims and contractual obligations.
Contractual Flexibility: The Client may terminate the agreement before its scheduled expiration without early termination penalties, subject to the settlement of outstanding obligations.
What's Covered
Claims Administration & Healthcare Oversight
Every medical claim undergoes a thorough review and validation process in accordance with Polaris' established claims administration protocols, ensuring compliance with the terms and conditions of the agreed Benefit Plan.
By managing the administrative complexities of healthcare delivery, Polaris enables employers to focus on their core business operations while ensuring their employees and dependents receive efficient, reliable and professionally coordinated healthcare services.
TPA vs. Traditional Health Insurance
The Polaris TPA model offers a cost-efficient alternative to conventional premium-based health insurance, enabling employers to achieve significant savings while maintaining comparable healthcare benefits or enhancing coverage within the same annual budget.
| Features / Benefits | Traditional Health Insurance | Polaris TPA Model |
|---|---|---|
Funding Structure |
Fixed insurance premiums | Flexible, claims-based funding through a dedicated Revolving Medical Fund |
Financial Risk |
Insurer assumes the covered financial risk, subject to policy terms and limits | Employer retains responsibility for funding eligible healthcare claims |
Benefits & Coverage |
Predetermined benefits, exclusions and coverage limitations | Customized healthcare benefits with flexibility for client-authorized exceptions |
Healthcare Cost Savings
Compared to Traditional Health Insurance
Based on actual Polaris portfolio data and comparisons with traditional premium-based health insurance arrangements offering comparable benefits.
Nationwide Healthcare Provider Network
Polaris provides access to an extensive, nationwide network of accredited healthcare providers across the Philippines, supported by long-standing partnerships and preferential pricing arrangements designed to ensure quality healthcare services and effective cost management.
Our Accredited Healthcare Network
24/7 Healthcare Assistance & Claims Administration
Our dedicated teams provide round-the-clock assistance, coordinating access to medical services and facilitating timely treatment authorizations through streamlined administrative procedures.
All requests and medical claims are subject to a structured review and validation process conducted by our specialized Claims Administration and Medical Audit teams, ensuring compliance with the agreed Benefit Plan.
Preferential Provider Agreements & Cost Optimization
Through established partnerships with our accredited healthcare providers, Polaris has secured preferential medical rates and negotiated pricing arrangements, contributing to substantial savings on healthcare expenditure.
Where applicable, PhilHealth benefits are coordinated and deducted directly from eligible medical bills, further reducing the overall cost of treatment.
Healthcare Benefits & Eligibility
Our healthcare programs are designed to provide comprehensive medical support for employees and their eligible dependents, including spouses, children and other family members, subject to agreed eligibility criteria.
Healthcare Benefits
- Inpatient and outpatient healthcare services
- Emergency and scheduled medical treatment
- Optional dental care benefits
- Coverage for pre-existing medical conditions without exclusions
Eligible Members
| Member Category | Eligibility |
|---|---|
| Employees | Eligible for coverage |
| Spouses | Eligible for coverage |
| Children | Eligible for coverage |
| Additional Family Members | Subject to agreed eligibility criteria |
Coverage plans
Eight comprehensive healthcare benefit plans, designed to accommodate different employee categories, with the flexibility to customize coverage and adjust benefits according to each company's evolving needs.
All amounts in PHP, per member per year. 100% coverage for treatments within the accredited health network — the out-patient limit is a sub-amount of the annual maximum benefit limit.
Entry-level protection, full network access
100% coverage within the accredited health network. The detailed in-patient and out-patient benefit schedule for this plan is available on request from your Polaris account manager.
Dental benefits
FrequencyMore dental benefits
Frequency* Covered only within the accredited services network.
The Member Journey
From initial registration to ongoing healthcare assistance, members benefit from a streamlined, user-friendly experience supported by dedicated digital tools and personalized service.
Member Registration & Activation | Within 24–48 Hours
Welcome SMS
A welcome message is sent to the member's registered mobile number, confirming their enrollment.
Account Activation Email
Members receive their login credentials and clear instructions for accessing their healthcare benefits.
Physical Membership Card
Provides a convenient alternative for identifying members and verifying their eligibility at accredited healthcare facilities, without requiring a smartphone or internet access.
Mobile App Access
Members can access the accredited provider directory, review their healthcare benefits and eligibility, and monitor the status of their service requests through our dedicated mobile application.
Mobile App Features & Services
- Request a Letter of Authorization (LOA)
- Submit medical claims for reimbursement
- Review healthcare benefits, exclusions and benefit utilization history
- Access the updated directory of accredited healthcare providers
- View the status and outcome of authorization requests, including explanations for declined requests
- Request a callback from a Medical Officer
Claims management
Every claim is monitored in real time from the moment it is reported, with a tiered escalation path so that medically or financially significant cases always reach the right people quickly.
- Simple lab tests
- X-rays
- Emergency cases
- Scheduled admissions
- Surgeries
- Referral note → assessment → green light, in ~45 minutes
Real-time monitoring: every claim is tracked from the moment it's reported, with tiered visibility so medically-critical or financially-significant cases are escalated immediately.
Our Cost Structure & Financial Advantages
A More Efficient Approach to Healthcare Funding. Unlike traditional insurance arrangements, the Polaris TPA model operates without certain insurance-specific cost components, allowing a greater proportion of the client's healthcare budget to be allocated directly to medical services.
Broker Commissions
Regulatory Capital Requirements
Marketing Expenditure
Understanding Solvency Requirements
Insurance companies are required to maintain regulatory capital reserves to support their financial obligations and protect policyholders. As a Third-Party Administrator, Polaris is not subject to the same insurance solvency capital requirements.
A Practical Cost Breakdown
Illustrative annual healthcare budget: 84 USD per member.
Revolving Medical Fund – Transparency & Financial Control
- Funds are maintained in a dedicated bank account.
- Healthcare expenses are settled as claims arise, ensuring efficient fund management.
- Full ownership and control of the allocated funds remain with the Client.
- Any remaining balance, after settlement of outstanding claims, is returned to the Client upon termination of the agreement.
“Complete transparency, financial accountability and control over your healthcare expenditure.”
Cost Predictability & Long-Term Sustainability. Indicative annual cost: 55–90 USD per member, depending on the selected benefit plan and membership profile. Our transparent funding structure, predictable administration fees and extensive claims experience support effective budget planning and long-term cost management.
Fraud Prevention
Protecting our clients' healthcare funds against fraud, misuse and unnecessary expenditure is an integral part of Polaris' healthcare administration and financial oversight responsibilities.
Key Areas of Fraud Prevention & Cost Control
- Unauthorized use of membership cards by individuals other than registered beneficiaries.
- Misrepresentation of cosmetic or non-covered procedures as eligible medical treatments.
- Unnecessary hospital admissions, prolonged hospital stays or excessive utilization of healthcare services.
Fraud Prevention & Monitoring Procedures
- Implementation of identity verification protocols at the point of service.
- Close coordination with our accredited healthcare provider network to identify and prevent potential irregularities.
- Real-time review and validation of medical claims to ensure compliance with the agreed Benefit Plan.
Our proactive monitoring and claims validation procedures are designed to mitigate both fraudulent activity and inappropriate benefit utilization, safeguarding our clients' healthcare funds.
Partnership & Program Implementation
From Agreement to Program Activation. Our streamlined implementation process ensures a smooth transition from the execution of the Administrative Services Agreement (ASA) to full program activation, without traditional insurance underwriting requirements or standard waiting periods.
Program Implementation | Six Key Steps
| Step | Process | Indicative Timeline |
|---|---|---|
| Step 1 | Agreement Execution The Administrative Services Agreement (ASA) is finalized, establishing the agreed healthcare benefits, program terms and administrative framework. | Within the same week |
| Step 2 | Internal Approval & Coordination Polaris completes the necessary internal approvals and operational arrangements to initiate the program. | 1–2 days |
| Step 3 | Member Enrollment Data The Client provides the list of employees and eligible dependents for registration. | Client-dependent |
| Step 4 | Revolving Medical Fund Activation The dedicated healthcare fund is established and funded, enabling the settlement of eligible medical expenses. | 1–2 days |
| Step 5 | Enrollment Confirmation Polaris verifies and confirms the successful registration and activation of eligible members. | Same day |
| Step 6 | Member Access & Communication Members receive their welcome SMS, account activation instructions, physical membership card and access to the Polaris mobile application. | 24–48 hours |
Claims Administration Process
Access to Healthcare Services
Members receive medical care through our accredited network of hospitals, clinics and physicians, in accordance with their Benefit Plan.
Direct Provider Settlement
Eligible medical expenses are settled directly with accredited healthcare providers, minimizing the need for members to make upfront payments.
Claims Review & Validation
Medical claims undergo a structured review and validation process to ensure compliance with the agreed Benefit Plan and applicable administrative protocols.
Revolving Medical Fund Management
Polaris continuously monitors fund utilization, provides expenditure updates and coordinates replenishment when the agreed funding threshold is reached.
Why Companies Choose Polaris
- Proven Cost Efficiency: Average healthcare cost savings of approximately 35% compared to traditional premium-based insurance arrangements offering comparable benefits.
- Extensive Healthcare Network: Nationwide access to accredited healthcare providers across the Philippines, supported by established partnerships and preferential pricing arrangements.
- Flexible Benefit Design: Customized healthcare programs with the ability to accommodate client-authorized exceptions and evolving organizational requirements.
- Dedicated Healthcare Administration: 24/7 member assistance, coordinated healthcare services and professional claims administration supported by specialized medical audit procedures.
Our valued principals
Leading shipping and crew management companies trust Polaris to deliver comprehensive healthcare administration services for their seafarers and their families.
every client is a referral
Active members — growth trajectory
Year-end active member count, 2019–2026.
Year-end snapshot of active members (2026 = as of 16/07). Data from CBMS since 01/07/2019.
Don't take our word for it
“Ask anyone.” We'll give you phone numbers — you choose who to call. Diana Shipping has worked with us for 7–8 years, covering 4,000+ members. Several of our principals run a quarterly audit of our books — nothing passes without scrutiny, and they stay with us.
Frequently Asked Questions
Contact us
Cyprus
Polaris Financial Services (CY) LTD
24, Vasili Michailidi str.
3026, Limassol
Philippines
Polaris Administration Services, Inc.
Makati, Manila (local agent)