David Healy outlines how insurers can help small- and medium-sized brokers expand into the international PMI market.
The IPMI market operates globally and across scores of different jurisdictions. It can be a major challenge to keep on top of the rules and compliance regulations for every country, particularly when the requirements continually change and evolve. Naturally, your primary concern will be to operate within the law at all times. Your reputation is at stake if you fail to advise clients correctly.
Your insurance partner should be able to provide this expertise and advice. For example, in some locations it may be obligatory for expats to have in-force international private medical cover before they can obtain or renew residency permits.
This sort of information is vital to your clients, especially those moving to a country for the first time. By maintaining a close dialogue with your insurer over compliance and other local regulations you will be in a strong position to add real value to your customers.
Global servicing
IPMI insurers with international networks can support your clients locally via regional offices and visit group customers with you or on your behalf.
It is possible to give your clients your personal attention, even if they are hundreds or thousands of miles away. Several of the leading insurers operate regional offices in the key expat locations such as Dubai, Hong Kong, London, Shanghai and Jakarta. On the ground representation allows them to service your customers at a local level.
A number of insurers have the capacity to support your group clients with special visits either with you or on their own. This kind of personal attention can help you build stronger relationships with your clients.
Medical advice and support
Larger insurers have dedicated teams of clinicians in place who offer health care advice and support to your clients. They will also provide essential help at critical moments.
With the right medical support from your insurer, you can have complete peace of mind that your customers are being given the care they need. It is important to understand in advance the level of help you and your clients will receive.
Look for a large and professional medical team that will be on-hand to offer support at all times. Ideally, there will also be proactive contact with clients. For instance, a follow-up call after an in-patient stay or support in the wake of a difficult diagnosis.
Technology
These days, insurers are usually at the forefront of technological development. This is particularly true of international insurers who work globally creating programs to help expatriates to make the most of their insurance cover.
Technology is a driving force in delivering insurance solutions. The IPMI market has moved into highly flexible web-based platforms and mobile applications to make the lives of customers more convenient. In the past few years insurers have launched a range of sophisticated products, such as apps that allow customers to find the nearest medical facility wherever they are in the world or submit claims from their smartphones.
Your insurer is likely to have a range of applications and technologies which they will make available to your clients. Before you place your business with an insurer, it’s important to check on the availability of such technology and to ensure it is compatible with your client’s specific needs.
The IPMI market can provide any ambitious broker – particularly those with a background in healthcare insurance – with an opportunity for profitable expansion.
Whatever the size of your operation, IPMI can bring attractive rewards. By working closely with insurance partners you will have an opportunity to offer you clients’ excellent products and a well-rounded overall solution to their IPMI needs.
Choose the right insurers to support you with expertise, compliance, medical support and technology and you will have an offering for your clients to match any broker in the market. Build the right partnerships and the world is your oyster.
David Healy is general manager, Europe, at Aetna International
