News Archives - Health Compass

Melbourne Capital talks to David Eline about Health Compass

James — Tue, 20 Jun 2023 07:56:05 +0000

David Eline spoke to Chris Crowe, Director at Melbourne Capital Group about the current international private medical insurance (IPMI) market in Asia and the benefits of being one of the early adopters on the Heath Compass platform.

For Chris Crowe and Melbourne Capital the Asian market is one where there is clear growth aspirations.

“We are based in Southeast Asia with a head office in Kuala Lumpur, but our roots are in Australia where we also hold a full AFSL licence,” he explains. “My role within the group is to head up the private wealth team and our target clients are high net worth locals and ex-pats. Within the Melbourne Group we also operate a range of other departments, such as corporate advisory services, wealth structure, and asset management. We also have a private equity and venture capital capability, and we have moved into property, supporting HNW clients with portfolio arrangements.”

The company operates in Malaysia and Thailand with plans to expand into across Southeast Asia through 2023 and into 2024.

“We are building a business which moves us away from the traditional offshore IFA model. We have invested in our team to help them grow and develop, and we want clients to benefit from improving services which we are able to offer,” Chris continues. “It is why we were keen to join the Health Compass platform as we are always seeking to access expertise. We do not want to go down a route where we are offering our clients a single product or a single service.”

On the market itself Chris adds: “In terms of the Asian market there is a lot of room for improvement. I firmly believe that everyone needs PMI. If something goes seriously wrong with your health it can be very expensive, and local cover really just will not cut it.

“The challenge is to work with clients to help them understand the difference between the cheaper local cover and international cover. The differences can be significant. We want to ensure that every one of our clients has good quality cover which meets their needs. A lot of people are interested to see what good quality cover looks like but there is always the question of price. Even if you have local cover it can pay to enhance that cover before you develop pre-existing conditions that will lead to an exclusion.

“However, there can be a price hurdle with people often unwilling to pay the additional premium for international cover.”

As to why Melbourne Capital were quick to sign up to the Health Compass platform Chris says the benefits were evident.

“We were impressed with the passion that David showed in the platform and its benefits. We also wanted to partner with a platform that is committed to the market for long term and one that wants to make a difference.

“We can see that the platform is constantly looking at ways in which it can enhance what it does and we understand development of technology is always ongoing particularly around enhancements to the user interface.

“The ability to compare the products and providers quickly and with clarity is a great benefit. It offers real support to our staff, particularly those who have recently joined and are on a learning curve around the products and services we can offer.

“Some clients will come to us with a clear budget so the ability to assess and compare products within that budget is a significant help. You can look at a graph on the system and see all the information you require. The gap in coverage and price between the local and international covers is wide and the platform can be used to highlight the benefits to clients when they are looking to take out cover.

“We are very happy to be part of the platform. It is encouraging to see the efforts being made to bring more providers onboard and are keen to work with David and the team to support the ongoing development of Health Compass.”

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Health Compass enables expansion of broker’s direct international PMI offering

David Eline — Mon, 21 Nov 2022 13:13:53 +0000

France-based insurance broker QITI has joined forces with technology platform, Health Compass, in a partnership that will dramatically expand QITI direct international private medical insurance (IPMI) offering.

QITI is a leading French technology-based insurance broker providing solutions for individual expatriates and digital nomads. Health Compass is an advanced technology environment for comparing and trading international private medical insurance.

QITI will seamlessly integrate Health Compass’ technology into its B2C website, giving customers the ability to compare the price of policies with cover quality and allowing them to directly select and purchase the product that best suits their needs and budget.

By integrating the Health Compass technology, QITI said it aims to rapidly position itself as the leading B2C technology solution in the international private medical insurance market. The win-win partnership is expected to drive growth for the two insurtechs.

“The partnership will allow QITI to double the health insurance solutions we can make available to our expatriate customers in just a few days. With an excess of 1,000 policy offerings available, we are confident that no other B2C broker in the world is able to offer so many solutions for its customers. And with the Health Compass technology, those 1,000 plus solutions are easy to navigate and select from,” enthuses QITI CEO, Christophe Bremard.

With Health Compass having signed a number of insurance-provider partnerships outside of the European Union, QITI now has a regulatory bridge enabling it to sell to customers in countries where it does not have access to the required permits or IPMI products.

Bremard continued: “With several thousand insurers in the world, it is our mission to offer customers the best in cover, premiums and service. French and European insurers tend to remain in their comfort zone but we are keen to form relationships with other global insurers. As we don’t currently work with insurers like BUPA Global and Now Health that are already on the Health Compass platform, this partnership saves us a huge amount of time with the immediate availability of additional offers from some of the world’s best known providers.”

“Health Compass enables international health insurance policies to be selected based on their cover quality, price and compatibility with the client’s express requirements, all within a GDPR and IDD environment. We do not target expatriates directly but brokers can use our technology to do this for their own businesses and provide an automated B2C facility available to their customers”, said Health Compass founder, David Eline.

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Change is coming with technology at its heart says AMII chairman

David Eline — Mon, 03 Oct 2022 09:50:33 +0000

Health Compass spoke to Association of Medical Insurers and Intermediaries (AMII) executive chairman David Middleton to get his views on the future for the sector and his thoughts on what the Health Compass platform will bring to the international private medical insurance (IPMI) market.

Set up in 1998, with the aim of creating the industry body for intermediaries, AMII has worked hard to deliver on its aim. AMII membership now includes providers as it continues to strive to be the voice of the whole health and wellbeing industry.

“We have set professional standards to be members are looking to provide training and education and seek to get intermediaries and providers collaborating to make the medical and wellbeing space a better world.” David explains.

While AMII is predominantly UK based, the association and its members are called to operate in the IPMI market.

“International medical insurance is important to a number of our members” explains David. “There is local coverage, of course, in all different areas in the world, but it’s not appropriate for some employees. Therefore, IPMI is a critical and growing piece of the international consulting jigsaw.”

However, he adds, while aspirations can be global, delivery can sometimes be a challenge.

“When members talk to global businesses, the immediate question is: are global employees covered correctly? The answer may well be not.”

“Failure to understand how a business operates globally is a risk to UK only intermediaries as it leaves them open to their client having discussions with global consultancies. So for me, IPMI is important and all intermediary businesses should understand it.”

“International PMI provides wider coverage and is more expensive as a result. But cover has to be appropriate. There are without doubt employees in IPMI schemes that would be better suited to local plans,” he adds.

“On occasion remuneration can be ridiculously high, for the work that is done” he explains. “I do think there is a possibility that the FCA will review in the future particularly with them seeking to ensure that intermediaries justify the work it does for the remuneration it receives.

David believes that Health Compass can be part of the industry’s future.

“I have seen the Health Compass platform and it looks good,” he says. “As an intermediary, you need to be able to quickly compare cover and pricing and get quotes from providers which is a challenge as comparing a product against those in the market is not easy. I think, what David Eline and Health Compass has produced is excellent.

“It reduces the time taken to provide the right information to clients but also, from a compliance perspective, it actually ticks a lot of boxes too. I don’t believe that all providers are on the platform at the moment, but many are and more will come on board as time passes.”

He adds: “Technology done well really makes things simpler and more compliant.”

Looking to the future David says the UK market needs to get closer to its national health services and work together to tackle the threats they face.

“The pandemic has obviously changed many things in lots of areas, but we are coming out the other side,” he adds. “The pandemic has enhanced the use of technology. We have seen that it is possible to have consultations with GPs and with consultants via Zoom or by Teams.

“If there’s positive from the pandemic, I think that is one of them: we now understand that we don’t always have to do things face to face. Having said that I still think there is a place for face to face because human beings tend to like that.

“Wearable technology will become increasingly prevalent to provide data for services that make decisions about our health. At the moment, we can track our steps, we can track our heart rate to an extent but new innovations will provide more data to help us with the delivery of health and wellbeing without shadow of doubt.”

“I’d like to see the NHS and the private medical sector working more closely. We saw it work during the pandemic, because the private hospitals were utilised by the NHS and that was a real positive. But there’s still an awful lot to do.

“Many of the consultants are working across both, but as groups the NHS and private sector don’t work closely together.

“The future seems bright for the sector as we are seeing a lot more demand for private medical treatment at the moment both on an insured and self pay basis quite simply because of NHS waiting lists.”

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Healthcare International product suite added to Health Compass platform

David Eline — Mon, 26 Sep 2022 13:07:15 +0000

Healthcare International, a leading provider of International Private Medical Insurance (IPMI) to expats, digital nomads and the internationally mobile has been added to the Health Compass price comparison platform.

Insurance and financial intermediaries can use the Health Compass technology solution to compare both the price and quality of cover of IPMI products in the market.

Healthcare International’s full product suite now includes those previously offered by Integra Global and policy cover ranges from budget in-patient care to premium outpatient services such as maternity and dentistry. Every policy is now featured on Health Compass and available to brokers via an umbrella agency agreement.

“HCI is a well-respected MGA in the world of IPMI and has recently expanded its proposition with the acquisition of the Integra Global book of business and product suite,” said David Eline, Founder of Health Compass. “We were keen for them to come on board and are delighted that they agreed to do so.

“We now have nine of the world’s leading International PMI insurers and MGAs on the platform, giving intermediaries the ability to offer products to their customers from a large section of the market.’

With 20 years in the IPMI sector and the recent purchase of Integra Global’s book, HCI has established itself as a leading option for brokers looking for robust solutions at competitive price points. HCI’s inclusion will only add to the variety of choices already available on the platform.

“We are delighted to be part of what is an- truly innovative technology solution for the IPMI market. Health Compass offers distributers the unique ability to compare price with cover quality, together with the assurance that all regulatory arrangements are in place.,” said Ian Wood, CEO of HCI. “We are confident that our products will stack up well against the competition and look forward to a fruitful long-term relationship with David Eline and his team”

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Delivering a new dimension to the IPMI market

David Eline — Wed, 24 Aug 2022 09:17:20 +0000

As the Health Compass platform continues to grow with more brokers and providers accessing the system, it has highlighted why tomorrow’s insurance platforms will need to move away from the one dimensional.

The growth of pure aggregator sites has been rapid. While the benefits of accessing a range of products on a single site, including ease of access and competitive price pressure driving ever lower premiums have been lauded by many, the downsides have become ever more apparent.

A drive to commoditised products which can be more aggressively priced on such sites have led to rising criticism of clients buying products which may not meet their needs.

For the IPMI market the complexities of client needs, coupled with the broad range of covers and products on offer, has caused a dichotomy in the intermediary space. While some intermediaries have made a conscious decision to specialise in the IPMI market, the complexity has left others reluctant to get involved. The difficulty in understanding the details has given rise to concerns about lack of access to information that would allow them to make an informed choice on which product best fits their client’s requirements.

It is here where established systems have been found wanting. While some systems are focused on the analytics of the cover offered, they do not offer the capability to match the quality of that cover to price, and how this compares with similar products from rival providers.

This one dimensional approach by the current platforms requires change and Health Compass is a leading example of the two dimensional platform of the future; Health Compass not only delivers the ability to compare price of the cover but also the quality and complexity of the cover in question.

Health Compass factors price aggregating, benefits comparison, licensing/brokerage agreements fronting, and workflow into one 360 degree solution which is easy to use and improves profitability for all participants in the IPMI distribution chain.

From the outset the aim of Health Compass has been clear: to give intermediaries the ability to offer the best possible advice to their clients and sell IPMI more easily.

The platform supports both expert and non-expert intermediaries with the ability to match a customer’s need with the best price/cover combination from the vast majority of providers in the market.

Historically it has been extremely difficult for the brokers to properly compare benefits from a range of IPMI products or give customers an indication of price on the spot. Health Compass compares covers on a level playing field basis and scores the ‘quality’ of benefits so comparison is clear. This avoids the situation of brokers requesting proposals from insurers with little idea of which product has the best coverage option for their clients.

Brokers can increase their responsiveness to clients and reduce the analysis, pricing and workflow tasks, freeing up time for business development and making it easier to build larger books of business overall.

With the platform now established and open for business, the short-term aim is to grow the Health Compass community with brokers across the globe.

This includes intermediaries working on the fringe of the IPMI market. No longer will they need to pass on a customer’s IPMI request or risk losing the client to a competitor because the right brokerage agreement or knowledge level is not in place. Health Compass makes the distribution of a complex product easier.

With users in Asia and in the UK, access to products from 11 of the leading insurers and MGAs in the sector, the two dimensional platform of the future is already a reality.

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Infinity Financial Solutions Asia talks to Health Compass about what the platform is delivering for their business

David Eline — Mon, 04 Jul 2022 08:40:01 +0000

Health Compass spoke to Trevor Keidan of expat financial and wealth management services provider Infinity Financial Solutions—which has a number of offices in Asia—to discover what attracted him to the Health Compass platform and the benefits he believes the system is delivering.

1). What made you sign up to Health Compass’ new platform?

We had been looking for a system which would allow us to effectively analyse the International PMI market. Traditionally we used excel and our own IP of the market in order to source the analysis – an approach that was laborious, time consuming and not over analytically accurate.

We had even got to the point where we thought of developing something ourselves. The aim has always been to look at ways of selling on-line which had less adviser input.

What we wanted was the ability to compare the products in the market on a truly objective basis to be able to identify the solution that best suits the needs of our clients. That is the raison d’être of Health Compass.

2). What has been your experience so far?

We have only been part of the platform recently and, like any system, Health Compass takes a little time to get used to – especially as it entails a change of the habits we have built over time. The system is good and does what it wanted to achieve.

Whilst there are already a large proportion of providers on the platform, as the product range expands over time it will only get better. It’s great now but ideally needs all the major underwriting players in the market on board. This is one of the reasons why we introduced Health Compass to some local providers – if their details can be added to the platform it all helps to match our specific needs.

I would say it has the potential to be a serious part of the market but that will come as the product suite becomes more comprehensive. Different players have different approaches to different regions of the world so the more products on the platform the greater the choice for the client and the better able you are to analyse the suitability for the client.

3). What benefits does the platform deliver to you and your clients?

I would say the benefits are clear. It really allows us to compare and contrast the benefits of the different products on a completely level playing field. It allows you to really delve into a product and, by understanding what is important to your client, offer a solution that best fits their needs. The data is transferable so you are able to create a matrix which makes the ability to compare the products even easier.

4). The platform requires the intermediary to cede a percentage of their commission – do you feel that’s an issue?

In many cases the platform has been able to deliver a higher rate of commission so it is not so much of a negative for us.

It very much depends on the type of broker you are. It may be an issue for those in the market who are simply policy pushers – whose sole purpose is to push a policy and sell as many as they can. The advisers who are looking to do more analysis across the market and match client needs with the right solution will view Health Compass as a positive as it makes that analysis easier and more precise. The platform brings the product providers together and helps to pinpoint the client’s sweet spot.

5). Given the way in which the pandemic has changed the way people work do you think the Health Compass platform has arrived at the right time in the market’s development?

COVID and the pandemic have not really had a significant impact. The major result has been ability for advisers to pivot and change their workstyle. The platform is a tool that can explain the products. The fact that it allows us to trade end to end is a bonus for our business. If we are in a position in the future where the platform can be embedded into our website to allow clients to buy online via the platform it would be our nirvana.

It is a pity Health Compass was not around earlier. However, the right time is now and the platform is ready now. We need all IPMI providers to come on board so advisers can benefit even more from what the platform can deliver.

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Health Compass – pointing the market in the right direction

David Eline — Thu, 21 Apr 2022 09:50:08 +0000

The international private medical insurance (IPMI) market is becoming ever more competitive, however, the launch of Health Compass will be a game changer for intermediaries seeking to access the market, cut through the complexity and reduce transaction times.

Health Compass is a technology platform that makes it easy for intermediaries to sell IPMI to an ever wider set of customers. By using the platform intermediaries can break down the barriers around speed of selecting the right cover and binding contract for clients.

With a myriad of individual healthcare needs, Health Compass combines a unique ‘benefits scoring’ feature with a multi-carrier price engine meaning that, for the first time, a broker can have immediate visibility of a policy’s benefit scoring and price when making client recommendations.

The platform is fully licensed across with world’s key geographies and allows intermediaries to:

identify suitable products from hundreds of options offered by a huge range of IPMI insurers, compare the differences in their scope and price, and send a proposal to the client in less than five minutes
efficiently access the IPMI market and help their clients understand differences in policy options quickly and in simple terms
provide clear and recognisable product comparison to clients that demonstrate exactly how individual policy options and suggestions meet their needs
demonstrate the ‘quality’ of cover being recommended with a unique algorithmic tool that scores cover from one to four stars
cut transaction times when compared to dealing directly with an insurer or MGA, including response times from the underwriter once the application documentation is submitted.

Benefitting intermediaries, whether IPMI specialists or not

The platform holds tremendous potential for intermediaries of all types, whether seasoned IPMI specialists or those with a handful of clients each year that would benefit from this type of cover.

Specialists can quickly compare product coverage and price and use this information to guide the advice they offer to clients. Indeed, the whole process from inputting the client’s details into the system to sending them a proposal can take just a few minutes.

Non-specialists can immediately access a huge cross section of the market in a fully compliant manner, with 80% of the market’s IPMI products available on the platform. This creates the potential to build a book of new IPMI clients and cross sell other financial services products and insurance policies.

Ownership of customers added to Health Compass remain firmly with the intermediary.

What Health Compass is, and what it isn’t

Health Compass is not an intermediary or a broker, it does not operate on a price aggregation model. The platform could be considered a wholesale electronic broker providing access to the IPMI market for the wider intermediary community. Health Compass does not compete with brokers or insurers but acts as an enabler and communication tool to help intermediaries convert leads into trades.

The platform offers partner intermediaries the ability to access Health Compass’ regulatory and business umbrella. It is fully licensed in Europe and authorised to operate in the UK by the Financial Conduct Authority.

Through Health Compass, for example:

UK intermediaries can support clients across Europe and European brokers can access the UK market
Regulated brokers in the US or in the Middle East can place business in Europe/UK
UK/European brokers can place business in offshore territories

The medium-term goal is to develop the capability to execute in highly regulated markets such as Dubai and Singapore where off-shore distribution becomes more complex. Indeed, in the longer term, Health Compass will be fully regulated for the majority of countries and territories around the world.

Health Compass truly is a bridge that can be used to build a long-term book of IPMI business.

A two-phase access process for intermediaries

While the capability to provide all the benefits of Health Compass are already in place, how intermediaries can access them will be delivered in two phases:

Phase one: allows any intermediary to access the platform via the Health Compass website. Once they connect, Health Compass will provide seamless end-to-end workflow capabilities all the way to submission of the proposal to the insurer.

Phase two: will see Health Compass offer APIs to enable brokers to embed all the benefits of the Health Compass system and technology within their own websites, allowing customers to interact directly with the platform to complete the submission and selection process.

Latest technology

Health Compass has been designed using the latest available technology to speed up transactions, remove complexity and enable intermediaries to deliver an easily understandable comparison of the way in which policies will meet a client’s needs. The platform is future-proofed to ensure new innovations can be quickly and seamlessly integrated to enhance what it can offer intermediary and insurer alike.

Health Compass will become an indispensable tool in the intermediary’s ability to enhance their knowledge of IPMI products, understand future innovations and deliver clear and concise advice in a way that clients are increasingly demanding.

As highlighted in our Jan 2022 blog with the likelihood of the sector facing a skills shortage in the months to come the benefits technology can deliver cannot come soon enough.

Brokers and intermediaries interested to know more can make contact with Health Compass here.

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COVID Travel Barriers Fall & IPMI Provision Set to Adapt

David Eline — Thu, 24 Feb 2022 16:13:33 +0000

As restrictions on travel across the world continue to ease, the ability for employees to work internationally has increased. The picture, however, is far from clear.

The United Kingdom has announced the removal of all legal restrictions around the management of COVID-19 but, while western nations are relaxing the rules, in other areas of the world the continued spread of the virus is not still having an impact, but is likely to shape future healthcare strategies.

The world’s airlines are reporting a leap in ticket sales as COVID-19 border restrictions are removed. A survey by the International Air Transport Association (IATA) of travel restrictions for the world’s top 50 air travel markets (comprising 92% of global demand in 2019 as measured by revenue passenger kilometres) revealed the growing access available to vaccinated travellers.

The Study found:

18 markets (comprising about 20% of 2019 demand) are open to vaccinated travellers without quarantine or pre-departure testing requirements.
28 markets are open to vaccinated travellers without quarantine requirements (including the 18 markets above). This comprises about 50% of 2019 demand.
37 markets (comprising about 60% of 2019 demand) are open to vaccinated travellers under varying conditions (18 having no restrictions, others requiring testing or quarantine or both).

IATA said the numbers reflect a spate of relaxations announced around the world, including in Australia, France, the Philippines, the UK, Switzerland, and Sweden.

However Willie Walsh, IATA’s Director General warned that while the easing of restrictions will enhance the ability for travellers to move across the global there were still some very notable exceptions.

“Momentum toward normalising traffic is growing. Vaccinated travellers have the potential to travel much more extensively with fewer hassles than even a few weeks ago,” he explained. “This is giving growing numbers of travellers the confidence to buy tickets. And that is good news! Now we need to further accelerate the removal of travel restrictions. While recent progress is impressive, the world remains far from 2019 levels of connectivity. Thirteen of the top 50 travel markets still do not provide easy access to all vaccinated travellers. That includes major economies like China, Japan, Russia, Indonesia, and Italy.”

A case in point is Hong Kong. Traditionally a popular home for expats and one of the world’s leading financial services, and maritime centres it has introduced ever more onerous restrictions.

Indeed along with China it has not seen any real relaxation of the regulations since COVID began over two years ago.

Currently, there are no direct flights from the USA, and Hong Kong residents who travel abroad must quarantine in designated hotels for two weeks when they return, at their own expense.

Hong Kong has also imposed a number of ever-shifting restrictions on social gatherings. In-person dining at restaurants is banned starting at 6 pm and bars, gyms and other places where people gather have been shut down.

For some expats the constant restrictions have proved too much. According to a survey by the American Chamber of Commerce in Hong Kong, 44% of more than 250 respondents are considering leaving the city because of its COVID policies.

The organisation represents more than 600 U.S. companies, and its outgoing president, Tara Joseph, has said the exodus is set to continue:

“A lot of people have left. A lot of people are considering leaving. Other people are just trying to stick it out.”

Those expats employees who take the decision to continue to work internationally are likely to find that the future will see very different demands and approaches when it comes to International Private Medical Insurance (IPMI).

Firstly global governments are now aware of the strain that COVID has placed upon health systems and the threat of future pandemics.

As such there is a renewed focus on firms to ensure that expat employees arrive with robust and adequate health cover in place.

While governments are keen to ensure staff are fully covered, it is a view that is more than matched by employees themselves. COVID has focused the minds of employees on their physical and mental welfare. Companies are under pressure to make sure that employees’ physical and mental health are addressed and adequately monitored.

The situation is likely to create an even sharper focus on the provision of holistic care and prevention in the insurance market, with an emphasis on good physical, mental and emotional health, as well as a greater reliance on virtual healthcare.

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IPMI facing costs of COVID

David Eline — Thu, 02 Dec 2021 12:40:26 +0000

The COVID pandemic has proved to be a double edged sword for IPMI underwriters and the wider industry.

The pandemic has driven a huge demand for IPMI products. A new and significant risk to health, combined with the inability of expats to return to their country of birth, has exacerbated the need for international private medical insurance.

It’s a scenario that points to a positive period of growth for the sector as increasing numbers of expats place greater emphasis on sourcing sufficiently robust insurance for their medical needs abroad.

COVID has also accelerated the ability to deliver remote services. However, there’s a darker side to the impact of COVID; one which is increasingly challenging underwriters, brokers and members.

As the worst of COVID subsides and healthcare facilities open up to non-COVID treatments, members who had been forced to postpone non-essential treatment have been able to reschedule procedures. However, healthcare providers are also looking to recover revenue lost during the imposed lockdowns and social distancing measures.

At an online seminar hosted by Health Compass in June 2021, Alistair Dickman, Group Head of Business Development, April International Care in Singapore raised the issue. Dickman explained that, as his firm’s members began to seek to reschedule non urgent procedures, underwriters were seeing medical providers looking to recoup money lost in the past 18 months.

“COVID saw pre-planned surgeries postponed, but in Q4 last year we started to see people return to hospitals for their procedures,” he explained. “What we have seen are hospitals, specialists and dentists seeking to regain income. We have witnessed invoice rises, excess billings, and what we see as charges for needless tests.”

His views were echoed by the market and there remains concern from intermediaries that insurers had yet to recognise the evident rising costs in treatment in recent months which was leaving members with insufficient coverage levels to fund their treatment.

Intermediaries add they have seen a shift in the costs being charged for treatment. The view is that those medical service providers which suffered in 2020 are looking to double their income in 2021, to recoup the lost revenues. As such insurers need to change their covers to reflect the change in costs.

Far from easing, the problem has increased with underwriters concerned that claims inflation is reaching near unsustainable levels. While insurers are increasingly challenging billings, they are also cognizant of the need to ensure that members who have been waiting for procedures, can have them carried out.

It’s a situation that has forced underwriters to examine their broader cost base and find efficiencies that can remove frictional costs to offset some of the claims inflation.

One area is the perennial challenge of product distribution. Technology has already delivered change through COVID and the opportunity exists to build on the necessity to trade remotely, as witnessed over the past 18 months.

It comes with the need to deliver transparency in wording and coverage in order to meet the regulatory requirements to treat the customer fairly. These demands lend themselves to a new breed of covers which can be distributed electronically, reducing the time between proposal submission and quote.

Such a system would also allow proposal forms to be delivered electronically and with it reduce the need for rekeying and inevitable human error, and free up staff time to improve customer service levels.

Technology is set to drive change for the IPMI market and its participants. The tide of digitalisation is already impacting the wider insurance industry and IPMI cannot afford to be left behind.

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Inaugural 2021 Health Compass seminar makes waves in Cannes

David Eline — Mon, 27 Sep 2021 13:06:08 +0000

Our founder, David Eline, was delighted to welcome a geographically diverse group of guests to the first Health Compass seminar in Cannes on 16 September.

The event was an opportunity to showcase the Health Compass platform to attendees but also to network and discuss the future of the international private medical insurance (IPMI) industry.

Attendees from South East Asia, Europe and the Americas all made the trip and we were so grateful for their efforts, especially given the current travel challenges created by COVID-19.

Day one focussed on the seminar aspect of the event with a number of speakers laid on for the group.

James McGrigor of the McGrigor Group gave us an exclusive sneak preview of his organisation’s latest take on the impact of COVID-19 on the IPMI sector and the likely trends over the next few years. A full report on the McGrigor Group’s analysis will be available in November.

James predicted that, although the market recently experienced a downturn due to COVID-19, 2022 and beyond is likely to see a return to growth. IPMI may be maturing but with appropriate strategies recognising this it remains an exciting global market!

The Health Compass legal and compliance team from Choisez Associates—a Paris-based Law firm— delivered a presentation on the complexities of insurance compliance and demonstrated the rigorous due diligence the Health Compass system has undertaken to ensure full regulatory alignment.

Bradley Honnor managing director of learning and development consultancy, MatchFit, challenged the audience to think about their leadership style and how this can be improved. High-performance leadership was the name of the game and Bradley took the audience through a leadership model developed from thousands of interviews and sessions with leaders from around the world over many years.

David Eline demonstrated a live version of the Health Compass platform and the benefits it will deliver to distributers – including streamlined workflows, reduced administration and established licences agreements for smaller players. Watch this space for more information!

After a thoroughly enjoyable evening meal at the beachside Mademoiselle Gray restaurant, day two was focussed on continuing discussions from the previous day, networking and exploring business opportunities with potential new partners from around the world. This time, the setting was a specially chartered catamaran off the Cannes coastline. With the weather being so kind on the day, a worthwhile time was had by all.

Whilst the seminar very much had a social aspect to it, the underlying theme focussed on making the lives of distributers easy; easy to service their clients and offer advice, easy to sell and administer. That’s very much Health Compass’ mission and we were delighted with the positive reaction in the room and the many enquiries since the seminar finished.

We predict the 2022 Health Compass seminar will be a very different affair: even larger with the platform having been adopted by many distributers around the world.

Here’s to an exciting few months ahead!

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