Delivering a new dimension to the IPMI market

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.