In a world moving towards a more eco-friendly and sustainable future, Health Compass believes it has the opportunity to create a new and efficient eco-system for the transaction of international private medical insurance (IPMI) business.
From the outset, Health Compass was designed to be different to anything currently on offer to the market and it sits at the centre of the IPMI ecosystem. It’s an enabler that allows insurance companies, MGAs, brokers, IFAs and other intermediaries to better engage with the end customer and, in many ways more importantly, convert more leads by quite simply delivering the product that the best fits the client’s requirements.
The ability to enhance the speed and efficiency of communications between all parties in the value chain will benefit the entire industry. What Health Compass also delivers is the ability to share all broker agreements and access to international licences for brokers looking to expand their global footprints. This in turn provides assurance to underwriters that the brokers they are transacting business with are compliant for the territories in which their clients wish to travel and live.
However, Health Compass is not here to ‘eat anyone’s dinner’. The technology’s role is to connect people in the IPMI ecosystem. It does not have its own products and is not looking to sell cover itself. The platform will also not communicate independently with end clients, a red line for founder David Eline.
“By setting clear communication boundaries Health Compass can more easily deliver on its objective to be a platform which connects those in the market, specifically the product providers with intermediaries looking to sell IPMI cover. The objective is to make business happen and provide the environment for collaborative sales,” said Health Compass founder, David Eline.
Health Compass is not a price aggregation site, rather it is a distribution aggregator for insurers and MGAs looking to get their products to market and ensure clients are covered by the policies that are most suited to their needs and budget.
Health Compass has received a great deal of praise for its comprehensive benchmarking capability. The system is built on publicly available information. This allows it to accurately create a clear scoring system that enables intermediaries to easily understand which product best matches their client’s specific requirements.
Health Compass is creating a global network of brokers and insurers that can leverage its platform to enhance their ability to operate seamlessly, speed up response times and reduce frictional costs.
The complexity of compliance for insurers and brokers is only increasing. Health Compass ensures that every IPMI transaction has the right licences for the given territory.
“In simple terms, it is compliance driven and allows brokers to open the doors to new markets and do so in the knowledge they have eliminated the risks around licencing,” continued David.
Health Compass aims to be at the centre of the change that is coming for the IPMI market. And it’s the technology that will change the way insurers and intermediaries transact business in the future. The benefits for early adopters of technology have been both tangible and significant, and the IPMI sector now has a platform that can provide real opportunity to those who recognise what it can bring to their operational efficiencies.
The Health Compass ecosystem is already evolving and a growing number of leading insurance providers and brokers are realising the benefits it can bring to their ability to convert leads into clients.