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.
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.