A perennial difficulty for intermediaries of all genres is the ease to which they can conduct whole market searches to identify products that genuinely meet their client’s specific circumstances, offering the best possible advice in the process.
With so many product options at different price points across all insurance and protection classes, this is a complex and time consuming task.
Health Compass set out to address this issue and create a solution in the international private medical insurance space that gave intermediaries a system that precisely matched client need with the right balance of cover benefits and price.
At the heart of the Health Compass platform is its ‘Solution Radar’, an innovative visual dashboard that is central to an adviser’s ability to find a product that is the right fit for a client.
Health Compass plots cover ‘quality’ with the premium of already closely matched customer solutions against each other to create the distinctive Solution Radar. An X and Y axis defines where each policy stands when it comes to matching the client risk with the premiums they are willing to pay.
The display shows how the products chosen truly compare, giving intermediaries a unique way to advise clients on health risk mitigation and powerful advantage over competing advisors.
The Solution Radar example below shows the headline cover requirements for an Italian family of four. As can be quickly seen, the most expensive product doesn’t provide the widest cover in this instance. With the system having the ability to drill down into the detail of each cover element, advisers are able to offer additional detail around the differences in cover to their clients.
The detailed insurance cover comparison ability relies on Health Compass’ extensive proprietary database and algorithm that calculates a quality score for each individual element of cover offered by a product solution. This not only provides an overall quality score for a provider, but also the ability to dig down and discuss individual elements of cover that may be of importance to a client.
The Solution Radar allows intermediaries to move from a situation where adviser and customer spend valuable time trying to understanding the benefits available from a range of products (that may not be the most appropriate solutions in the first instance) and comparing the complex set of covers to a premium rate.
Now, with the process taking just a few minutes, decisions are not only made quickly, but both intermediary and client can be confident the right solution has been purchased. This is even more important given the constantly changing cover and treatment complexities within the IPMI market and allows intermediaries keep on top of the situation.
The additional Solution Radar example below, shows a number of products offering similar cover but with greatly varying premiums. If the client required the widest cover, the top right-hand section of the Solution Radar screen shows which products best match that need, but also an indication of the additional premium that will need to be paid.
Health Compass is fully aligned to GDPR and IDD regulations with the application workflow and mail system between customer/broker/insurance able to communicate sensitive medical information to those with proper accreditations, such as medical underwriting departments.
With Health Compass also operating as a bridge between the EU and the UK, it is possible for a UK-based broker to service customers in Europe (and vice and versa) with offshore business also able to be placed through the platform when permitted by the provider.