Bringing efficiencies to the international private medical insurance market

Health Compass brings together key aspects of the international private medical insurance (IPMI) market to create a single cohesive and efficient ‘Ecosystem’.

The IPMI sector has been a consistently growing market for many years. Insurance providers are citing a strong pandemic recovery in 2021 with 2022 looking even more positive. 

With high premiums, generous commissions and customers often sticking with the same provider for several years, the IPMI market can be lucrative for intermediaries.

Like any market, however, IPMI has its transactional challenges for intermediaries.

Health insurance is complex and it is hugely important that the recommended cover meets the precise needs of a client – whether that is country of residence, individual or a family cover, benefit preferences or budget expectations. Of course, this assumes that the intermediary has agency agreement with leading insurers in the first place, which isn’t always the case. There are a multitude of brokers with just a small number of agreements and fringe intermediaries with customers needing IPMI cover but no agreements at all. For an intermediary to properly advise a client, hugely time-consuming whole-market searches need to be conducted involving a number of insurer products – in reality, an impractical task. And even if this can be done, manually requesting insurer quotes adds further time and complications.

Health insurance is complex and it is hugely important that the recommended cover meets the precise needs of a client – whether that is country of residence, individual or a family cover, benefit preferences or budget expectations. Of course, this assumes that the intermediary has agency agreement with leading insurers in the first place, which isn’t always the case. There are a multitude of brokers with just a small number of agreements and fringe intermediaries with customers needing IPMI cover but no agreements at all. For an intermediary to properly advise a client, hugely time-consuming whole-market searches need to be conducted involving a number of insurer products – in reality, an impractical task. And even if this can be done, manually requesting insurer quotes adds further time and complications.

Health Compass solves many of these challenges by optimising how each element of the transaction process interacts with each other to make the market more efficient.

Intermediaries can immediately access a network of the world’s leading insurance providers and transact business in an automated and fully compliant environment. Whole-market search are quick and easy – ensuring the customer gets the cover they need at a price they can afford.  Brokers are connected to the world and many markets they cannot currently reach.

Health Compass:
the next stage of broker networks and a new Ecosystem for the international private medical insurance market

Get in touch

Insurers on the platform

Allianz_Care_Positive_RGB
Now_Health_International_Logo
Bupa-Banner-800x300
Globaility
mshhigh
HCI Group Logo - CMYK_master stacked

Testimonials

The most comprehensive and well thought out comparison tool I have seen. I'm particularly impressed by the way the analysis is weighted depending upon client priorities. A terrific piece of work
Paul Bradley Managing Director at Halo Consulting
I have had a demo, I’ve seen it, and I think it is really good. I think, what David and Health Compass has produced is excellent.
Dave MiddletonAMII Executive Chairman
Fantastic meeting with David Eline talking about his platform Health Compass. It’s a valuable tool for any broker looking to distribute IPMI. I would fully recommend talking to David if you are interested.
Robert SmithSales Director at Freedom Health Insurance