International Private Medical Insurance (iPMI) and InsurTech Solutions: Frequently Asked Questions

This iPMI Global briefing article reviews frequently asked questions and insights from the "iPMI InsurTech Strategies Round Table 2024", focusing on InsurTech solutions designed for the international private medical insurance (iPMI) market.

1. What is the projected growth of the InsurTech market in the coming years?

The global InsurTech market is experiencing significant growth. It was valued at USD 18.71 billion in 2023 and is projected to reach USD 496.56 billion by 2033. This represents a compound annual growth rate (CAGR) of 38.8% from 2024 to 2033.¹

2. What are some of the key challenges faced in the iPMI market that InsurTech aims to address?

The iPMI market faces several challenges, including:

• Complexity: iPMI plans can be complex, making it difficult for brokers and consumers to compare and understand coverage options.
• Manual processes: Many processes, such as quoting, application, and claims, are still largely manual, leading to inefficiencies and delays.
• Lack of transparency: The industry often lacks transparency in pricing and coverage, making it challenging for consumers to make informed decisions.
• Regulatory compliance: Navigating regulations like GDPR and IDD can be burdensome for businesses operating in the iPMI space.

3. How are InsurTech solutions changing the landscape of the iPMI market?

InsurTech solutions are transforming the iPMI market by:

• Automating processes: Streamlining processes such as quoting, application, and claims processing through digital platforms.
• Enhancing transparency: Providing clear and concise information on coverage options and pricing to empower consumers.
• Improving efficiency: Reducing manual work and administrative burden for brokers and insurance providers, leading to cost savings.
• Ensuring compliance: Integrating regulatory requirements like GDPR and IDD into their platforms to ensure compliance.

Related Reading: International Private Medical Insurance Insurtech Strategies 2024

4. What types of InsurTech solutions are available for the iPMI market?

Several InsurTech solutions cater specifically to the iPMI market, including:

• Comparison platforms: These platforms allow brokers and consumers to compare iPMI plans from multiple providers side-by-side based on coverage and price.
• Digital broker platforms: These platforms offer brokers a suite of tools to manage their clients, policies, and commissions digitally.
• End-to-end solutions: These platforms provide comprehensive solutions that cover the entire insurance value chain, from quoting to claims management.

5. How do these InsurTech solutions benefit iPMI policyholders?

InsurTech solutions benefit policyholders in various ways:

• Simplified process: Easier and faster access to information, quotes, and policy management tools.
• Greater transparency: Clear understanding of coverage options, benefits, and pricing.
• Improved customer experience: Streamlined and efficient interactions throughout the policy lifecycle.
• Personalized recommendations: Tailored plan recommendations based on individual needs and budget.

6. How do InsurTech platforms handle data privacy and regulatory compliance?

Reputable InsurTech platforms prioritize data privacy and compliance by:

• Data encryption: Protecting sensitive information through robust encryption methods.
• Access controls: Implementing strict access controls to limit data access to authorized personnel.
• GDPR and IDD compliance: Adhering to data protection regulations like GDPR and IDD, ensuring transparency and user control over data.
• Regular audits: Conducting regular audits and security checks to maintain compliance and identify vulnerabilities.

7. Which geographic regions are these InsurTech solutions targeting within the iPMI market?

These solutions are designed to cater to the global nature of the iPMI market. Target regions include:

• Europe (including the UK): A significant market for iPMI due to the large expat population and focus on comprehensive health coverage.
• Asia: A rapidly growing market for iPMI driven by increasing affluence and demand for high-quality healthcare.
• The Americas: Both North and South America present opportunities, with demand coming from expats, frequent travellers, and those seeking alternatives to local healthcare systems.
• Africa: An emerging market with significant growth potential as the demand for private health insurance increases.

8. Are there any specific iPMI providers already utilizing these innovative solutions?

While some InsurTech companies choose not to publicly disclose their client list, they indicate partnerships with:

• Major international insurance providers: Including some of the top 10 insurance companies globally (as ranked by Forbes and Business Insurance).
• Leading insurance brokers: Collaborating with prominent brokers, particularly those with a global presence.

This suggests widespread adoption of these technologies by key players in the iPMI market.

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We hope you enjoy reading this RT report, as much as we enjoyed pulling it together.

Sources

¹:Insurtech Market Size, Share, and Trends 2024 to 2033