Key Insights from the iPMI InsurTech Strategies Round Table 2024

This iPMI Global In Focus Insurtech article, examines and analyses key take aways and insights from a recent iPMI Global Round Table, that focussed on insurance technology adoption in the international private medical insurance market.

Think InsurTech:

• Problem: Fragmentation of the intermediary market, lack of standardized tools, and compliance challenges posed by regulations like IDD and GDPR.
• Solution: A SaaS platform offering a comprehensive suite of solutions for brokers, MGAs, and insurers. This includes quote comparison tools, policy management systems, digital underwriting, and a white-label solution for brokers.
• Benefits: Streamlined operations, improved customer experience through real-time interaction and transparency, reduced time for quote generation, and enhanced compliance with regulations.

Health Compass:

• Problem: Complexity of iPMI products making it challenging for brokers to advise clients effectively and for consumers to understand their options.
• Solution: A single platform for searching, selecting, quoting, and purchasing iPMI plans from multiple insurers. The platform utilizes a unique scoring system to compare plans based on coverage quality and cost.
• Benefits: Empowers brokers to offer accurate and unbiased advice, provides clients with clear comparisons and helps them find the most suitable coverage at a competitive price.

Vita Virtues:

• Problem: Inefficiencies in the insurance distribution model leading to higher operational costs and a cumbersome experience for stakeholders.
• Solution: A flexible and powerful quoting engine, along with a comprehensive platform that digitizes and streamlines processes for intermediaries, insurers, and MGAs.
• Benefits: Reduces administrative burdens, enhances efficiency, improves transparency for policyholders, and allows stakeholders to focus on core business activities.

Impact on Policyholders:

• Transparency and Choice: InsurTech solutions provide access to a wider range of iPMI options, clear comparisons of coverage and cost, and a better understanding of policy details.
• Convenience and Efficiency: Digital platforms streamline the entire insurance journey, from obtaining quotes and managing policies to submitting claims and receiving reimbursements.
• Personalized Experience: Data-driven insights and customized recommendations enable policyholders to find the most suitable iPMI plan based on their individual needs and budget.

Key Quotes:

• Think InsurTech: "It is a matter of convenience; the platform is fully digital, and the client does not have to wait for a comparison and quotes."
• Health Compass: "Ultimately clients (if they self-serve) or their advising broker will be able to receive cover that’s right for them at a price point that is appropriate."

Conclusion:

The iPMI market is ripe for disruption, and the InsurTech solutions highlighted in this roundtable offer promising ways to improve efficiency, transparency, and the overall customer experience. By embracing these technologies, stakeholders can enhance their operations, expand their reach, and meet the evolving needs of globally mobile individuals and families.

Download International Private Medical Insurance Insurtech Strategies

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