In this exclusive iPMI Magazine interview, Christopher Knight, CEO, iPMI Magazine, met with Eithan Wolf, CEO, PassportCard Germany. PassportCard is part of the Davidshield Group, a leading provider of international health and travel insurance since 1999.
Please introduce yourself and background in the iPMI market:
Eithan Wolf, CEO of PassportCard Europe, headquartered in Hamburg, Germany. I arrived in Hamburg 4.5 years ago to facilitate the launch and foundation of the German entity. Together with the HQ teams we have built all structures of service processes, product design tailored to the EU market, go-to-market strategies differentiating in B2B and B2C, both on a direct manner and via intermediaries. We also developed the full marketing propositions to brokers and direct channels as an omni-channel structure and developed a successful actuary models tailored to our propositions.
Prior to the operations in Germany, I was working in HQ alongside the local CEO for a year, coming to the insurance industry from the Banking and Innovation field. I was working as the executive advisor to the Deputy CEO of Israel’s largest bank launching the digital and innovation division, responsible also for all payment developments and fintech market industry in what is known to be a “start-up-nation.”
Despite that, my background is in corporate law. I was working for 5 years alongside the professor who wrote the corporate law in Israel and was invited to amend the Israeli corporate law in parliament with regards to corporate governance. Those led me to the publishing of the book Corporates” 8 years ago, focusing on directors’ liability. I am currently writing my second book in English, focusing on EQ in management.
You are the CEO of PassportCard Germany. Can you highlight the core value of your company’s platform and offerings?
PassportCard offers its covered members medical support in their expatriation, just as if they would have been getting at home – with ease and trust. The members can pay any provider of choice, as private clients, directly from the insurance account. Members receive 24/7 service in English, German or other languages, from a care centre located in Hamburg, which is not outsourced. The answering SLA is 10-20 seconds!
Geographically speaking, where is PassportCard Germany conducting business?
Our main office is Hamburg city-centre, and we have a satellite office in Berlin.
When we consider the iPMI market, from group to individual, from HNW to students, which market are you serving?
We are servicing all clients who care about their health and do not want to risk it for a small margin of a cap of coffee a month versus another provider’s offer. Our solutions are varied from student’s offerings to HNW offers, all from individuals to group business. The spectrum of offering is large and accordingly prices vary. We never claim to be cheapest, but we do believe to provide with the best service.
With the rise of national awareness do French companies prefer French insurers, Chinese companies prefer Chinese insurers, German companies prefer German insurers?
The world is becoming increasingly international especially when mobility is in discussion. Companies struggle with similar challenges worldwide and while the market may differ, we believe that having our centre in Germany, as one of the stricter countries for business propositions, we gain the stamp of quality assurance that other countries trust us with. We also provide our service in multiple languages.
January 2023, and PassportCard Germany announced their ASO solution with one of the largest airlines in the world, and definitely in the EU. Can you walk us through the advantages of this program?
We were happy to have a joint publication of this together with our partners on that solution. ASO is a great solution for larger clients and a superb cost containment offering that we are happy to provide. We cannot share more info on our trusted accounts.
Which challenges, risks and opportunities exist in the current iPMI market?
Service becomes something to talk about. Until now, discussions were always around tailored benefits and premiums in a manner that pushed the providers down and didn’t offer anything fresh for the clients. We do believe that our offering is enabling a huge talent retention solution for our clients, as well as a door opener pitch to brokers who collaborate with us.
Which factors are accelerating the adoption of iPMI?
Work from home became a catalysator to iPMI. Companies which want to enable that may consider providing this solution and to cover health costs of their relocating employees.
When we consider the competition in the iPMI market, what sets PassportCard Germany apart?
We have managed to completely turn around the insurance process. Instead of what I call “paying and praying” for the money to be refunded, followed by endless questions and clarification requests be the providers, our clients have the money at the tip of their fingers before the insurance event even took place. They also benefit from the freedom of choice when it comes to choosing a medical provider.
Last but not least: if you could live anywhere, at land or at sea, where would it be?
I have a huge passion for London recently.