In this exclusive C-Suite Executive Round Table Business forum, iPMI Magazine speaks with the world of iPMI - with leading IPMI providers Aetna International, Bellwood Prestbury, Generali Global Health, HealthCare International and Wellaway.
This round table looks at the benefits for worldwide insurance brokers, agents and intermediaries when they add international private medical insurance (IPMI) to their product portfolio.
ON THE FRONT COVER: Our intrepid traveller returns with a new business idea: an IPMI brokerage firm. Will he succeed, pass go, collect two hundred pounds or go bust and end up closing down due to BREXIT?
ANDREW APPS, Head of Global Healthcare at BELLWOOD PRESTBURY told iPMI Magazine, "From a brokers perspective the international private medical insurance (IPMI) market is an opportunity ready to be taken. As an increasing number of governments around the globe move to make medical insurance an integral part of the visa application process (no insurance, no visa), the demand for international private medical insurance (iPMI) has never been greater and there are no signs of this changing any time soon. So why is it that so many brokers choose not to sell iPMI? Part of the problem is perhaps fear of the unknown. A fear of local country regulations. A fear of something different.
The reality however can be very different if you work with the International PMI insurers. They have the knowledge and the experience you might need when facing issues, at least to begin with - with a little patience it won’t take long to become an expert so long as you follow a few basic rules:
- Just because it happens in the UK, doesn’t mean that it happens overseas.
- Never be afraid to ask a question of the insurers, no matter how silly it might seem. They want to help.
- Keep focused on your target market – don’t try to be something you’re not.
- There are some big schemes out there and it’s easy to become embroiled in a ‘bun fight’ with the local market brokers.
- Start small, get to know your limitations and look closer to home – the chances are that a number of your UK clients have staff working overseas and need international PMI cover, so start with these and grow you business organically as you learn."
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