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iPMI Magazine Speaks With Janette Hiscock, CEO Of Global Solutions Europe, United Healthcare Global

In this exclusive iPMI Magazine interview, Christopher Knight, CEO, iPMI Magazine, sits down with Janette Hiscock, CEO of Global Solutions Europe for United Healthcare Global. They discuss in detail the newly formed European division of UnitedHealthcare Global (UHCG) including what makes UnitedHealthcare Global’s offering different, the new benefits and services added to insurance plans, member access to the best possible healthcare and what we can expect from UHCG in the future.

Please introduce yourself and your role at UnitedHealthcare Global:

My name is Janette Hiscock and I am the CEO of UnitedHealthcare Global Solutions Europe, leading the newly created European Division of UnitedHealthcare Global (UHCG) which launched its European insurance business last year. We provide in-house solutions for international medical insurance, wellness, security, assistance and remote medical services. Our range of solutions makes our offering unique in the European market.

Prior to this role, I oversaw the company’s remote medical services division based in the U.K. I continue to run this business, but I am now responsible for leading the insurance entity in Europe, which creates alignment under one European market.

I have more than twenty years industry experience managing health insurance, medical, assistance and security services businesses, and have held a variety of senior roles in sales, client management and proposition development.

Can you explain the changes that have been announced to UnitedHealthcare Global’s European operations?

We are very excited about UnitedHealthcare Global’s evolution in this market. UnitedHealthcare Global has combined its medical services and insurance businesses, enabling our European-based teams to bring a solution to clients with unparalleled in-house capabilities. This will provide a continuum of care for our members across insurance, assistance, security, wellness, clinical and medical services.

The launch of our iPMI business last year ensured we were able to align with our US-based business, leverage our Latin American businesses and develop products and services to meet the needs of globally mobile workforces.

Why have these changes been made?  

Since the launch of the European iPMI business, we’ve been investing in our products to ensure we meet the evolving needs of companies with globally mobile populations. Our solutions address our members’ needs at every stage of their deployment and there are a number of complementary services that sit in our medical services business that we can offer to iPMI clients.

It made perfect sense to integrate these two highly complementary divisions of our business under one single leadership in Europe, making it simpler for brokers and clients to access these services.

What makes UnitedHealthcare Global’s offering different?

At UnitedHealthcare Global, we see the many different interactions across the entire health care system – in a way no other organisation can. We are uniquely positioned to address global health care challenges for members and create real value for clients.

We understand that comprehensive and cost-effective health and well-being plans, aimed at companies with globally mobile workforces, are not just about managing illness. That’s why our offerings include proactive and preventative benefits to help employees actively manage their own health care while abroad.

Our aim is to support members to look after their health through innovative products and services. Simplifying the digital experience is hugely important to us, as we know it is something our members want. Through our apps and portals, our members can make a claim within 90 seconds or access a wellness coach. Our highly personalised service for both brokers and clients helps us to deliver the best solutions for globally mobile populations, and puts health care in the hands of the member.

As part of the world’s largest health care company, UnitedHealthcare Global employs 74,000 people, half of which are clinicians and health care professionals. This means our global reach as a health care company is unparalleled, providing better outcomes for all who we serve  

Since your launch in September 2018, have you added any new benefits/services to your plans based on the changes made to the business?

UnitedHealthcare Global is continually using our in-house capabilities to research, innovate, and provide new services and technologies to make the health care system easier to navigate for our members. A strong tenant of our business is based on preventative care. Since our launch, we’ve added a number of new services and benefits including Virtual Visits and our Global Health Management programme.

Virtual Visits is a secure telemedicine service that makes it simple for employees and their dependants to speak with a health care professional through their mobile or desktop devices while on assignment. From treating colds and fevers, to caring for migraines and allergies or getting a referral letter, it makes connecting with a doctor easy and free while on the move.

The Global Health Management programme is a proactive health management service available to all of our insurance members, to help them access the resources they need to manage their health, including chronic conditions. It focuses on an employee or their dependants’ specific needs, wherever they are in the world. Our clinicians provide targeted support to help expatriates and their families overcome the challenges of accessing care and resources for complex, high risk conditions. They create an action plan for addressing urgent needs and also work with the member’s schedule and location to ensure members can have a healthier, more successful assignment.

Using the breadth of capability from our medical services business and our in-house team of doctors, we have developed a new solution called Virtual Health Assessments (VHA) to help mitigate risks for employers sending people abroad. VHA is a specialised medical screening service which employers can use to screen their employees and their family’s at any point prior to, during and after their assignment. This is a standalone service from the iPMI plan and can be purchased with or without the iPMI offering.

Many of the illnesses and conditions faced by employees and their dependants when abroad are predictable and preventable. Our services help to ensure that any medical conditions which may impact a trip are identified well in advance of departure and actively managed with our clinical teams.

All of our programmes have been designed to help ensure, globally mobile populations thrive, by giving access to employers, employees and their dependants to the most cost effective, innovative, real-time and comprehensive health care.

How can you guarantee that your members will be able to access the best possible care?

UnitedHealthcare Global is part of UnitedHealth Group, the largest and most diversified health care company in the world. Because of this, clients and members benefit from our global networks, clinical insight, data analytics and innovation.

We work with local health care providers and clinicians who have the knowledge and expertise needed to ensure employees receive the best possible health care at every stage of their assignment overseas, no matter how complex their needs might be. We do this by providing access to high-quality, compliant and cost effective benefit programmes, helping employers mitigate risk and making their employees’ health and safety our priority.

Ultimately, our mission is to help people live healthier lives and help make the health care system work better for everyone.

What’s coming up next for UnitedHealthcare Global?

Following the successful launch of our iPMI services in Europe, we’re looking forward to making further exciting announcements, and discussing in greater detail our new proposition for the oil and gas market.  

Related: iPMI Magazine Speaks With David Powell, CEO Global Solutions, UnitedHealthcare Global And Claude Daboul, Managing Director, UnitedHealthcare Global Europe

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Expanding UK Based DoctorCall Becomes An International Assistance Group Accredited Service Provider

With the increasing demand to have non-emergency medical consultations dealt with promptly for international clients, the International Assistance Group (IAG), has appointed DoctorCall as an Accredited Service Provider for the UK.

Seeing 10,000 patients a year, 40% of which are foreign nationals, DoctorCall is the longest and leading provider of private home visiting medical services for international visitors to the UK with its staff of 30 physicians.

Founded in 1989 as a private home call physician service solely in London, DoctorCall now includes an assistance department to help find those services around the UK, 24/7 telemedicine consultations plus their own clinics based in London’s financial business district and West End as well as Manchester. In the last two years their acquisitions have included: SOS Doctors, Night Doctor and the Dr Dorothy Kelly & Associates clinic.

DoctorCall serves assistance companies from around the world, each with differing cultural needs, such as The United States, Canada, Brazil, Argentina, Chile, China, Japan, Spain, France, Germany, Singapore, Australia, New Zealand, India, Pakistan, Saudi Arabia, Russia, and Ukraine.

“We are delighted to have DoctorCall as an Accredited Service Provider providing this level and scope of quality service to all our Partners in our global alliance,” said International Assistance Group’s General Manager, Cecile Hermetz. “Whilst this will be of immediate benefit we need to be mindful that the future acceptance of the European Health Insurance Card (EHIC) is still unknown after the UK’s exit from the EU in March 2019. The existing challenge of receiving non-emergency treatment in the UK will potentially increase and it is important to have solid options,” she added.

With a 90-minute call-out time in the Greater London area, DoctorCall has prided itself on offering the comfort of convenient treatment in privacy and at a fixed cost. Now, immediate 24/7 telephone consultations with a physician will enable the patient to be directed to a local practice elsewhere in the UK if necessary.

DoctorCall’s CEO Dr. Charles Levinson, expands on the demand services outside the public sector: “Strains on the public sector and demands from international clients signal an increasing need for our services. Having been established for a long period of time and with an eye on innovation in delivery, we have, and will continue, to meet those needs. We are proud to have attained Accredited Service Provider status within the International Assistance Group.” 

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AOC Insurance Broker Launch Revolutionary App Featuring International Health Insurance Comparative Search Engine With E-Health Services

AOC Insurance Broker, the leading international private medical health insurance comparator, is pleased to announce the launch of a revolutionary new mobile application featuring a comparative search engine for expatriates searching for health insurance and Healthtech services. The app has been christened AOC ExpatCare.

20/6/2017 and AOC Insurance Broker was awarded the Label finance Innovation by Finance Innovation & French Tech for its platform and a new application AOC Expat Care.

FINANCE INNOVATION is led by Mrs Christine Lagarde, Minister of the Economy and encourages the facilitation and development of innovative projects and research with high added value in the financial sector. AOC Expat Care allows users to compare insurance offers provided by the market and proposing electronic health services using IOT technology with the goal to be always more innovative and developing its services based on prevention.

Current or soon-to-be expats will be able to log-in from their smart phones and get a real-time comparative offer, depending on the country, package and medical benefits required.

This application has been designed to display real-time ascending price orders available on the market and to provide clear details on the benefits. Users will also have access to various and relevant information. And in case you may need to get specific information or expertise, you will be able to contact an AOC consultant 24/7.

The main highlight of this application and our reward program AOC The Family is to blend digital and human solutions for a tailor-made offer in the 3 following sectors with artificial intelligence & internet of things:

  • Your online health: direct access to remote consultancy, second medical expertise, tools to manage chronic and pre-existing conditions, health checks solutions etc…
  • Your online diet: proposing you diet and nutrition programs adapted to your needs.
  • Your online sports/P.E: possibilities with recording and monitoring your performances, your calories burnt during your training, to monitor your heartbeat or your sleep, among other innovative tools.

Users will be totally empowered and able to experience an extensive range of new tools and services on their connected wearables: watches, wristbands, scales, electro stimulators, cardio sensors…

These services will be available via fidelity points earned from our loyalty program “AOC The Family”. Points can be easily earned by subscribing to any of our services, including new subscriptions and contracts renewals or by simply advocating and recommending AOC Insurance Broker to your network.

With this new tool, AOC Insurance Broker is aiming at proposing unparalleled health services to individuals but also to corporates and international mobility workers thanks to an extensive panel of tailor-made programs.

AOC Insurance Broker: Get Better, Get Healthier. Website: www.aoc-insurancebroker.com

AOC Expatcare: www.aoc-expatcare.com

 

 

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UK Advisers Fear Economic Uncertainty And Market Volatility As BREXIT Looms - But Income Is Up As Firms Plan Expansion

  • More than twice as many advisers as last year say economic uncertainty is a key concern for the coming year
  • Nearly 4 in 5 (78%) fear market volatility leading up to Brexit
  • But over 30% report annual income of over £1m, compared with 26% this time last year
  • 45% are planning to recruit in the next year,  up from 40% a year ago, and 31% in March 2013
  • Despite the challenging macro environment and concerns around political upheavals, advisers see growing opportunities in retirement planning (75%), financial reviews driven by low interest rates (51%), and increasingly through employer clients (only 24% don’t advise vs 41% last year).
  • Financial stability of platforms is a growing factor for main platform choice – one third of advisers would consider changing platforms because of concerns about financial stability, compared with 24% in May 2015.

Aviva’s new Adviser Barometer shows a doubling in the number of advisers who say that economic uncertainty is a key concern, up from 21% this time last year. The same number also cited the impact of Brexit as one of their biggest concerns, and 39% also thought the Trump victory in the US election had a worrying potential for the future of the advice industry.

However, other indicators show that the financial advice market in 2016 continues to show signs of healthy growth. Over 30% of advisers report their firms’ income is over £1m, compared with 26% at the same time last year, and the number of advisers intending to recruit additional staff in the next year is the highest since the survey began. 45% say they intend to do this, compared with 40% a year ago, and only 31% in March 2013.

Tim Orton, CEO Aviva Adviser Platform, says, “It is no surprise that the sentiment reflected in our latest Adviser Barometer reflects the general uncertainty we’ve seen since the UK vote for Brexit and the Trump victory in the US election. In both cases we are stepping away from the status quo which inevitably invites speculation as to possible outcomes. The good news is that despite all this the advice market in the UK is continuing to thrive, with increasing incomes and plans for expansion reported, and of course the FTSE is at record levels which is good news for investment returns.”

However, there has been little actual change, in adviser or client behaviour, since the June 23rd vote.

84% of advisers report no additional demand attributable to the Brexit vote, and where this has been seen it is largely from clients requiring assurance only (77%). Of the others, 30% were looking to turn cash into investments with almost equal number (27%) doing the reverse (investments into cash).

But 78% of advisers say their main concern about Brexit is potential market volatility, and a further 35% say changes in regulation concerns them.

Only 2% of advisers have reviewed their providers following the Brexit vote, with advisers saying the main reason for staying put is wanting to use firms with more stability (46%), wanting to use UK-based firms (18%), and using firms with a diversified business (16%).

Concerns about the financial advice market, whilst continuing to reflect ongoing issues such as regulatory fees and levies (a concern for 54%) and PI costs (46%), have coalesced around macro factors. Although one in four are still concerned about staying profitable, this has shown a significant lessening of importance from a year ago, where 45% cited this as a key concern.

Tim Orton commented, “The most concerning factors for advisers in the next six months are the ramifications from Brexit and Trump’s presidency, but factors which advisers can control, such as remaining profitable, have become less of a concern for them. I think this is also a reflection of the way the market has grown and strengthened since our survey began back in December 2011. “What is coming through strongly is advisers saying they are putting measures in place to make sure they are in as good a place as possible to meet whatever challenges occur in the coming year – by sticking with financially strong, secure, diversified UK-based companies.”

OPPORTUNITIES

75% of advisers see growth in the retirement market as a main area of opportunity (up from 58% a year ago), and with 51% (vs 30% in November 2015) seeing the increasing need for regular financial reviews as key, there is now a definite focus on these areas in the coming year.

In contrast, growth in protection is cited by 18% of advisers as an opportunity this year, compared with 28% last year, and attracting orphaned customers is mentioned by fewer advisers, down to 19% from 24%.

Tim Orton says, “What is striking in this year’s survey is the polarisation of opportunities within the market. A large majority of advisers now consider retirement planning to be the best opportunity they have, but it is noticeable as well that advisers said frequent financial reviews are now more important than ever, with the low-interest rate environment driving a need for regular reviews to ensure clients are making the most of their investments.”

PLATFORMS

The number of advisers considering changing their main platform is slightly up from last year, with 14% saying they are considering this. However, this level has barely changed since September 2013.

Functionality remains the main reason for advisers considering change, but is relatively less important than previously, with 59% of advisers saying this is the main reason compared with 72% a year ago. Value for money, and cost, are both cited by 48% of advisers as a key reason which shows the importance of balancing these two related factors.

Perhaps as a reflection of the general sentiment of uncertainty, ‘financial strength’ has become more important as a factor behind wanting to change a main platform provider – 33% said this in November 2016, compared with 30% in November 2015, and 24% in May of that year.

Nearly all advisers (98%) conduct due diligence at least annually, with 4% saying they do it more often than that. 13% conduct due diligence with every new client.

Tim Orton commented,“It’s encouraging for us to know that due diligence is an integral part of BAU for advisers. In line with the survey findings we are seeing an increasing number of advisers concerned about the financial stability of their platform as part of their due diligence. At Aviva we’re here to stay and committed to investing in our proposition for the future, enhancing efficiency and functionality for our advisers and their clients.”

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Humana Reports 3RD Quarter 2016 Financial Results

  • 3Q 2016 earnings per share (EPS) of $2.98 on a GAAP basis, Adjusted EPS of $3.18
  • Full-year 2016 earnings per share guidance of approximately $8.68 on a GAAP basis; Adjusted EPS guidance of approximately $9.50 reiterated
  • Medicare Advantage and Healthcare Services businesses performing above expectations
  • Individual commercial and Group segment performance in line with management’s expectations
  • 3Q 2016 cash flows from operations of $4.50 billion on a GAAP basis, $1.47 billion on an Adjusted basis versus 3Q 2015 cash flows from operations of $1.03 billion (both GAAP and Adjusted)

“We are pleased that our third-quarter results enable us to reaffirm our recently-raised EPS guidance for 2016, which includes two meaningful guidance increases during the course of the year,” said Brian A. Kane, Senior Vice President and Chief Financial Officer for Humana. “These increases are largely attributable to our better-than-expected performance in Medicare Advantage and Healthcare Services and we believe our performance positions us well for 2017.”

“We continue to meet or exceed our initial 2016 earnings expectations across our portfolio of businesses, with the exception of our individual commercial business,” said Bruce D. Broussard, Humana’s President and Chief Executive Officer. “We attribute this over-performance to the effectiveness of our clinical programs and management’s top priority of operational execution notwithstanding the elongated regulatory review of the Aetna transaction.”

 

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AA Adds Another Layer Of Protection With Health Care With nib

The AA enters the health insurance market with the launch of AA Health, in partnership with nib, offering a suite of insurance products designed to provide additional layers of protection for Members and the public alike.

AA’s Membership and Brand General Manager Dougal Swift says AA Health is a natural fit for the Association.

“We’ve broadened our range of services significantly over recent years as we look for new areas where we can offer value for our Members and the public. We’ve offered home, car and contents insurance for many years as well as life insurance products and travel insurance and these have proved very popular,” Mr Swift says.

The initiative complements the existing offerings from AA Insurance and AA Life, both holders of the Reader’s Digest most trusted brand award in their categories for four years. AA Insurance also holds Canstar Blue Most Satisfied Customer Awards for both home and contents and car insurance categories. The AA also offers AA Travel Insurance.

“The free eye exam for AA Members at Specsavers has also been very successful so it made sense to expand our insurance offering into health where we can give customers the high level of care they expect from the AA,” Mr Swift says.

Since the launch of the Specsavers benefit in 2012, more than 450,000 free eye checks have been provided to AA Members, who are eligible for one every two years.

“We’re in the business of helping people and we want to be there when we’re needed the most. That’s been the core function of the AA for more than 113 years and AA Health is an extension of that thinking.”

The AA has partnered with nib to deliver three core products that provide customers with the ability to select a cover that suits their lifestyle and budget:

  • AA Health Everyday Cover
  • AA Health Private Hospital Cover
  • AA Health Private Hospital and Specialist Cover

Mr Swift says he expects one popular option will be private hospital cover. It comes with a range of excess options – up to $10,000 – which enables lower premiums while offering insurance against expensive procedures.

“It’s a good option for those who want the cover for major procedures but may find the cost of private health insurance prohibitive.”

nib New Zealand Chief Executive Officer Rob Hennin says the health fund is excited to join forces with one of New Zealand’s most trusted organisations to offer Kiwis private health insurance under the well-known AA brand.

“This relationship with an iconic Kiwi brand is an example of how we are bringing new thinking to the New Zealand private health insurance market in an effort to grow the industry,” Mr Hennin said.

As an added benefit, AA Members will receive a 5% discount on the cost of any AA Health product.

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Medical Treatment Costs In Asia September 2016

The latest news from Pacific Cross Insurance looks at medical costs in Asia, September 2016.

Pacific Cross Insurance brings over 65 years of experience in the health and travel insurance industry to clients throughout Asia. Pacific Cross Insurance is a leading provider of health, personal accident and travel insurance products and services to people and organizations that live and work internationally.

Pacific Cross Insurance is part of Pacific Cross International, a group with operating entities in Hong Kong, the Philippines, Thailand, Vietnam, Indonesia and Cambodia.

Pacific Cross International currently provides health insurance to over 75,000+ people, representing over 50 nationalities living in over 40 countries. In 2014 the group provided travel insurance for 2,642,514 travel days for over 200,000+ people. 

Over the past 25+ years Pacific Cross Insurance has expanded to offer worldwide coverage for Health Insurance, Dental Insurance, Personal Accident Insurance, Travel Insurance and various tailor-made policies for health and accidental risk for employees of businesses that operate in Asia.

Started in June 1990, Pacific Cross Insurance contracts various administrative services to third party administrators located in Hong Kong, Philippines, Thailand, Indonesia and Vietnam.

Pacific Cross Insurance maintains a wide Direct Billing Network of hospitals, clinics and medical facilities across the Asia Pacific region.

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Peer To Peer Insurance

Now fully updated for 2018 the Peer To Peer Insurance report from insurance analyst Ian Youngman, is out now. The Peer To Peer Insurance report looks at the background, potential, problems, and regulation, as well as profiles of every known peer-to-peer platform.

  • Learn why no part of the insurance value chain is safe;
  • Understand distribution, pricing, product development, underwriting, claims servicing and compliance in P2P Insurance;
  • Discover who are the companies and providers threatening the value chain;
  • Understand the problem of balancing consumer protection with innovation;
  • Find out how P2P insurance works and how to make money;
  • Look at why ignoring peer-to-peer insurance is not advisable;
  • Explore new forms of technology that are driven by a social insurance model;
  • Learn about the role of Block chain technology and Bit coin.

Report author Ian Youngman comments, “Peer to peer insurance is very new and often misunderstood: with even many platform founders confused if they are an insurer, broker, techie idea - and whether they are legal or illegal. Regulators are taking notice - with some being very supportive and others preparing to close platforms they consider to be illegal. Peer to peer will stimulate change and make insurance quicker, simpler and more transparent. As in direct insurance decades ago, one or two of the newcomers will become national or international successes; while others will be taken over by existing insurers, and those insurers who ignore the lessons will die."

The insurance ecosystem is undergoing transformation and innovation like never before, and what we have seen is only the beginning.

From distribution to pricing, product development to underwriting claims servicing to compliance — no part of the insurance value chain is safe from change.

Insurance companies will need to work hard to transform their core operations to become agile and low cost and customer centric. Some will meet a Blockbuster/Kodak type fate by failing to transform properly. Those that succeed in their transformation will have both scale and agility and will thrive.

FinTech is a spectrum of technology innovations and start -ups that demonstrate disruptive potential in applications, processes, products, or business models in the financial industry.

As FinTech continues to develop and evolve, providing solutions to insurance, it faces a problem of balancing consumer protection with innovation. Unlike other areas of technology, FinTech requires a certain degree of fiduciary duty to their users – bringing questions of regulation, security, and compliance to the forefront.

The sharing economy is developing peer-to-peer insurance. Peer to peer lending was laughed at by bankers- now they scramble to offer loans and buy loan books. Will insurers and brokers regret ignoring peer-to-peer insurance?

Some platforms are built to work with insurers and re-insurers, but others have built them out of the mix. There are over 40 platforms globally and others on the way. Lemonade has just launched in New York to be the first peer to peer insurer in the USA.

Peer to peer insurance is a new form of technology driven by a social insurance model. Some platforms are well thought out, others are by techie dreamers with no understanding of regulation, law or insurance.

Most peer-to- peer platforms are - or wrongly claim to be - neither broker nor insurer, so how do they work and how to they make money? Why is a mutual promise to pay not insurance? How does Blockchain technology and Bitcoin fit into this mix?

The basis is creating a series of separate pools, unconnected to each other, so each pool only pays its claims, with none of the traditional cross subsidisation of traditional insurance. Some require payment but others are just promises to pay.

The regulation in most countries is often unclear and several regulators are already looking at the implications.

Platforms are active or being launched in Australia, Canada, China, Colombia, Czech Republic, France, Germany, Hong Kong, Ireland, Italy, Japan, Montenegro, Netherlands, New Zealand, Norway, Singapore, South Africa, Switzerland, Taiwan, UK and USA.

Platforms seek to cover business, cars, homes, technology, health, life, liability, cycles, marriage, pets, relocation, income protection, hospital cash and deductibles.

Ian Youngman is an insurance writer and researcher who has published many market reports.

How To Buy Peer To Peer Insurance

iPMI Magazine readers save when they purchase this specialist report via iPMI Magazine. iPMI Magazine offers the lowest rate available on the net for this report due to its ongoing relationships with leading market analysts and IPMI experts. You will not find these prices any where else but here.

Peer To Peer Insurance Pricing

Peer2peer Insurance is 250 pages.The RRP as sold else where is £1699. iPMI Magazine subscribers pay only £1300. iPMI Magazine advertisers pay only £1000.

Order Now

Fill in the quick form here or write to ipmiATipmimagazine.com - please replace AT with @ - for more information. We will be more than happy to walk you through the report contents and answer any questions you may have.

Further insurance reports by Ian Youngman are available via the iPMI Magazine report store. Click here to shop now.

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No Part Of The Insurance Value Chain Is Safe From Change

That is, according to Peer To Peer Insurance 2016, the new report from insurance analyst Ian Youngman.

The insurance ecosystem is undergoing transformation and innovation like never before, and what we have seen is only the beginning.

From distribution to pricing, product development to underwriting claims servicing to compliance — no part of the insurance value chain is safe from change.

Insurance companies will need to work hard to transform their core operations to become agile and low cost and customer centric. Some will meet a Blockbuster/Kodak type fate by failing to transform properly. Those that succeed in their transformation will have both scale and agility and will thrive.

FinTech is a spectrum of technology innovations and start -ups that demonstrate disruptive potential in applications, processes, products, or business models in the financial industry.

As FinTech continues to develop and evolve, providing solutions to insurance, it faces a problem of balancing consumer protection with innovation. Unlike other areas of technology, FinTech requires a certain degree of fiduciary duty to their users – bringing questions of regulation, security, and compliance to the forefront.

The sharing economy is developing peer-to-peer insurance. Peer to peer lending was laughed at by bankers- now they scramble to offer loans and buy loan books. Will insurers and brokers regret ignoring peer-to-peer insurance?

Some platforms are built to work with insurers and re-insurers, but others have built them out of the mix. There are over 40 platforms globally and others on the way. Lemonade has just launched in New York to be the first peer to peer insurer in the USA.

Peer to peer insurance is a new form of technology driven by a social insurance model. Some platforms are well thought out, others are by techie dreamers with no understanding of regulation, law or insurance.

Most peer-to- peer platforms are - or wrongly claim to be - neither broker nor insurer, so how do they work and how to they make money? Why is a mutual promise to pay not insurance? How does Blockchain technology and Bitcoin fit into this mix?

The basis is creating a series of separate pools, unconnected to each other, so each pool only pays its claims, with none of the traditional cross subsidisation of traditional insurance. Some require payment but others are just promises to pay.

The regulation in most countries is often unclear and several regulators are already looking at the implications.

Platforms are active or being launched in Australia, Canada, China, Colombia, Czech Republic, France, Germany, Hong Kong, Ireland, Italy, Japan, Montenegro, Netherlands, New Zealand, Norway, Singapore, South Africa, Switzerland, Taiwan, UK and USA.

Platforms seek to cover business, cars, homes, technology, health, life, liability, cycles, marriage, pets, relocation, income protection, hospital cash and deductibles.

This report looks at the background, potential, problems, and regulation, as well as profiles of every known peer-to-peer platform.

Report author Ian Youngman comments, “Peer to peer insurance is very new and often misunderstood: with even many platform founders confused if they are an insurer, broker, techie idea - and whether they are legal or illegal. Regulators are taking notice - with some being very supportive and others preparing to close platforms they consider to be illegal. Peer to peer will stimulate change and make insurance quicker, simpler and more transparent. As in direct insurance decades ago, one or two of the newcomers will become national or international successes; while others will be taken over by existing insurers, and those insurers who ignore the lessons will die."

Ian Youngman is an insurance writer and researcher who has published many market reports.

Peer2peer Insurance is 250 pages.The RRP is £1699. iPMI Magazine subscribers pay only £1300.

Order Now: Fill in the quick form here or write to ipmiATipmimagazine.com - please replace AT with @

RELATED PEER TO PEER INSURANCE NEWS: NEW P2P INSURANCE REPORT - Peer To Peer Insurance 2016

No Part Of The Insurance Value Chain Is Safe From Change

Peer To Peer Mutual Platform Targets Health Insurance 

Peer To Peer Insurer Lemonade Launches In New York

Read more...

Peer To Peer Mutual Platform Targets Health Insurance

In China, a new model, mutual aid, is on the rise. Different from insurance, members on mutual aid platforms can lower the cost and increase their claim payment through mutual financial assistance and risk sharing.

Users can join this new mutual assistance plan with an advance deposit of only 10 yuan and get a repayment up to 300,000 Yuan. If there are 1 million users, when someone applies for 300,000 Yuan as mutual aid money, each user only needs to share 0.3 Yuan.

Zhongtuobang is the largest mutual aid platform in China with over 1.7 million members, which implemented blockchain technology when going online and launching in 2016.

Qiao Ke, founder of this Shanghai platform, says, " Mutual aid is assistance from the majority to the minority in case of low-probability events such as cancer and accident."

Zhongtuobang has launched multiple mutual aid products including Anti-Cancer & Disease, Travel Accident, Dad & Mom Mutual Aid, Women's Health and a Students Comprehensive Plan.

Ian Youngman, author of new report "Peer to Peer Insurance 2016" says, "This is not an insurer and not a broker but a promise to pay mutual platform that falls between current regulatory sectors. Chinese regulator CIRC, having just cracked down on peer-to-peer lending platforms with new rules and scaring owners by showing them Shanghai prison, has issued dire warnings to customers about the dangers of using such mutual help platforms. CIRC is believed to be working urgently on new legislation to ensure only regulated platforms can stay open."

RELATED PEER TO PEER INSURANCE NEWS: NEW P2P INSURANCE REPORT - Peer To Peer Insurance 2016

No Part Of The Insurance Value Chain Is Safe From Change

Peer To Peer Mutual Platform Targets Health Insurance 

Peer To Peer Insurer Lemonade Launches In New York

Read more...
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Medical, Travel And Technical Assistance

 

A guide to leading international medical and travel assistance companies and providers, operating within leisure, expatriate and corporate business travel markets globally.

  •