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Healthcare International

GBG Introduces New Brand and Website

Global Benefits Group (GBG), a specialty insurance organization administering international health, life, disability, and travel insurance today announced the launch of its new brand and newly designed website, gbg.com.

The redesigned site brings together their regions and divisions all under one holistic site.

The new website provides visitors and partners with a simpler way to learn about GBG’s capabilities on a cutting-edge platform. 

Chris DiSipio, Chief Executive Officer, Global Benefits Group, comments, "We are proud to introduce the new GBG brand as it aligns with our continued dedication to serve customers around the world."

GBG has nearly 40 years of experience providing support and guidance around the world.  The new brand demonstrates the passionate team of experts that handles the intricacies of international insurance so clients can live their life no matter where their lives take them…Go, we’ll be there!

Learn more by watching our latest corporate video, then come explore the new GBG at gbg.com.

ABOUT GBG: Global Benefits Group (GBG) is a global insurance group that administers and underwrites international health, life, disability, and travel insurance. With a client base that spans multinational corporations, expatriates, international students, high net-worth individuals, international schools, and non-profit organizations, GBG is committed to delivering outstanding customer service to the globally mobile population.

Global Benefits Group (GBG) is the marketing name for GBGI Limited and its subsidiary and affiliated companies. 

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International Private Medical Insurance Magazine Provider Network Directory January 2022

Welcome to iPMI Magazine 2022.

The January 2022 edition of the International Private Medical Insurance Magazine Provider Network Directory, is out now, featuring over 80 pages of international private medical insurance and medical assistance company intelligence.

The iPMI Magazine network consists of a wide range of leading international medical payors and service providers, on call, 24/7 to assist you manage worldwide medical risks during a global pandemic.

The international medical insurance network covers all sectors of the global medical insurance business, and you can use the directory to source new partners and service providers. Simply use the the contact details within the network directory to connect with new partners and customers. 

The IPMI market use the iPMI Magazine Provider Network Directory to source the best information and data on international private medical insurance payors and providers. They may be searching for a new partner, looking for a contact number of a current provider, or researching the payor and provider market for future cross border network development.

DOWNLOAD THE IPMI MAGAZINE PROVIDER NETWORK IN PDF FORMAT

Classifications include: IPMI, Assistance, Air Ambulance, Cost Containment And Claims Management, Funeral Directors, Ground Ambulance, Healthcare Insurance Management and Pharmacy Benefits Management.

Current Provider Network Members 

Click a company name below to visit their micro web site on iPMIM and learn more or download the brand new e-directory using the above link. To add your business to the e-directory and launch a micro website please write to David Bond, CIO, iPMIM on ipmi[at]ipmimagazine.com

PAYORS AND PROVIDERS IN FOCUS:

IPMI

ASSISTANCE

AIR AMBULANCE

COST CONTAINMENT AND CLAIMS MANAGEMENT

FUNERAL DIRECTORS

INSURANCE TECHNOLOGY

DOWNLOAD THE IPMI MAGAZINE PROVIDER NETWORK IN PDF FORMAT

 

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Global Ventures Attracts New Investment For Its Second Fund From Bupa Arabia

Global Ventures, the UAE-based international venture capital firm investing in emerging market founders, technology and ideas scaling across MEA and the world, is excited to announce new investment from Bupa Arabia, the leading health insurance company in the region.

Bupa Arabia’s participation in Global Ventures Fund II as strategic partner will foster the healthcare ecosystem in the region and particularly in Saudi Arabia. The investment by Bupa Arabia is part of the company’s strategy to participate and invest in disruptive healthcare and insurance technologies, amongst other targeted growth sectors. The company had recently announced receiving regulatory approvals to establish Bupa Arabia Ventures; which will expand its investment portfolio in technology companies.

Global Ventures’ second fund is focused on technology companies addressing critical needs and demands in recently accelerated industries. It continues to be a leading provider of capital and value creation for start-ups in the region, with a timely and increasing focus on Digital Health.

To date, Global Ventures has invested in 44 companies, across 10 markets, using capital from its two funds.

Noor Sweid, Founder & General Partner of Global Ventures, commented, “Global Ventures’ Fund I has been a great success, and we are delighted to welcome Bupa Arabia to Fund II, and also join us in a deeper, strategic partnership. Bupa Arabia shares our outlook and ambition on the Digital Health sector, and its potential for technology and innovation to deliver long-term economic benefits particularly in emerging markets.”

Nader Ashoor, Chief Financial Officer of Bupa Arabia said, “We are excited about Global Ventures’ Fund II prospects. We are quite pleased with Global Ventures governance, capabilities, investment approach and track record, and look forward to activate our strategic partnership in the new future.”      

Global Ventures is a UAE-based international venture capital firm, investing in founders and ideas scaling across emerging markets. Global Ventures backs global-minded founders that are leading growth-stage companies and using technology to transform emerging markets.

Portfolio companies include Altibbi, Arrow Labs, Buseet, Cartona, Elmenus, Floranow, Helium Health, Holiday Me, Mamo, Much:on, Ogram, Paymob, Proximie, Pyypl, Spider Silk, Tabby, Tarabut Gateway, Team Apt, Tribal, Yodawy and Zension.

Noor Sweid and Basil Moftah are the General Partners of Global Ventures.

Bupa Arabia is a leading healthcare insurance company in Saudi Arabia with a purpose to help people live, longer, healthier, happier lives and make a better world. In doing so, it has been leading the industry’s service innovation such as Tebtom program - that offers a bouquet of healthcare services such as chronic management, medication refill and delivery, maternity and childcare and international second medical opinion – and Rahatkom program – that offers its insured members red carpet services at the providers to guide and facilitate their services at the points of care.

Its revamped smart phones app has exceeded 1.5 million downloads offering members with personalized and innovative services with instant medical appointments being the latest introduction.

Bupa Arabia has recently received the regulatory approval to establish Bupa Arabia Ventures, the first healthcare corporate venture capital firm focused on investing in disruptive technologies in the region and beyond.

 

 

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International Private Medical Insurance Magazine Provider Network Directory December 2021

The December 2021 edition of the International Private Medical Insurance Magazine Provider Network Directory, is out now, featuring over 80 pages of international private medical insurance and medical assistance company intelligence.

The iPMI Magazine network consists of a wide range of leading international medical payors and service providers, on call, 24/7 to assist you manage worldwide medical risks during a global pandemic.

The international medical insurance network covers all sectors of the global medical insurance business, and you can use the directory to source new partners and service providers. Simply use the the contact details within the network directory to connect with new partners and customers. 

The IPMI market use the iPMI Magazine Provider Network Directory to source the best information and data on international private medical insurance payors and providers. They may be searching for a new partner, looking for a contact number of a current provider, or researching the payor and provider market for future cross border network development.

DOWNLOAD THE IPMI MAGAZINE PROVIDER NETWORK IN PDF FORMAT

Classifications include: IPMI, Assistance, Air Ambulance, Cost Containment And Claims Management, Funeral Directors, Ground Ambulance, Healthcare Insurance Management and Pharmacy Benefits Management.

Current Provider Network Members 

Click a company name below to visit their micro web site on iPMIM and learn more or download the brand new e-directory using the above link. To add your business to the e-directory and launch a micro website please write to David Bond, CIO, iPMIM on ipmi[at]ipmimagazine.com

PAYORS AND PROVIDERS IN FOCUS:

IPMI

ASSISTANCE

AIR AMBULANCE

COST CONTAINMENT AND CLAIMS MANAGEMENT

FUNERAL DIRECTORS

INSURANCE TECHNOLOGY

DOWNLOAD THE IPMI MAGAZINE PROVIDER NETWORK IN PDF FORMAT

 

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AXA – Global Healthcare Appoints Andy O’Cain As Global Head Of Distribution

International healthcare specialist, AXA – Global Healthcare, has announced the appointment of Andy O’Cain as Global Head of Distribution, effective on December 1st 2021.  

Joining from Aetna International, O’Cain will oversee the strategic development of all aspects of global distribution across individual, small business and corporate client segments. He will lead the regional distribution activities delivered from AXA Global Healthcare’s sales hubs in the UK, Europe and Asia, and oversee the development of strategic distribution partnerships, to further strengthen AXA’s growing footprint in the IPMI market.

Andy Edwards, Global Head of International Insurance, AXA Global Healthcare, comments, “We’re excited to welcome Andy to our senior leadership team, and it comes at an opportune time in the evolution of our business. Since separating from AXA PPP Healthcare in 2017, to become an independent Managing General Agent, we’ve developed a strong brand presence in the IPMI market. We’ve enhanced our value proposition, expanded our global reach, and despite some of the challenges the market has experienced over the past few years – from Brexit to the Covid-19 pandemic – kept an uncompromising focus on delivering for the customer. And it’s this unwavering determination to put the customer first that drives our evolution."

“The last 18 months have prompted rapid changes from all of us. Expectations of what makes a good customer experience have changed, people’s trust in digital healthcare services has risen, people’s lifestyle priorities have adapted. We have some exciting developments ahead to meet these emerging needs and ensure our customers can continue to depend on us, wherever they are in the world. With Andy O’Cain joining our senior leadership team, we’re confident in our continued growth in both new and existing customer segments in the global healthcare market.”

With over 20 years’ industry experience, O’Cain has previously held several distribution and senior management roles within the global insurance market. Most recently, he was Distribution Director for Aetna International, where he led the distribution of international health insurance products, prior to which he was Head of Sales and Business Development at Cigna Insurance Services. He has also held a variety of other managerial roles within Allianz and Direct Line Group. From this experience, O’Cain brings excellent knowledge of distribution to individuals, SMEs and corporate businesses in the global market.

Commenting on his new role, O’Cain said, “I’m delighted to be joining the AXA Global Healthcare team and look forward to driving new opportunities for growth in all customer segments. The strength of the proposition and the customer first mindset gives me great confidence in what the future holds.” 

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Will Bupa And DNI Now Compete In Several Countries Where Generali And Generali Employee Benefits Are Both In Business, Or Just The Middle East, Or Just The UAE?

In this article, Ian Youngman, leading insurance analyst and author of the leading iPMI market report, “International Health Insurance 2021" talks about the DNI takeover of the Global Choice international medical insurance portfolio of Generali Global Health.

A few weeks ago Generali and Bupa announced a deal on IPMI.

Generali Employee Benefits (GEB) and Bupa Global announced a strategic partnership to offer “best-in-class” international private medical insurance and global employee benefits solutions to their new and existing corporate customers.

RELATED: Generali Employee Benefits And Bupa Global Announce Strategic Partnership To Offer International Private Medical Insurance

GEB customers will have access to Bupa Global’s quality, expertise, and comprehensive health and wellbeing offering, when and where they need it, across 190+ countries. Bupa Global customers will also have the ability to access global health and benefits solutions provided by GEB’s worldwide network.

What is easy to miss here is that it only refers to corporate business.

So what happens to the individual business of Generali Global Health?

The implication is that Generali Global Health would cease trading and leave the IPMI market.

I expect details to be explained on December 15th, 2021 when Generali will hold a virtual Investor Day to present its new strategic plan.

One part of the future was leaked – but it leaves gaps in knowledge.

Dubai National Insurance & Reinsurance (DNI), one of the leading insurance companies in the UAE, has partnered with Munich Re to take over some of the Global Choice medical portfolio of Generali Global Health.

Munich Re took over the reinsurance of Global Choice in July 2021.

DNI and Munich Re will maintain the existing policy benefits and terms and conditions of Global Choice.

Abdulla Al Nuaimi, CEO of DNI said, "We are delighted to officially announce the takeover of the GGH portfolio in collaboration with Munich Re. This exciting new collaboration affirms our commitment to continuously provide the same level of benefits and enhanced quality services to our clients and existing policyholders. We are dedicated to working with and strengthening our relationship with our partners to ensure seamless integration, giving customers peace of mind that they will not only continue to enjoy the benefits of GGH but take advantage of the combined expertise that DNI and Munich Re have to offer on the international medical front.”

Dr Frank Mayer, CEO, Munich Re comments, "DNI has been a trusted partner, and we are eager to work together and continue to expand our portfolio of services in the coming years. We believe that, together, we are in the best position to cultivate an even stronger and more comprehensive ecosystem that will allow us to serve our customers and partners better."

To ensure seamless operations following the takeover, DNI has continued working with Munich Re subsidiary MedNet as the third-party administrator owing to their familiarity with the scheme. The process will continue under the new partnership with Munich Re. The international network direct billing facilities previously through GGH will now be offered through the MedNet Global Network.

Although MedNet has a global network, DNI is limited to the Gulf and most of that is in the UAE.

Will Bupa and DNI now be competing in several countries where Generali and Generali Employee Benefits are both in business, or just the Middle East or just the UAE?

What will happen to the rest of the Generali Global Health portfolio?

Comment

There is a trend for even leading global insurers to decide to stop competing in PMI and IPMI in selected countries.

There is also a trend for insurers to work in partnership with local groups and TPAs.

Regional groups see gaps.

What is interesting is to look at the plans of Oman Insurance to offer PMI/IPMI in six more countries from 2022 in association with four named and two yet unknown local insurers.

Looking at other recent deals, there is a move for insurers in Africa and The Gulf to offer PMI and IPMI across borders in association with others from the region.

While this may or may not have anything to do with Afghanistan it is very clear that American and European insurers are going to have to compete with strong local rivals.

My tip for 2022 is watch for more country exits by USA and European insurers.

But it is not all one way traffic, with Zurich quietly entering in some countries and the expected IPMI launch from HDI Global - ironically bringing us full circle as they have been recruiting from Generali Global Health.

READ THE LATEST REPORT ON IPMI: International Health Insurance (IPMI) 2021

 

 

 

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BLACK FRIDAY: Save Up To 33% When You Purchase International Health Insurance (IPMI) 2021 Report

With Black Friday almost upon us, iPMI Magazine announces a sale price on the current iPMI Market research report, International Health Insurance 2021.

There are now 80 million expatriates, 5 million international students, 4 million temporary foreign workers, and 18 million high net worth individuals of which 2.7 million are ultra high net worth. All of these are targets for iPMI.

If you are an iPMI Magazine Subscriber you may now access the complete report, with a 20% subsidy on the RRP. So, £3600 becomes just £2,880.*

If you are an iPMI Magazine Advertiser you may now access the complete report, with a 33% subsidy on the RRP. So, £3600 becomes just £2,412.*

Learn more about this report click here.

Order your own copy of International Health Insurance (IPMI) 2021, or ask questions, write to ipmi[at]ipmimagazine.com

*Offer ends 1/12/2021. This offer is only available when you purchase the report directly through iPMI Magazine. The report is still selling at full RRP on Research and Markets.

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The Death Of The Credit Standard In IPMI & Travel Insurance

Written by Scott J Rosen, Founder and CEO, MDabroad.

The pandemic has impacted the travel and IPMI policy service industry in many fundamental and some unexpected ways. As the near cessation of cross-border travel caused a sharp drop in revenue followed by drastic cost reduction measures, the specter of a prolonged depression in our industry has forced us to look introspectively to examine the efficiency (or inefficiencies) of our organizations and to challenge the prevailing models of how we do business.  We are now forced to rethink the long-held paradigms, business models, practices and workflows that have existed virtually unadulterated for decades, such as the unsecured payment guarantee that has been the tool for payers to access credit.

The economic crisis of our industry exposed the dysfunctional claims payment cycle with a series of defaults of healthcare payers concerning their obligations to providers and correspondents. We have seen thinly capitalized businesses fail and others simply not honor obligations, resulting in a cascade effect across the entire value chain, specifically impacting medical service providers. The “GOP” (or Guarantee of Payment) and its several iterations[1] were defaulted upon as insurers and their representatives were unwilling to pay bills, using the pandemic as a pretext to avoid payment for services rendered in good faith by medical providers. This has created a “never-again” moment for many medical providers and correspondents, whom have now made institutional decisions to heavily restrict credit to mitigate the risk of doing cross-border business with limited recourse.

As the travel market wakes up, the international insurance sector anticipates a revival in demand for travel medical cover that will be met with service capacity shortages and above all, distrust by the many medical providers who lost faith in a payment system that for years neglected to pay them in a timely manner and eventually left them with unpaid claims under the guise of the pandemic. Many providers are forced to continue working with the segment to recoup or dilute away their losses by securing future business, yet they are challenged by old credit system that has failed us all in the past.

In my view, the prolonged Covid crisis will result in the slow death of provider credit for small claims and hardening of credit criterion by hospital providers. Today, the industry is seeing hospital groups take measures to more carefully underwrite international risk, such as demanding audited financial statements and deposits, which should probably have been the case even prior to the pandemic. The death of credit, or the credit standard, as we can call it, impacts the ability of assistance companies to service policies and challenges the ability of indemnity payers to execute contractual obligations, which means a new standard shall be introduced: payment at time of service, instant settlement, or a cash standard.

The Credit Standard

As an industry, we have strived for decades to build global, all-encompassing networks that allow for direct cashless access for our members. Whether the provider relationships are direct or are accessed through the circuitous route of correspondents or intermediaries, the underlying tenet of the network relationship is predicated on the desire to obtain credit with our providers. Credit is offered across and between various entities and perpetuates a network effect where offered, ensuring the greater use of providers that extend credit to foreign insurers and reliably service members. While the network model is generally “good enough”, the functionality of it certainly lacks sustainability or optimal efficiency due to the mere fact that it runs on credit, a concept that in and of itself is an inefficient manner of settlement, fraught with uncertainty for providers and carrying many hidden costs and risks for all. While the credit standard is something the industry has sought out for the sake of delivering on the cashless access promise, it is not the answer to reducing administrative expenses, medical loss, and may not even provide for the best member experience as we thought in the past.

The Credit Premium

Working on the basis of credit comes at a premium. What is the incentive for a service provider to accept any transaction on the basis of credit when a far superior alternative is cash settlement at the time of service? For providers and vendors, credit implies the cost of credit risk, cumbersome invoicing, collection and recovery efforts, transaction fees and time. To work under the credit standard creates a layer of cost that necessitates charging a premium over the preferred method receiving payment: payment at the time of service. There is no doubt that medical expenses are loaded with a credit premium; if one would argue against that, I would pose the question to any provider: would you charge less to be paid right here, right now? The answer would be a resounding “yes”. By accomplishing instant payment to providers this in our international healthcare transactions, we have the ability to do away with the credit premium, thereby reducing medical expenses and improving loss ratios. While this premium may vary by location, jurisdiction, and even on a provider-by-provider basis, our experience has demonstrated a consistent savings when working on the cash standard (i.e. paying on the spot). Ask any negotiation department of an insurer or third-party administrator (TPA) what their historical average discount achieved for prompt payment is and we would have some idea of the price we pay for that credit premium. It is safe to say the credit paradigm costs us money and we have no choice but to migrate from a credit standard to a cash standard for us (payers and provider) to cost contain in the most pure and honest sense.

The Cash Standard

Imagine a process by which a member requests care, a contact center intelligently directs a member to a provider, the provider receives a cash-secured guarantee, and, upon sending in a standard claims form through an online application, instant payment for that service is sent directly to the provider’s account. Case settled and closed… at the cash rate. No credit premium applied.

The departure from the credit standard and the imminent adoption of the cash standard in accessing services and paying invoices poses an opportunity to introduce smart technologies for case coordination, claims adjudication and the settlement of invoices. The decades-old credit model – consisting of unsecured GOPs, VOBs, LOGs and other head-spinning IOU instruments – involve an endless revenue cycle involving billing agents, manual invoicing, requests for medical records, denials, appeals, patient balance billing, collection agencies and many touch points that typically result in dissatisfaction for members and network providers. By abandoning the credit model, we uncomplicate life and reduce the cost of doing business. The new model, using a smart contract and instant settlement results in less friction. Migrating to a cash standard, will help us achieve the experience we ultimately seek out for members, network providers and our internal stakeholder, the company.

Our customers and our network providers demand change to more sophisticated means of accessing service and settling claims. At the same time, diminished industry margins demand that we evolve to a more savvy and tech-oriented method of operation. In order for cashless access continue, the industry must evolve from the credit standard to a cash standard, utilizing smart contracts. We must replace the risky IOU (i.e. GOPs, VOBs, GOPs) with cash-secured smart contracts backed by a real guarantee to create an sustainable that perpetuates value for all parties (insurers, providers, members).

MD Group is committed to working with our industry partners to developing and improving our industry. We welcome feedback on the topic and really to look to hear our colleagues’ thoughts and opinions and as we evolve towards the new reality. To learn more about MDabroad, click here, to visit their website.

[1] GOP: guarantee of payment

LOG: letter of guarantee

VOB: verification of benefits

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DIOT-LSN And SIACI SAINT HONORE Finalize Their Merger And Create A Leading Independent European Insurance Broker

The merger between the DIOT-LSN and SIACI SAINT HONORE groups has been given the green light from the European Union and the regulators and authorities in the various countries where the new Group will be operating.

The birth of the leading independent European insurance broker operating worldwide took place on November 16, 2021. The new group will generate turnover of almost €700 million, with 5,000 employees in 42 countries.

The transaction signed on July 2 between the BURRUS GROUP, headed by Christian Burrus, and SIACI SAINT HONORE, chaired by Pierre Donnersberg, was completed on November 16, paving the way for the creation of a new European leader in insurance brokerage, reinsurance and risk management consulting.

The Burrus Group and the management of the new entity will hold the majority of the capital and voting rights, thus guaranteeing its independence. Alongside them, the presence of leading investors, led by the Canadian pension fund Ontario Teachers' Pension Plan with a 30% stake, Bpifrance with 10%, Cathay Capital with 5% and Mubadala and Ardian, already shareholder in the SIACI SAINT HONORE Group, confirms the international ambitions of the new Group.

Pierre Donnersberg will be Chairman of the new "DIOT-SIACI" group and Christian Burrus will become Vice-Chairman and Managing Director within an Executive Committee of directors from both entities.

By becoming one of the world's top 10 players in large corporate risks, the new group is positioning itself as a key player in this market alongside the global brokers from across the Atlantic. In France, thanks to its national network, it is strengthening its position in the Large Companies, Mid-cap and SME-SMI market in personal insurance, international mobility, property and liability, marine and transport, and credit insurance and reinsurance.

Pierre Donnersberg said: "We are delighted to be able to finalize our corporate venture which now positions us as the French leader in our sector with a clear international strategy. We will seize new growth opportunities and make the most of all our synergies to better serve our clients all around the world”.

Christian Burrus emphasized: "We share an ambition and values that place people and jobs at the heart of this project. We are committed to our independence, guaranteed by a strong family shareholding which safeguards the interests of our employees, our clients and our investors”.

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International Private Medical Insurance Magazine Provider Network Directory November 2021

The November 2021 edition of the International Private Medical Insurance Magazine Provider Network Directory, is out now, featuring over 80 pages of international private medical insurance and medical assistance company intelligence.

The iPMI Magazine network consists of a wide range of leading international medical payors and service providers, on call, 24/7 to assist you manage worldwide medical risks during a global pandemic.

The international medical network covers all sectors of the global medical insurance business, and you can use the directory to source new partners and service providers. Simply use the the contact details within the network directory to connect with new partners and customers. 

IPMI Market Network Sectors: IPMI, Assistance, Air Ambulance, Cost Containment And Claims Management, Funeral Directors, Ground Ambulance, Insurance Technology, Healthcare Insurance Management and Pharmacy Benefits Management.

    Enter full screen click the small rectangle above ↑

The IPMI market use the iPMI Magazine Provider Network Directory to source the best information and data on international private medical insurance payors and providers. They may be searching for a new partner, looking for a contact number of a current provider, or researching the payor and provider market for future cross border network development.

Classifications include: IPMI, Assistance, Air Ambulance, Cost Containment And Claims Management, Funeral Directors, Ground Ambulance, Healthcare Insurance Management and Pharmacy Benefits Management.

Current Advertisers 

Click a company name below to visit their micro web site on iPMIM and learn more or download the brand new e-directory using the above link. To add your business to the e-directory and launch a micro website please write to David Bond, CIO, iPMIM on ipmi[at]ipmimagazine.com

PAYORS AND PROVIDERS IN FOCUS:

IPMI

ASSISTANCE

AIR AMBULANCE

COST CONTAINMENT AND CLAIMS MANAGEMENT

FUNERAL DIRECTORS

INSURANCE TECHNOLOGY

 

 

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