The COVID-19 is still there, the economic situation is uncertain and insurance brokers are in difficulties.

A challenge for intermediaries globally - shifting to a digital platform. Few tools are readily available globally. Going digital has many benefits, it enhances, performance, productivity, profitability, and value of the business. Assists in regulatory compliance, GDPR, IDD and KYC. Enhances the customer journey via real time side by side comparisons of benefits, premiums, currency based on the clients’ individual wants, needs and budget requirements. Both regulations and COVID dramatically impacted and accelerated the need to utilize digital platforms. Simply, there is a need to become digital. The alternative - leaving the market, merging, being acquired or becoming digital.

Insurers and Providers face similar challenges when selling direct. Direct advertising, marketing, staffing, customer service and support traditionally offered by intermediaries is expensive to maintain. Intermediaries are part of the value chain and they must follow compliance otherwise the carrier may be liable. If an intermediary is not compliant it is safer to drop them rather than being exposed to the risk, but this reduces revenue, visibility, and retention of clients; and puts additional strain on internal resources.

The LF Finance group "Think Insurtech" as Software publisher decided to offer its multicurrency SaaS platform (individuals/families & corporate software) free of charge to all brokers worldwide and will increase the integration on new PMI & IPMI plans and new partners with API and digital electronic signature to apply online.

We invite brokers to request free access during this period and insurers to contact us to participate in this marketplace to become a new distribution channel to increase business and performance.

Download in PDF Form:

Think Insurtech Marketplace

Announcement Think Insurtech Marketplace

Learn more, watch the Think Insurtech Broker Academy videos:

Jelf, an independent full service UK based brokerage that supports businesses and individuals, announces its interim results.

Financial highlights 

Strong financial performance continues:

• Revenues 11.0% ahead of last year at £43.7m (2014: £39.3m)
• EBITDAE pre-share costs increased by 24.6% to £8.1m (2014: £6.5m)
• EBITDAE margin pre-share costs increased by 12.3% to 18.5% (2014: 16.4%)
• Fully diluted Earnings per Share increased by 12.8% to 1.67p (2014: 1.48p)
• Interim maiden dividend of 0.8p

The business continues to be cash generative and £2.5m of debt has been repaid early:

• Net debt is £27.6m (excluding deferred consideration net debt is £15.2m) compared to net debt of £13.1m (excluding deferred consideration net debt is £8.9m) at 31 March 2014 reflecting the acquisition of The Beaumonts Insurance Group in December 2014.

Operating highlights

• Organic growth achieved of 4.2% (excluding the impact of acquisitions)
• The Insurance business EBITDAE has increased by 18.2% to £5.3m (2014: £4.4m)
• Employee Benefits EBITDAE has increased by 27.2% to £1.7m (2014: £1.4m)
• Financial Planning EBITDAE has increased by 167% to £299k (2014: £112k)
• Margins continue to improve whilst at the same time investment continues to be made in both sales capability and infrastructure
• Jelf Insurance Partnership delivered £5.2m of revenues (2014: £4.7m) and £762k of EBITDAE (2014: £550k). It is on track with expectations and capturing the expected synergies of the acquisition
• The Beaumonts Insurance Group, acquired in December 2014, is trading strongly and capturing the acquisition synergies ahead of expectations
• Awarded Investor in Customers highest ‘3 Star’ accolade for client service for the third year running

Commenting on the results Alex Alway, Group Chief Executive, said, “I am pleased that all our businesses are trading strongly and outperforming last year and we expect to continue this trend in the second half of the year. Our acquisitions are integrating well into the Jelf business and delivering positive benefits.”

Pacific Prime is proud to announce that, for the third year in a row, Bupa Global has awarded Pacific Prime with top honors. This year, the company was presented with the Individual Sales Top Producer 2014 award. Of the 5,000+ agents worldwide, Pacific Prime was selected for this prestigious achievement which was presented by Bupa Global’s Managing Director Robert Lang, at the annual ceremony held in Las Vegas, Nevada.

Upon receiving the award, Neil Raymond, MD at Pacific Prime, commented, “As a company, we have had a strong and successful relationship with Bupa Global. Throughout our long partnership, we have found that Bupa Global has been working hard to continually improve customer service and plans. This strong commitment to both our clients and the industry means that they are always an insurer we consider when helping our clients find the best coverage available.”

For more than 11 years, Pacific Prime has worked with Bupa Global, and has since been named both its top global distributor and individual sales top producer. This is a reflection of the continued development of the relationship between Bupa Global and Pacific Prime.

Rainbow Pan, General Manager, Bupa Global Greater China commented “Pacific Prime are hugely deserving winners of the Bupa Global Individual Sales Top Producer 2014 award. Their team has delivered excellent service for their customers in individual plans as well as group policies. Bupa Global is proud to call them partners and we’re delighted to name them one of our top producers for a third successive year”.

On 2015 and the future, Raymond commented, “We are increasingly on the lookout for insurers we can trust. Despite the seemingly shrinking market - since 2013 several international insurers have pulled out of the market - there are a number of quality providers out there like Bupa Global who have not only strong portfolios but also plans customers can rely on. We are keen to see what the coming year brings for both companies and competing for their top individual distributor award next year!”

Welcome To The 1st Issue Of iPMI Magazines Medical Health Travel and Expatriate Insurance Broker And Intermediary Report, iPOLICY.

Rounding up the last quarter's most important International Medical and Health Insurance Plan and Product News, iPOLICY is the essential digital report designed specifically for International Health Insurance Brokers and Intermediaries.

Read iPolicy by iPMIM now, click here.

Welcome To The 2nd Issue Of iPMI Magazines Medical Insurance Broker And Intermediary Report, iPOLICY.

Rounding up the last quarter's most important International Medical and Health Insurance Plan and Product News, iPOLICY is the essential digital report designed specifically for International Health Insurance Brokers and Intermediaries.

Read iPolicy Issue 2 by iPMIM now, click here.

Welcome To The 3rd Issue Of iPMI Magazines Medical Insurance Broker And Intermediary Report, iPOLICY.

Rounding up the last quarter's most important International Medical and Health Insurance Plan and Product News, iPOLICY is the essential digital report designed specifically for International Health Insurance Brokers and Intermediaries.

Read iPolicy Issue 3 by iPMIM now, click here.

For more International Private Medical Insurance Magazine medical insurance, health insurance, medical assistance, expatriate healthcare insurance and risk-protection news go to ipmimagazine.com

Cigna TTK Health Insurance a joint venture between U.S. based global health service leader, Cigna Corporation (NYSE:CI), and Indian conglomerate TTK Group, today announced the launch of  its second, Lifestyle Protection product- Accident Care.

Accident Care is available to retail customers in three options- Basic, Enhanced and Comprehensive with a sum insured ranging from Rs. 50,000 to Rs. 10 crore.

Speaking on the launch, Sandeep Patel, CEO and Managing Director, Cigna TTK Health Insurance Company Limited said “It is imperative to be prepared for adversity arising due to uncertainties in today’s evolving world. It is our aim to work together with our customers, to understand their unique needs and deliver on those needs.  Lifestyle protection products from Cigna TTK are designed to assure financial support through life’s ups and downs. It’s our endeavor to keep the products simple, convenient and comprehensive. Accident Care is uniquely designed to offer benefits and value for money, to our customers.”

Earlier, Cigna TTK also launched Critical Care, as a part of Lifestyle Protection product suite. This policy is available in two variants – Basic Plan and Enhanced Plan. 15 basic critical illnesses will be covered under basic plan and 30 under the enhanced plan. Cigna TTK – Critical Care offers a sum insurance ranging from 1 Lac to 25 crores. The minimum age to take this policy is 18 and the maximum age is 65 with a lifetime renewal facility. It is topped with a unique facility that allows our customers access to Cigna’s Global Network across 80 Countries and over 10,00,000 network hospitals at network rates to avail treatment for the diagnosed Critical Illness.

Talking about Critical Care, Mr. Patel said, “With growing sedentary lifestyles, changing environmental factors and high stress levels in the country, lifestyle diseases are becoming more and more prevalent.  Critical Care is designed to cater to the growing concerns of lifestyle diseases and the high medical costs associated with them. The product is also designed to complement indemnity medical products.”

“We intend to offer a comprehensive health insurance portfolio to all our customers. Both Accident Care and Critical Care are fixed benefit products which strengthens Cigna TTK’s suite of health insurance products offered in the market.” he added.

All Cigna TTK products offer immediate access to Cigna TTK’s online wellness program- ProActiv Living, to all policy holders, offering customers Health Risk Assessment, Targeted Risk Assessment and Lifestyle Management Programs to improve their lifestyle.

In addition, the policy holder is also entitled for tax benefit under section 80D as per Income Tax act.

Pacific Prime has reflected on their annual International Private Medical Insurance (IPMI) industry reports, which set out to outline the rates of inflation among major insurers in various regions around the world. Click here to read the reports. The advisor further analysed findings in an effort to explore the methodology used in reporting inflation rates, along with indications of where care should be taken when drawing specific conclusions.

The article demonstrates a requirement for clarification between the data used in regards to promotions and discounts, taking them into account rather than omitting their significance by removing their impact on premium inflation analyses. The advisor deemed it "more beneficial to interested consumers to reflect true pricing at the time of our reporting to give a more accurate depiction of the current landscape of the market". The article makes it clear that this decision left some numbers open to interpretation due to the final figures being presented with an emphasis on inflation percentage. This explanation was given to a query on how some insurers have a seemingly high inflation percentage rate, which may not be an accurate reflection of a given year's rate.

The first example of this came in Pacific Prime's position for William Russell, who appeared to have the highest annual inflation of the year among insurance companies covered within the report. The advisor showed that, at first glance, there could be an assumption that William Russell simply raised premiums at a greater rate than others. However, the issue becomes clear when the context of temporary promotions given as an additional discount to Pacific Prime clients is explained.

Pacific Prime states they used this discounted rate as data for the annual IPMI inflation report, which was not truly indicative of William Russell's published book rates. When the promotion ended, the data was 'artificially exaggerated' and could not be considered a true representation of William Russell's actual inflationary rise between 2013 and 2014. They highlighted that William Russell actually had the 2nd lowest average inflation rate in 2013, and the lowest average inflation in 2012.

William Russell has a long established track record of providing quality insurance products at an excellent value, introducing new measures to combat inflation in the form of new provider and limited direct billing networks. Although the insurer seemingly had the highest inflation in the report, Pacific Prime would like to acknowledge that the percentage increase is not indicative of actual premium price, and expects a return to lower inflation rates in the 2015 report.

Clements Worldwide, a global provider of international insurance products and reinsurance capabilities, today announced the launch of a partnership with Starr China to deliver insurance coverage to expatriates and international organisations in China.

Starr China, a premier China-based insurer, is joining forces with Clements to target the international individual and group segment in this growing insurance market. Starr China, under license by Clements Worldwide, will introduce Clements Scholars®, a group health program for expatriate educators and school staff, to serve the international school community in China. Clements Scholars is unique in that it provides comprehensive insurance coverage, extensive member access to medical facilities and standardised benefits to educational institutions with locations in multiple countries.

“China has one of the world’s largest number of international schools, with more than 300 educational institutions employing expatriate teachers and personnel,” said Chris Beck, president of Clements Worldwide. “China is a fantastic market for Clements Scholars. The program is already recognised for helping teachers and staff access medical facilities, top providers and resources around the world. With Starr China’s local market leadership, Clements Scholars will soon be the reference in China as well.”

“Clements Scholars offers an affordable, wide-reaching, and comprehensive plan, a best-in-class network of providers and rich member benefits,” said Kevin Liang, president of Starr China. “We are confident about the potential of Clements Scholars in China, as well as the opportunity present in this market for products covering international property, school directors’ liability and others, for a complete suite of expatriate and international risk management coverage solutions.”

Starr China and Clements Worldwide seek to provide insurance coverage to the estimated 633,000 expats living in China, a community growing by about 5 percent each year alongside growth in China’s economy. The partnership affords expatriates access to more choices for international health and other insurance products, addressing the rising costs of medical care at private clinics used by foreigners in China. Mr. Beck adds, “Our expertise in serving the international school market and expatriate markets, in addition to broader multinational corporate market, will ensure our customers receive world-class medical treatment and save money in the process in China and worldwide.”

WellAway, Ltd. has announced today that it has received accreditation from the United States government to distribute its expat plans as compliant under the requirements of Affordable Care Act (Obamacare). WellAway Limited is the only provider of international expat products to enjoy this approval.

By purchasing one of WellAway’s ACA-Compliant policies, Foreign individuals and employer groups will not be subject to the penalties or taxes that apply to any person admitted to the United States for a period of more than eleven months. Starting in 2015, employers may face further taxation or penalties if they do not offer ACA-compliant insurance coverage to their expat employees in the United States. WellAway has further emphasized its advocacy for expatriates coming to the USA by offering a variety of support tools and resources that help foreign nationals navigate the US healthcare system and Obamacare.

These include assigning personal ConciergeCare Counselors to help each member understand how their benefits work in the USA. ConciergeCare services assist members in finding the best-rated in-network providers, making appointments, dealing with medical bills and understanding any cost-shares. Member services are available 24/7 in the member’s native language. The company is also providing a variety of digital guides that will inform members of the differences between healthcare in the USA and in their country of origin.

“We are very excited to receive this approval and comply with the new USA requirements for insurance. This allows our members to keep a product that is international and specifically designed to the needs of expats, while meeting the new guidelines and not paying unnecessary taxes and penalties. It has taken a lot of work and effort for WellAway and its underwriters to design these products and really understand the USA mandates,” stated Griselle Chernys, spokesperson for the company.

”We are happy to offer these products to any foreign nationals entering the United States and our brokers and distributors have welcomed meeting the demands of their clients. Until now, there were no ACA-compliant options available to expats and brokers have often found themselves unable to meet a growing demand. Our product is different because it encompasses a very complete service to the expat via our unique program design.” added Chernys.

Individuals or families interested in a WellAway Limited Obamacare compliant plan, may visit WellAway at www.wellaway.com to see all plan options available. Plans are also available via our international insurance brokers in different countries around the world. Interested parties are encouraged to seek a referral to one of our brokers by contacting our sales representatives at the numbers listed on our website.

About WellAway, Ltd

WellAway, Ltd. is a company domiciled in Hamilton, Bermuda with global offices in France and Belgium. The company specializes in unique health and travel insurance health programs for foreign nationals living throughout the world. 

Hurricane Odile has affected parts of Baja California and Baja California Sur. British Nationals in the affected area are advised to leave via Aeropuerto Internacional de Los Cabos International airport (SJD).

Please go with the expectation of a potentially long wait; the airport is crowded. We recommend travelling with basic provisions of food and water where possible. There are reports of looting and gang violence on the streets of downtown San José del Cabo. Exercise caution when transiting to the airport. Monitor local media and follow the guidance of local authorities.

363,142 British nationals visited Mexico in 2012. Most visits are trouble-free.

Take out comprehensive travel and medical insurance before you travel.

Willis Group Holdings plc, has appointed Huichih Ko as Chairman of Willis Asia. Mr. Ko will play a leading role in defining Willis Asia's strategic direction and driving client engagement and growth across the region. He starts his new role today and will initially be based in the Singapore HQ of Willis Asia, which employs around 890 associates in 36 offices.

He joins from Marsh & McLennan Companies (MMC), where he served as MMC Country Corporate Officer for Taiwan. He has over 30 years' industry experience and has held a number of senior posts at Marsh, including Deputy Chairman, Greater China Region; and Managing Director and Chairman, Marsh Taiwan.

Tim Wright, CEO of Willis International, said, "Willis is going from strength to strength in Asia, and the addition of such a senior talent will be a further boost to our capabilities and ambitions. Huichih is a very experienced and respected industry leader who is well known across the region. He will play a vital role in growing and connecting our business both in Asia and globally."

Adam Garrard, CEO of Willis Asia, said, "I have known Huichih for many years and he has worked with an impressive and diverse range of clients. We are delighted to have attracted Huichih to Willis and his appointment is a visible endorsement of our values and strategy. Huichih will partner with me and the rest of the Willis Asia team to assist us in driving the strategy and growth plans in the region. I can think of no one more qualified for this role. He is one of the best insurance practitioners in Asia."

Huichih Ko said, "I am deeply impressed by Willis's vision and commitment to invest across Asia in order to tap into some exciting, high-potential markets. I'm pleased to have the opportunity to work with the many talents in Willis to develop innovative solutions for clients and markets. Asian insurance markets have come a long way - many are mature and ready to diversify their books - and I look forward to helping our global clients explore that new capacity."

Ko started his insurance brokerage career in New York with Fred S James in 1981. He was assigned to Taiwan in 1983 and subsequently became President of James International Taiwan. Between 1987 and 1998 he served as CEO of Sedgwick Taiwan. Following the acquisition of Sedgwick by Marsh, Ko was appointed as Regional Director North Asia, Marsh Resolution.

In 2000 he became Managing Director and chairman of Marsh Taiwan and in 2010 he was promoted to Deputy Chairman, Marsh Greater China Region.

In 2013 he was appointed as MMC Country Corporate Officer for Taiwan. Ko holds a bachelor's degree in Shipping Management and a Master of Science in Transportation.

He has also taught marine insurance and shipping management courses in universities in Taiwan.