The growth potential of the Latin America international private medical insurance (IPMI) market is what excites World of America CEO Lourdes Peters.
Speaking at Health & Protection’s Global Mobility and Health Summit at Easthampstead Park Hotel this week, Peters told delegates this ever changing market is one where the broker is king as they are directly involved in key decision making and the design of products and solutions.
Changing market
“I think it’s the changes in the industry and the fact that as a broker on a personal level, we get very involved from the back end to the front with the company,” Peters explained.
“We sit in committees. It’s a very different concept in Latin America because the international companies we work with allow us to give input which is very similar to how insurance started.
“It was built on ideas from the brokers. We’re on the ground in each area we’re in so we were able to bring in all the information.
Designing products
But Peters added that her firm helps design products in consultation with companies operating in the region.
“We consult for companies so that ability to see the company from the inside out, to be able to give feedback and work with them and work with hospitals and hospital business as well because every time a client asks me where they will go, I want to be able to know that I’m sending them to the right place,” she continued.
Broker is king
This is because, Peters added, that in Latin America the broker is king.
“You own the client so what happens is they trust you so much that you know more than anybody else in the family knows so they come to you for help and for advice and direction,” she continued.
“So that to me is what excites me so much is that this market is growing so much and is now morphing.”