The Health Compass international private medical insurance (IPMI) product sourcing system has launched.
The platform caters for brokers with individual clients requiring IPMI cover.
It provides intermediaries fully licensed access to the IPMI market and the ability to match product selection more precisely with their clients cover requirements and budgets, the firm said.
It added that the system’s benefit scoring feature allows a broker to immediately compare different products and their benefits when making client recommendations.
Advisers also receive an on-screen price indication for each policy being considered and can access the Health Compass Solution Radar that maps each product according to price vs benefit.
The firm claims the system enables an intermediary to go from client enquiry to sending a proposal form in less than five minutes and offers access to 80% of the IPMI market products, while ownership of customers added to Health Compass remains with the intermediary.
The technology allows intermediaries to interact in two phases.
The first is to access the platform through the Health Compass website and once connected it will provide work flow capabilities through to submission of proposal to the insurer.
The second phase sees Health Compass offer application programming interfaces (APIs) to enable brokers to embed the system within their own website so customers can interact directly with the platform to complete the selection and submission process.
Regulation compliance
The platform offers intermediaries the ability to access Health Compass’ regulatory umbrella. It is fully licensed in Europe and authorised to operate in the UK by the Financial Conduct Authority.
UK intermediaries can support clients across Europe and European brokers can access the UK market, regulated brokers in the US or in the Middle East can place business in Europe and the UK, and UK or European brokers can place business in offshore territories.
David Eline, founder of Health Compass, (pictured) said: “Health Compass is a game changer for brokers as it cuts through the complexity and reduces transaction times for IPMI business. As a broker with many years’ experience in the IPMI industry myself, I know that intermediaries will find the platform to be hugely beneficial.
“The system not only cuts transaction times compared to dealing directly with an insurer or managing general agent (MGA) but also response times from underwriters once the application is submitted.
“The system can be used by established IPMI brokers and non-specialist intermediaries with a small number of clients needing IPMI cover each year.”
Eline added the platform is not an intermediary or a broker and it does not operate on a price aggregation model.
“The platform is an electronic master broker providing access to the IPMI market for the wider intermediary community. It does not compete with brokers or insurers but acts as an enabler and communication tool,” he continued.