Chris Carter, CEO of ExpatInsure, speaks to Health & Protection about his journey navigating the complexities of global IPMI, the value of an AI approach, his third and hopefully last start-up, finding work-life balance and spending more time with his youngest son and why no stop signs, speed limit, nobody’s gonna slow him down and his love of AC/DC’s Highway to Hell.
How long have you been in the international health/benefits advice industry and why did you start working in it?
Well, I cut my teeth in the private medical insurance world when I managed the Barclays retail bank book in 2005
It was a very small PMI book and I managed that portfolio for the insurance division of Barclays.
However, it wasn’t until I moved to Cigna 10 years ago that I began working firstly on the corporate expat PMI products and latterly over the last five years on the consumer international private medical insurance (IPMI) business.
How long have you been in the industry, when did you start your company and which markets (geographically, industry, people) does your company do business in?
As I say, on and off for the last 20 years, although my education was in a niche degree in financial services, studying insurance law and a myriad of other related subjects.
ExpatInsure was setup in March last year and is now registered in the US and the UK, with registration imminent in Europe as well.
What is the biggest factor affecting the international health and benefits space for you and your company?
The market is definitely expanding at a significant rate, with more and more seniors leaving their home countries, students wanting to study abroad and of course high net worth (HNW) individuals seeking more friendly tax regimes.
We offer expat health insurance to individuals, families and small companies looking to move abroad and the myriad of products available to consumers which is becoming overwhelming for many people moving abroad.
It means the need for brokers is becoming even more important than ever.
This, coupled with very detailed visa requirements is leaving a lot of expats bewildered on the choice available to them.
That is where ExpatInsure technology and an AI approach is helping us determine the right cover for every customer, no matter where they go in the world.
Where do you see the future of IPMI, especially in the major regions that you work in?
Well, I think the days of loaded corporate expat packages are reducing fast, and our customers are looking for cost effective solutions, that match their domestic policies and on a budget.
That is not to say they don’t want to pay, but they are becoming more and more discerning and asking really detailed questions regarding coverage and claims.
Our platform allows customers to be very specific about their needs, and I think customers are going to be increasingly demanding of what brokers can offer them in the future.
Gone are the days where a broker just shows three prices and a customer chooses one – we are being asked about visa compatibility, local plans and of course pre-existing conditions.
Insurers are also going to have to be more careful how they build their products too, in the Middle East for example, policies there cannot exclude pre-ex conditions and so products are becoming regionally bespoke as well.
Brokers are going to have to get more sophisticated to really meet their customers’ needs.
Who has been your most important mentor throughout your career?
Well, I have had a couple and thankfully, they are still with me .
I have been around long enough to know what my strengths and weaknesses are and I try to surround myself with people that compliment that skillset.
What advice would you give people thinking about working in the international health and benefits sector?
This is niche market and its small.
Network like mad, really understand your customer and above all, understand the people that support expats – this is a much wider circle of people and companies.
The expat eco system is becoming far more sophisticated and ExpatInsure is working with a lot of partners to ensure we are integral to the journey Expats take when moving abroad.
What has been your greatest success at work?
This is my third (and hopefully) final start-up and I am so grateful for being in the position to have time with my youngest son and to do something exciting like setting up another new business.
The time it has given me to stay at home and not travel incessantly has been amazing. So, actually, the work-life balance has been my greatest success!
What are your top three priorities for the next year?
Fundraising – we have successfully done a couple of seed round fund raising, but now we are pursuing Series A funding to really grow the business.
Building out a market leading customer proposition, that uses AI, marketing technology and is integral to working with insurers
To work on building a better eco system for expats – and being part of the expat journey, before, during and after an expat has moved. This is going to be the key to our success, its not just about healthcare insurance, it is all the other insurance protection that expats need that will be important in the future.
What is one personal skill that most people do not know about?
I am incredibly detailed, but try not to get sucked in to on a day to day basis – I can find myself going down rabbit holes for hours – its why I make sure I surround myself with specialists who can help me avoid those days
What mantra do you live by?
Fail fast.
I am all about building things out fast, minimum viable products.
Corporate life doesn’t lend itself to this very easily, but what we are doing at ExpatInsure, is a perfect example of how a company with very strong AI, technology and insurance knowledge can build a very powerful Insurtech from scratch in 12 months flat.
If you could work in any location in the world, where would it be?
Ah, that would be telling, I don’t want to upset our customers by telling them where the best place to live is – it would have to be hot, have lots of sand and be close to the water, that Is all I am saying.
What song would you regard as your theme tune?
Highway To Hell – it’s the theme tune from when I completed the Marathon Des Sables a couple of years ago.
Every time I hear it – it just makes me so motivated to succeed.