Joe Cronin, president of International Citizens Insurance speaks to Health & Protection about how he started his own insurance company with clients in more than 200 countries across the globe, the influence his father had on his life, why he is a good cook, what he loves about Boston and his favourite song, that allows him to be a Hero if just for one day.
How long have you been in the international health/benefits advice industry and why did you start working in it?
I have been working in the industry for more than 20 years.
At my previous company, Envisage International, we worked with a large number of international students. Many were looking for an affordable insurance plan before coming to study in the US. We also worked with US students going abroad.
Later in my career, at the start of 2014, I founded International Citizens Group. to provide global benefits to international citizens, world travellers, and global nomads via our subsidiary, International Citizens Insurance.
I entered the business for several different reasons. Primarily, I have lived and travelled abroad throughout my life. I love working with and assisting others who share my passion for traveling the world.
From a business perspective, it is an attractive industry to be in. Demographic trends show that more people are moving or traveling abroad every year. The cost of healthcare and the risks of not having a quality insurance plan continue to rise.
Finally, and most importantly, I enjoyed helping clients find the best coverage and providing resources to help people make more informed decisions.
How long have you been with the group and which markets (geographically, industry, people) does your company do business in?
I founded the group in 2014 by purchasing two existing websites, InternationalInsurance.com and InternationalCitizens.com.
We are a global brokerage, so our clients are located in more than 200 countries around the globe.
Approximately 50% of our clients are US citizens moving or traveling abroad. The remainder are from almost every other country and may be living in or traveling abroad to any one of more than 200 countries.
As president, I oversee all aspects of the business, focusing on marketing, partnerships, and operations. I love finding ways to reach new audiences or create partnerships with industry leaders.
What is the biggest factor affecting the international health and benefits space for you and your firm?
The biggest factors in our business are increased global mobility, international travel, and remote work.
New opportunities are being created as the world becomes smaller and employers become more flexible in their hiring and employment practices.
We are seeing more companies allowing their workers to work remotely in foreign countries and hiring international employees.
Another key factor contributing to growth is the rising costs of healthcare. We have seen that in the US over the last 20 plus years, and this trend is accelerating globally.
Where do you see the future of IPMI?
I am very excited about the future of IPMI. As I mentioned before, there are many indications that the industry will continue to grow strongly. At the same time, there are many challenges.
Technology will become increasingly important for improving the customer experience, managing our business, and making insurers more efficient.
However, technology is difficult to leverage. Many IPMI providers still do not have an online application.
The use of telemedicine, which rose dramatically during Covid, has dropped off over the last year.
So, until insurers can better leverage technology, there will be more potential than realised gains.
Additionally, localising health insurance in certain regions may limit access to global health insurance.
In the US, the state of New York has restrictive guidelines that limit insurers’ ability to offer global plans to foreigners with residency in that state. Dubai requires residents applying for local visas to purchase one of a limited number of approved plans.
Although these restrictions may be good for the local insurers operating in those regions, they do limit access to a wider range of plans that may be a better fit for individuals.
Who has been your most important mentor throughout your career?
This is a difficult question, as I have benefited from working with so many great mentors.
My father was a strong influence on me. He was an educator, so he imbedded the value of education in me from the day I was born. He also spent a significant amount of time mentoring others, which I also try to do. His influence is why I prioritise educating our clients as part of working with them. It is good for our clients and, if done well, is also good for business.
I have also learned so much from our COO, Gregg Manning. He is a very hard worker, committed to his team, the company, our partners, and our clients. He is open, honest, and direct. As a result, people put a lot of trust in him – it is well-earned.
What advice would you give people thinking about working in the international health and benefits sector?
Send me a copy of your resume…
Honestly, our best employees are similar to our clients. They love to travel internationally, embrace new challenges, and be adventurous.
This industry is amazing. There are so many interesting people to work with and for. I love talking to people, clients, and partners from around the world. It gives me a global experience even when sitting at my desk in my office.
What has been your greatest success at work?
Our team.
Hiring great people is the key to success. Everyone is limited in what they can do on their own. Building a strong, diverse, and committed team is the best way to become more successful as an individual performer and when running a company.
Otherwise, I love building an online resource to help guide clients through the difficult and often confusing process of purchasing a global health plan.
This is an ongoing challenge, but we continue to get better every year.
What are your top three priorities for the next year?
We need to continue to build out our global team. Those are the people who make everything happen. I love the team we have and hope to get more people just like them.
We are looking to expand our group business, serving corporate clients around the globe. We have had some good success in the last year and it will be a bigger focus for us going forward.
Finally, we continue to prioritise our customer experience.
Health insurance is an important service, and we want our clients to feel they are well taken care of, from the time they start doing their research through the purchase of their plan to their policy expiration.
What is one personal skill that most people do not know about?
I love to cook.
When I was young, I was a picky eater and never got food cooked the way I liked it. I learned that if I want it a certain way, I need to make it myself.
Now I enjoy cooking for others just as much. Making a good meal that everyone enjoys is a joy.
What mantra do you live by?
“Every day is a new opportunity”
If you could work in any location in the world, what would it be?
Honestly, I am happy in Boston. The summers are great. The winters get cold, but that is when I travel more – for business and pleasure.
We have access to the ocean, mountains, and a historic city.
My wife and I have discussed moving to another city or country, but for now, we prefer to have one home base and explore through travel.
What song would you regard as your theme tune?
Heroes – David Bowie