International private medical insurance (IPMI) providers could learn from the US and implement excesses linked to wellbeing in order to tackle premium inflation.
This is according to Tristan Cleaver, premier consultant – global benefits at Aon, (pictured left with John Kaye and Cloe Pullan) who was participating in a panel session when responding to an audience question on what he would cut out of current IPMI policies.
“If I had a blank sheet of paper, the first thing I would do is to I steal something from Vitality in the UK and put an excess linked to wellbeing,” Cleaver explained.
“Or I would put an excess on using a doctor, but no excess a virtual one, so that would be the first thing I’d do.”
But Cleaver added he would also look at more mandatory options of preventing conditions arising.
“How that works, I’m not really sure,” he continued. I’d have to have to a good think about it, but I would definitely spend a lot more time in designing something like that.
“And if I’m honest, I’m really surprised an insurer hasn’t come up with it yet.
“I predicted many years ago that by 2025 we’d have something like this. We’d have different levels of excess for different benefits or pushing more people down a virtual route or down the electronic route.
“And it isn’t there, so I got that one wrong.”
But fellow panellist, John Kaye, vice president market development EMEA at UnitedHealthcare Global, pointed out such plan designs do exist in the US.
“So there are certain populations linked to some programmes where some employees are restricted on to digital journeys having different excesses depending on how you access care,” Kaye continued.
“And they are to a degree successful for those populations.
“I think we’re balancing here the need to still be seen to have that high level of benefits and high level of support families at this high level and derive a rich benefit.
“That expectation is still there.
“And so restricting benefits is always going to be part of our tool box, but there is a limit to what we can take out while still maintaining the viability of that product.”