Health & Protection continued our series of roundtables and forums during 2024 across the globe, in Dubai and Hong Kong, and in London including our first at the House of Lords.
The roundtables covered a range of issues, including how the development of international private medical insurance (IPMI) in the Middle East and the Asia Pacific region, the role of technology in insurance, and deep dives into the individual protection and individual PMI.
Middle East IPMI
In April Health & Protection headed out to Dubai for our third visit to the region for our Middle East Forum in association with April International.
Advisers discussed future funding arrangements for international healthcare, the developing regulatory environments and what insurers in the region should be looking at to ensure their and the market’s viability.
All this was underpinned by the desire for advisers to meet the ever-growing demands of their clients.
Soaring medical inflation and steeply rising premiums which potentially threaten the sustainability of the sector also continued to be a major driving force.
Hong Kong IPMI
Later in April Health & Protection continued our travels holding our first IPMI roundtable in Hong Kong in association with Allianz.
Attendees discussed how the historic location was getting back on the upswing, but also looking at the wider Asia Pacific region, and more specifically the Greater Bay Area.
The roundtable brought together representatives from across the industry and the globe to consider how the area was rebounding after significant upheaval during recent years.
As the panel discussed, growth is coming from different directions, sources and demographics but there is hope this will lead to further positive momentum.
However, there are challenges in the area which can be tackled with coordinated activity from across the key players and partners.
IPMI House of Lords
Health & Protection held its first House of Lords roundtable in July, in association with April International and UnitedHealthcare Global to discuss the international private medical insurance (IPMI) market.
Advisers noted the demands of globally mobile populations had shifted significantly over the last few years – among individuals and employers alike.
Markets, operations and client needs have become increasingly complex as the historic tradition of the medium-to-long-term expatriate placement, while not extinct, has become far rarer.
And the growing complexity has brought a rising need for expert support, with the panel arguing that quality advice had never been so necessary in the sector.
Insurance technology
In October, the insurance technology roundtable, in association with Comarch looked at building a digital first sector fit for the future.
We live in an increasingly digital-first environment where Generation Z – those aged 12 to 27 – are becoming a critical and evermore influential part of the consumer base.
Insurer representatives looked at how industry technology has already progressed vastly in the last decade and how it is likely to evolve further in many new and unexpected ways.
But despite this promise of technological evolution, the panel also noted that the coming generation still value traditional elements of the sector, just maybe more on their terms.
Individual protection House of Lords
Also in October advisers met for a roundtable at the House of Lords, sponsored by Royal London, to discuss the individual protection market (pictured).
As Health & Protection’s latest Individual and Business Protection Insurance Report found, the market is at one of its most dynamic and volatile states in recent memory.
The group looked into how best to arrest the market slide, ignite momentum from the Consumer Duty and bring new people into the market was an all-consuming discussion which raised many enthusiastic insights.
Ultimately though throughout the session, as with the discussion about securing beneficiary payments, the panel found trust is a significant part of the solution to so much of the sector’s operation.
Individual PMI House of Lords
On Halloween advisers met at the House of Lords to discuss the individual PMI market and explore the horrors and successes around managing growth in an expanding market
Key topics discussed included the role of guided care options, the importance of excellent service, and the potential of data-driven insights.
The panel also explored the need for greater collaboration between insurers and intermediaries to deliver superior client outcomes.
The panel was clear that by fostering strong partnerships and working together, the future for health insurance will mean clients new and old will be receiving the best possible care and support.
Overall, the discussion emphasised the need for insurers to prioritise consistent, high-quality service, particularly during the claims process.
