Leaders in Latin America international private medical insurance (IPMI) told the World of America Convention they are highly upbeat about market growth expectations with a “bright future”.
They noted this was potentially one of the most exciting times for the market with the population increasingly aspirational and looking towards the product for many reasons.
Speaking at the annual World of America Convention in Las Vegas, Redbridge vice president for business development Richard Irures highlighted greater awareness of international health care options.
“In my opinion, the IPMI business is going to grow in Latin America,” he said.
“In the past, there were few people in Latin American countries who knew that, for example, a robot called Da Vinci existed that could perform surgery, or that immunotherapy existed in Israel.
“Nowadays, due to technology, there are more people who know that the solution to their health problems isn’t in their own countries, so, there are many more people who will aspire to have an IPMI policy.”
Irures (pictured far right) acknowledged that higher premiums than local insurance could rule people out, but he believed there was still great scope to be positive.
“From an aspirational point of view, the market will grow to the extent that companies innovate and have products to attack that market niche. The business is going to grow much more,” he added.
This positive growth mindset was echoed by World of America Global Partners president Maikel Garcia who highlighted how much the market had expanded.
“Today’s market is more than $1.5bn in premiums in Latin America, and it has been growing consistently. Latin America is one of the most important growth markets,” he said.
“I believe that exposure to technology and information will help people understand the added value – we’re already seeing it.”
‘Most exciting time’
There was a general recognition that the IPMI market globally is well placed for more interest from consumers and corporates, but Latin America appears a particularly positive region.
Best Doctors chief executive officer Sheldon Kenton (pictured far left) noted he was very optimistic about the IPMI market globally, but particularly in Latin America.
“The industry has sort of reinvented itself three or four times at least over the 30 years that I’ve been involved in it,” he said.
“This is probably the most exciting time I can remember, because I can’t see any of the trends that are driving the market forward [ending].
“Whether it’s the building of world-class medical facilities across the region now, the onset of AI and the benefits that gives advisers to these consumers, but also for the consumer of these products.
“While it has always been a niche, I kind of think now it’s almost moving into the mainstream where it’s a viable alternative to whatever is available nationally or supra-nationally.
“So I think we keep going and the future’s pretty bright, I’m very optimistic about it and it’s an increasingly vibrant market,” he added.
‘Help clients become better consumers’
This was upbeat sentiment was echoed by Vumi Group president and CEO David Rendall (pictured second from right) who highlighted there were a range of factors for why people would continue buying IPMI.
This included traditional factors but also for newer reasons such as domestic health systems feeling the strain of increased demand.
“Portability is always going to be important, and access to care is always going to be important,” he said.
“But you’re starting to see systems that have been very strong for years, like in Canada or parts of Europe, that are starting to get taxed – as populations age and you don’t have the young people paying in, these systems are taxed and care is going to continually start getting rationed.
“So what’s the alternative? IPMI. So I think there’s a bright future and for us to help that cost curve, we have to help our clients become consumers.
“Right now, our clients buy a product, they want to use it so they can get something out of it and at the same time, if they understand if they’re a better consumer then it’s going to help the product be more affordable for the long term,” he concluded.