Sustainability, growth and the all-encompassing expansion of artificial intelligence (AI) and new technologies were the key themes to come out of the World of America Convention 2026.
The convention brought together one of the largest gatherings of agency leaders from across Latin America to explore these issues affecting the international health insurance market in the region.
Audiences heard from leaders in the international private medical insurance (IPMI) market that they are highly upbeat about market growth expectations with it having a “bright future”.
Consumers and corporations around the region appear to be far more aware of the importance of taking care of their health and particularly the benefits of IPMI, which is moving into the mainstream market.
This has been highlighted particularly in Costa Rica where multinational companies are increasingly heading and using IPMI as a vital recruitment and retention tool.
Rising premiums and treatment costs
Rising premiums, increasing treatment costs and sustainability of coverage are concerns around the world for IPMI but appear particularly acute for Latin America.
Insurer leaders explained they were well aware that tackling surging costs and improving the efficiency of market operations were critical for the sector.
There was hope that bringing together representatives from across the market would help to improve collaboration and break down some of the cost increases and issues such as overbilling.
Furthermore there was a notable expectation that AI would be able to deliver vital efficiencies for all.
Whether that be in back office and administration or greater personalisation of underwriting and medication delivery, AI was seen as a potential difference maker.
And AI was seen as being a vital tool in delivering many better experiences for patients including helping healthcare teams to provider better care, understand medical records and to monitor outcomes from hospitals and clinics.
Personal connections
The co-benefits of protecting wealth and health were also at the forefront of thoughts for advisers and with a generation more open to investing and preparing financially for the future this will continue to be important.
However, while AI may be able to help advisers, providers and investment houses with their regulatory burdens, it can have a detrimental effect for members looking to invest their cash.
Ultimately no matter the expanding power of AI, Latin America thrives on personal connections and face-to-face service – which advisers were told means they should not be threatened by the rise of AI.
Indeed, some went as far as to ‘guarantee’ that AI will not be replacing advisers anytime soon.
Combining that with a sustainable business model based on organic growth and profitability should ensure a sector able to benefit customers for a long time.
Health & Protection is the official media partner for the World of America 2026 Convention and all our coverage of the event can be found here.