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Identifying Key Segments Driving Demand for International Private Medical Insurance in Europe and the UK

In this iPMI Global Insights article we speak with leading iPMI insurers and providers about the main segments driving demand for international private medical insurance in the UK and Europe.

For further insights, take a look at the new 2024 report, International Health Insurance 2024: The Future of International Private Medical Insurance (iPMI).

Isabelle Moins, APRIL International: We have 2 complementary approaches:

  1. We have one of the largest distribution networks in the world. Thanks to our partners, we can detect trends as close to the field as possible.
  2. We rely on our own data, with actuarial teams dedicated to data analysts.

The cross-referencing of these 2 types of sources enables us to guide our development and seize new opportunities.

Andy Seale, Cigna Healthcare: We resource various global reports on trends and demographics around target sectors, customers and businesses. However, we also rely on our own internal intellect to help give us strong indication as to the key segments to focus on as they evolve and develop. We regularly review our inbound and outbound travel corridors across Europe to determine which locations are growing in popularity.

Jens Hohnwald, Foyer Global Health: Our resources for that are mostly our data and our distribution networks. We also invest in research and rely on customer feedback. The European IPMI market is evolving, and the number of customer segments has been increasing post-COVID with the overall increase in mobility, flexible work set-ups and the growing demand for quality healthcare beyond expatriates. We aim for simplicity in our product range and at the same time address specific needs of the various customer segments as well as react to changes in demand.

Janette Hiscock, UnitedHealthcare Global: The UK broker market remains a key hub for Europe in terms of placement and consulting so a strong team presence in the UK is crucial to establishing deep business relationships. These relationships enable our sales and product teams to understand the potential market opportunities and determine our strategies for success across the various industry segments, geographies and clients. From here we develop targeted solutions for key verticals. Some of the largest corporate segments include finance, energy, technology, construction, manufacturing, consulting, and pharmaceutical, just to name a few.

Post-Brexit, a number of European countries have emerged as strong IPMI hubs, most notably the Netherlands, and Spain, which act as regional CoEs. This greater regionalised insight into client demands and needs enables insurers to build more tailored solutions for clients and create propositions that better align with the specific requirements of the local market.

Many MNCs are located in the UK and Europe, and it is these companies that frequently send their employees to work in locations across the globe, necessitating robust IPMI coverage to ensure their health, safety, and wellbeing. In addition, IPMI coverage becomes a crucial benefit for attracting and retaining talent.

Understanding the specific needs of these segments and catering to their international healthcare requirements is essential for IPMI providers looking to effectively address the demand in these markets.

Kent Hendricks, World Travel Protection: The driver in Europe is B2B sales as corporates are wanting medical insurance for their employees, as a key employment benefit.   This is linked to organisations looking after the wellbeing of their employees and using this as a strategy to attract and retain talent.

The largest markets are the UK, Germany and Scandinavia.

Related Reading: UK & European International Private Medical Insurance Strategies 2023

Editors Note: The above answers are published alphabetically, by company name.

Cigna
UnitedHealthcare Global

Welcome To iPMI Global

iPMI Global is the leading business intelligence provider for international private medical, health, travel and expatriate insurance markets worldwide. Due to the nomadic nature of the international private medical insurance (IPMI) market, iPMI Global is an internet based news service for worldwide insurance and medical assistance professionals who need to understand the impacts of insurance and healthcare policy, regulatory, and legislative developments.

Senior level business executives, in over 120 countries, rely on iPMI Global to stay 1 step ahead of the risk and on the inside track of international PMI.

Covering business travellers, high net worth individuals, expatriate and leisure travel markets, iPMI Globalis the only international news source covering the most exciting sector of international health insurance: international private medical insurance.

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