International PMI challenges for 2013

Insurers and employee benefit consultants will struggle to offer affordable but comprehensive international private medical insurance (IPMI) policies in 2013. This is because of a broadening of mainstream’ destinations, a rise in demand for additional benefits and an increase in the complexity of local markets, according to Jelf Employee Benefits. New destinations for providers will be countries such as Azerbaijan, Kazakhstan, the BRIC countries (Brazil, Russia, India & China), Australia, South America and African regions. Jelf says whilst the more developed of these nations will broadly mimic policies in existing developed countries, others will pose a real challenge for the insurer and require sophisticated solutions. It questions whether insurers will want to keep up with the demands of local regulators and requirements as they unearth the intricacies of each market’ and predicts consolidation in the market, as some insurers decide to limit their offering to particular geographies whilst only a few genuine world-wide specialists will materialise’ it says. Rising costs both in terms of sending staff abroad and medical costs, coupled with the demand for add-ons such as employee assistance programmes, occupational health services and pre-health screening to IPMI as small to medium sized employers want to offer their overseas staff a complete package, will also change the IPMI product offering. Sarah Dennis, international healthcare director at Jelf Employee Benefits said: Unlike other areas of employee benefits which tend to become more streamlined and efficient with time, international healthcare becomes ever more intricate.

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