How Important are UK and European iPMI Markets?

In this latest iPMI Global In Focus article, iPMI Global takes a look at the iPMI markets in the UK and EU, and asks the question, how important are they? Taken from the recent round table, UK & European International Private Medical Insurance Strategies.

Joe Thomas, APRIL International: The European market is one of APRIL’s 3 main markets, along with Asia and, more recently, the Middle East. We have offices in France, UK, Switzerland and Germany, the main markets in the area, and rely on numerous broker partners throughout Europe.

Andy Seale, Cigna Healthcare: European and UK markets are exceptionally important to us here at Cigna Healthcare.  Both markets have been at the core of our business for many years now which has allowed us to build a relationship with our valued partners across multiple territories through trust and companionship.

Jens Hohnwald, Foyer Global Health: The European IPMI markets are Foyer Global Health’s home markets. Our dedicated sales team for the region, based in Luxembourg, covers those markets in 5 local languages. Foyer Group’s recent acquisition of Globality Health from the Munich Re group underlines our focus and commitment to key European markets. The UK is a market that we currently refocus on. It is certainly a complex and highly competitive one. But we are ambitious, and we see its importance as a marketplace for global IPMI and employee benefits tenders. Hence, we are developing relationships with brokers and employee benefits consultants.

Sheldon Kenton, Global Benefits Group: These markets and especially the UK, are critical for our future growth across both the group and consumer segments. The UK is a key hub for group IPMI contracting, with members of these groups spread globally but with the purchase decisions being made in the UK. We moved into new offices in 2021 in London, so we could support our UK based partners with their international health insurance clients.

Today, GBG has a considerable presence in both North and Latin America.  Servicing both the High Net Worth (HNW) consumer segment and the group segment, in particular for teachers working in international schools and pupils travelling to the US to attend private schools via brands like TieCare and Clifford Allen Associates. We see the EU, UK region as a fundamental forward step in the global growth of GBG and are excited about our growing presence.

Janette Hiscock, UnitedHealthcare Global: Europe and the UK play a vital role in our International Private Medical Insurance business. These markets offer a wide customer base, favourable economic conditions, and significant revenue potential. Establishing a strong foothold in these regions not only enables us to serve a diverse clientele but also enhances our credibility and reputation on a global scale. By offering a wide range of coverage options, flexible policies, and a vast suite of wellness capabilities, we are able to attract and retain customers in these markets.

Europe offers an extensive customer base, comprising countries with diverse healthcare systems and requirements. By meeting the needs of this market, we can access a large pool of potential clients seeking comprehensive medical coverage beyond their national borders. The European market’s emphasis on quality healthcare and its citizens’ inclination towards international travel create a favourable environment for International Private Medical Insurance providers.

The UK is of significant importance due to its influential position in global trade and finance. Many of the large broker houses still have their Centres of Excellence (CoEs) based in the UK and therefore much of the broking activity and client advisory work is conducted there.

By establishing a strong presence in both Europe and the UK, we enhance our credibility and reputation on a global scale. These regions uphold stringent regulatory standards and consumer protection measures, and act as a benchmark for global healthcare, notably driven and supported by the specialist IPMI intermediaries in the UK. 

Kent Hendricks, World Travel Protection: European and UK iPMI markets are crucial to the strategy of World Travel Protection’s business. We know that around 40% of the world market of assistance/iPMI is in Europe and when you add North America too, you’re looking at approximately 80% of the global market.

Download UK & European International Private Medical Insurance Strategies 2023 In PDF Format