Current and Future Trends Shaping the International Private Medical Insurance Market

In this iPMI Global insights article we take a look at future and current trends that will shape the iPMI market.

Taken from the recent iPMI Global Round Table report, Expatriate Healthcare Insurance Strategies, iPMI Global met with leaders from the iPMI market, and asked about digital transformation, pharma developments, artificial intelligence, regional regulatory and compliance evolution, and more.

Lourdes F. Peters, World of America: Several global trends will influence the development of the international private health insurance market in the future. These include an aging population, increasing demand for quality healthcare, technological advancement in the healthcare sector, growing awareness of the importance of health and well-being, and changing patterns of healthcare for diseases and chronic illnesses. Additionally, global events, such as pandemics and public health crises, can significantly impact the perception and need for private health insurance globally. The international private health insurance market will continue to evolve in response to various demographic, social, technological, and public health factors. All actors in the sector will play a strategic role in this evolution, which will continue to benefit many more people and strengthen the strength of our industry.

Kevin Melton, IMG (International Medical Group): Some trends we’re seeing are the increasing volume of country-specific insurance regulatory requirements, medical inflation and the high costs of specific drugs, the rise in popularity of living a digital nomadic lifestyle, a heightened focus on mental wellbeing, and the increased demand for convenience through the use of technology and digital tools (like telehealth, mobile apps, virtual counselling, language translators, etc.).

Iara Vilches, PassportCard: We foresee a big contribution of AI which we hope would enable members to better understand the coverage they choose and to be mindful to the fine print that is found in many providers’ policies. We also believe this would benefit the medical ecosystem in general including case management abilities.

Ross Walker, Cigna Healthcare: Pharmacological innovation springs to mind. There are some amazing developments like the GLP-1 drugs which are helping people manage obesity and deal with their type 2 diabetes. It will be incumbent on insurers to address the issue of who pays for this, and we are still early in that journey.

Separately, constant rising customer expectations will force insures to continue to evolve their services and become more digitised. Customers now expect to be able to complete everything at the touch of a button, from telehealth consultations to prescription orders and completing transactions online.

Finally, regulators are becoming increasingly more aware of international health insurers. It’s therefore key that we ensure that our products and services meet the expectations of local regulators.

Jeroen Van de Velde, Foyer Global Health: Looking ahead, I see different key trends that will shape the IPMI market:

Digital Transformation: The acceleration of digital health services, from telemedicine to AI-driven health assessments, will redefine how expatriates’ access and manage their healthcare.

Personalization: The demand for personalized healthcare experiences, tailored to individual health profiles and preferences, will drive innovation in policy design and service delivery.

Sustainability and Wellness: Growing awareness of environmental and wellness issues will see IPMI providers integrating sustainability and holistic well-being into their offerings, from eco-friendly operations to wellness-centric policies.

Global Mobility: As global mobility increases, the need for IPMI products that offer seamless healthcare access across borders will become even more pronounced, emphasizing the importance of global networks and partnerships.

Regulatory Evolution: Changes in healthcare regulations across countries will necessitate flexible IPMI solutions that can adapt to varying legal and healthcare landscapes.

Many companies will struggle to stay ahead of these trends. In my role as Chief Transformation Officer, I vigilantly watch with my team over ensuring that we lead our company into the future, providing expatriates and global citizens with the healthcare security they need to live and work anywhere in the world with confidence.

Dr Christopher Percival, iPMI Expert: My view is the future chaos of expatriates getting stuck in danger zones of mass human migration in the event of flood or shortage which rapidly escalates into a disaster.

Related Reading: Expatriate Healthcare Insurance Strategies Round Table

Editor’s Note: The above answers are published in a random order.