It wouldn’t be unfair to say that historically some of the additional services most insurers have embedded into their proposition have been underutilised. However, in this post-covid digital era the market is changing – as are customer expectations and interactions – with a real need for innovation to meet the demands of a virtual world.
Employee Assistance Programmes, Second Medical Opinion facilities, Telehealth and innovative stress measurement and management tools are available to satisfy everything from wellness and prevention to acute care to complex healthcare needs.
Traditional, albeit attritional claims, have also fallen across the board during the pandemic, with ongoing non-critical treatment programmes, such as physiotherapy programmes, dental and vision treatment being curtailed or simply abandoned as a result of a lack of accessibility and availability. This fall is however likely to just be a blip rather than a permanent change in claims patterns and expectations.
Innovation sits at the heart of the HDI Global Specialty approach as a capacity provider in this market. We are highly experienced at supporting coverholders, helping them develop their propositions and to expand across their markets, as part of long-term trusted relationships.
Despite only launching into this market this year we have been been inundated with enquires requiring capacity and the wealth of our expertise from introducers and brokers, not only in Europe, but across the world. This interest has been driven not only be increased demand for PMI and iPMI products but also by changes in the insurance market itself.
The traditional private health insurance market is also undergoing upheaval, with a number of capacity providers having pulled out of the sector or been unable to continue to provide continuity of capacity due to the regulatory demands around Brexit. This search for new capacity has also been accompanied by a flight to quality following increasing concerns about unrated capacity and the potential for cover to evaporate overnight.
As a fully Brexit-compliant and A plus rated capacity provider, with an excellent market reputation we are excited about the way forward as we look to support our partners in their quest to grow their PMI and iPMI business.