A South Africa-based insurer called OracleMed is finalising preparations for a launch into the international private medical insurance (IPMI) market, writes Peter Madigan.
OracleMed has been exploring the possibility of an entry into the UK IPMI sector for the past nine months and is now in the final stages of negotiations with strategic partners before a formal launch.
OracleMed's proposition will differ from the typical global IPMI model by initially focusing solely on the African expatriate market.
Although the company's target market is multinational companies with a presence in Africa, small businesses and individuals will also be able to secure cover.
"OracleMed already has an IPMI operation in South Africa, but they have chosen to base their European business in the UK because British companies are prevalent all over Africa," said Grant Webber of Conduit Management International, the market entry consultancy working on behalf of OracleMed.
"Up to now, no one has focused a product on Africa and the continent remains a tiny section of most providers' business. With the right partners in place, we can expect to have brokers selling our product within six to 12 months," he added.
Webber also refused to rule out the possibility of a future entry into the UK domestic PMI market: "Other companies have started out with only an international presence in a country and then drilled down into the domestic arena. That could be a possibility but we are certainly not looking at it now."
