2011 to see IPMI growth and consolidation - ALC Health

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The international private medical insurance (IPMI) market will see growth in 2011 but with consolidation and increasing demand for add on products and benefits, ALC Health has predicted.

In a look at the year ahead, the IPMI provider added providers will be expected to provide high customer service as expatriates and corporate clients shop around in a bid to get more for less. ALC Health claimed an upsurge in clients looking to enhance benefits whilst negotiating harder on the premiums they pay.

Andrew Apps Director at ALC Health said: "The pressure on the small and medium sized providers means we may see further consolidation within the sector as the larger insurers jockey for increased market share.

"In addition, consumers are asking for a more simplified and easier to understand benefits especially when it comes to chronic illness cover which has traditionally been a grey area and where providers who are clear on the benefits they offer will lead the way."

Pricing is expected to continue as an issue across IPMI products with a move towards more targeted geographical pricing, as the cost of medical treatment increases in certain countries including the Gulf, Hong Kong, and China.

Apps said: "The cost of medical treatment is rising around the world particularly in the Far East and Gulf as the quality of service and facilities develop and improves.

"This means that where an expatriate lives becomes an even bigger factor when it comes to how much they pay. Add to this the difficulties with a more regulatory environment as more governments around the world move towards demand for 'admitted products."

ALC Health expects that technology will play a bigger part, as expatriates use the web to manage medical insurance, in particular making claims on line, as well as accessing providers on line services.

 

 

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