International PMI
The international private medical insurance (IPMI) market offers a wealth of untapped potential for advisers looking to grow their business, according to Allianz Worldwide Care's chief executive, Ron Buchan.
Speaking at the AMII conference, Buchan outlined the growth potential of the international market: "In the international private medical insurance market there is no need to persuade people to take out the product. There is a requirement to have cover and the main reason is because unlike the UK, there is no free competitor."
Buchan added that 15.6% of the UK population are expatriates, compared with the EU average of 4-5%. This, coupled with the fact that 15% of the individual market is sold through intermediaries compared to 65% in the corporate sector, meant advisers would do well to extend their business in this field.
"The market thirsts for knowledge and is not hugely well served, so the opportunity for sales is clearly evident," he said.
