The international private medical insurance (IPMI) market has recorded significant growth in recent years. Several trends have led to a US$16 billion industry, headed by a number of established insurance players and an increasing number of new entrants looking to grab market share in this highly specialised insurance market.
As most players in this sector have come to realise, winning in this highly competitive segment requires very specific skills sets and capabilities in order to ensure competitive offerings, pricing, medical servicing, and supporting infrastructure. The COVID-19 pandemic adds additional levels of uncertainty to IPMI market participants given the high dependency of the sector on international mobility and travel as well as related effects on health claims costs and expenditures.
In this paper, Milliman’s Joanne Buckle and Peter Gregor examine the strategies and business models adopted by leading players in IPMI as well as the key success factors and capabilities required to win and to sustain profitable growth in a post-COVID-19 world.