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					                                                                                                                                Survey: International PMI




          The great
                              unknown


          Last year’s high hopes that international PMI was set to boom                                            underwriting manager at Expatriate Health-
                                                                                                                   care, “is either a plateau or reduction in the
          have dissipated into uncertainty. Peter Carvill explores how the
                                                                                                                   group membership. This is expected to be
          financial downturn has affected this previously confident market.                                          attributable to the global economic downturn
                                                                                                                   with companies either experiencing a



          L
                   ast year, the talk was that the interna-   “We have had a changeable year. It’s been one        tightening of their budgets or bracing
                   tional private medical insurance (PMI)     of transition. We haven’t seen a decrease in         themselves for the impact of continuing
                   was looking forward to a period of mass    sales but we have seen a decrease in the leads       economic deterioration.”
          expansion: more and more people were                we generate. We’ve had an increase in sales              As to how sales have fared, Boxall says it
          leaving the UK to live abroad, the simple flow       but fewer leads.”                                    was a tough call considering that the credit
          of commerce was making it easy for busi-                Rosanna Turner, marketing manager at             crunch had impacted so suddenly and with
          nesses to spend on their workers and                William Russell, also reports sales have gone        such great force on the economy: “It’s difficult
          globalisation meant that PMI services taken         up but cautions that the full effect of the credit   to give a definite answer, the reason being that
          up by employers were often bought outside the       crunch or recession is yet to be felt: “We have      the financial troubles in the world haven’t hit
          country they were used in.                          noticed an increase. What will happen after          home yet so the impact – the expected
              The short story of what has happened in         this month, no one knows because people are          downturn – hasn’t filtered through. Before we
          the last 12 months is that the financial system      worried about spending money.”                       moved into credit crunch territory, there was
          has begun to collapse under the weight of bad           Colin Boxall, non-executive member of the        an upbeat feeling that expansion was moving
          debt and mismanagement. The situation has           Association of Medical Insurance Intermedi-          ahead and companies were advancing into
          become so precarious that there is talk that        aries and a director of the ADVO Group,              new markets so the international PMI sector
          more countries, such as South Korea and             simply says: “The short answer is we haven’t         was very buoyant. Whether that will change as
          Pakistan, could join Iceland in skirting with       seen any decrease or increase in sales – it’s        things start to bite will have to be seen.”
          bankruptcy.                                         been business as normal.”                                Tim Slee, global sales director at Bupa
              Where this leaves the international PMI                                                              International, is more upbeat about the
          market is uncertain, particularly when there is     COMPLEX FINDINGS                                     immediate future, almost discounting the
          no centralised record of how sales have             Asking about how the individual and group            effects of the recent turmoil in the markets:
          performed in the last year. Any impression to       sides of the market have fared is equally            “The way that the split has been panning out
          be gained must come from anecdotal evidence         complex. Turner reports that the broker side         over the last two years is consistent growth in
          from the interviewees. Basically, there is no       of business – which handles the majority of          all three sectors – small, large corporate and
          hard, qualitative evidence either way of an         group sales – has remained fairly steady in          individual. We’ve seen growth in all three and
          increase or decrease in the market.                 the last year. However, she added that               I anticipate that continuing.”
              “It’s difficult to say,” says Steve Nelson,      individual sales were more likely, in her                The usual suspects fi ltered onto the list of
          international sales adviser at Medibroker,          experience, to be purchased on the internet          countries where the product remained
Jupiter




          when asked about whether sales have                 rather than through a broker.                        popular with interviewees citing the Middle
          increased or decreased in the last 12 months,           “What we have seen,” says Lee Gerry,                                                   ■ cont. p.41


   covermagazine.co.uk                                                                                                                  November 2008             35
Survey: International PMI




  Disclaimer
                                                                                       International PMI tables
  Capita Financial Software makes every effort to ensure
                                                                                       Table 1: Contract details                                     36-37
  that data provided is of the highest integrity. Capita                               Table 2a: Budget international PMI - inpatient cover          38-39
  Financial Software cannot accept any responsibility for                                                                                                             Table key
                                                                                       Table 2b: Standard international PMI - inpatient cover        38-39
  any errors or omissions, nor can it warrant that any                                 Table 2c: Comprehensive international PMI - inpatient cover   38-39
  information supplied, or verified, by a third party is                                Table 3a: Budget international PMI - further cover            40-41
                                                                                                                                                                                          Yes
  wholly accurate or complete.                                                         Table 3b: Standard international PMI - further cover          40-41
                                                                                       Table 3c: Comprehensive international PMI - further cover     40-41
                                                                                                                                                                                          No



Table 1: Contract details
Company                          Website                           Contract                                     Plan type            Available to UK residents   Available to Channel   Available to Isle of Man   Av
                                                                                                                                                                 Islands residents      residents                  wo
A’ la carte healthcare           www.alchealth.com                 Prima Plan                                   Standard
                                                                   International HealthPlan                     Comprehensive
Allianz Worldwide Care           www.allianzworldwidecare.com      Classic Individual (IP) + Bronze (OP)        Budget
                                                                   Club Individual (IP) + Silver (OP)           Standard
                                                                   Premier Individual (IP) + Gold (OP)          Comprehensive

Bupa International               www.bupa-intl.com/                Bupa International Lifeline Plan             Budget
                                                                   – Essential
                                                                   Bupa International Lifeline Plan – Classic   Standard
                                                                   Bupa International Lifeline Plan – Gold      Comprehensive
Exeter Friendly Society          www.exeterfriendly.co.uk          Interplan Worldwide Option B                 Budget

                                                                   Interplan Worldwide Option A                 Standard
                                                                   Interplan Worldwide Platinum                 Comprehensive
Expatriate Healthcare            www.expatriatehealthcare.com      Budget – International – Primary             Budget
                                                                   Primario (Iberia)                            Budget
                                                                   Standard – International – Primary Plus      Standard
                                                                   Comprehensive – International – ‘Select’     Comprehensive
Goodhealth                       www.goodhealthworldwide.com       Major Medical Plan                           Budget
                                                                   Foundation Plan                              Standard
                                                                   Lifestyle                                    Comprehensive
                                                                   Lifestyle Plus Plan                          Comprehensive
IMG Europe                       www.imgeurope.co.uk               Global Medical Insurance – Silver            Budget
                                                                   Globalselect Head Start                      Budget
                                                                   Global Medical Insurance – Gold              Standard
                                                                   Globalselect Basic                           Standard
                                                                   Global Medical Insurance – Platinum          Comprehensive
                                                                   Globalselect Executive                       Comprehensive
                                                                   Globalselect Standard                        Comprehensive
InterGlobal Insurance Company    www.interglobalpmi.com            Ultracare Standard                           Budget
                                                                   Ultracare Select                             Standard
                                                                   Ultracare Comprehensive                      Comprehensive
                                                                   Ultracare Plus                               Comprehensive
International Health Insurance   www.ihi.com                       IHI International Health and Hospital Plan   Comprehensive
Danmark
                                                                   IHI Superior                                 Comprehensive
Norwich Union Healthcare         www.healthcarezone.co.uk          Global Care                                  Standard
                                                                   Global Care Plus                             Comprehensive
William Russell                  www.william-russell.com           Global Health Elite Plan – Bronze            Budget
                                                                   Global Health Elite Plan – Silver            Standard
                                                                   Global Health Elite Plan – Gold              Comprehensive
                                                                   Global Health Elite Plan – Platinum          Comprehensive
Source: Capita Financial Software www.synaptic.co.uk (all data correct as at 07/10/08) REF: SYN0003)


36         November 2008
                                                                                                                                                                       Survey: International PMI




                                                                                  We have had a changeable year. It’s been one of
                                                                                  transition. We haven’t seen a decrease in sales but
                                                                                  we have seen a decrease in the leads we generate
                                                                                  Steve Nelson




Available to UK residents temporarily   Available to expats currently living   Available to foreign nationals   Minimum age at entry NB   Maximum age at entry NB   Plan underwritten by
working abroad                          overseas
                                                                                                                none                      74                        Allianz Worldwide Care
                                                                                                                none                      74                        Allianz Worldwide Care
                                                                                                                18                        65                        Allianz Worldwide Care
                                                                                                                18                        65                        Allianz Worldwide Care
                                                                                                                18                        65                        Allianz Worldwide Care

                                                                                                                none                      none                      Bupa


                                                                                                                none                      none                      Bupa
                                                                                                                none                      none                      Bupa
                                                                                                                18                        79                        Exeter Friendly Society

                                                                                                                18                        79                        Exeter Friendly Society
                                                                                                                18                        79                        Exeter Friendly Society
                                                                                                                none                      60                        Inter Partner Assistance Direktion Fur Deutchland
                                                                                                                none                      80                        Axa Travel Insurance
                                                                                                                none                      60                        Inter Partner Assistance Direktion Fur Deutchland
                                                                                                                none                      60                        Inter Partner Assistance Direktion Fur Deutchland
                                                                                                                none                      65                        not supplied
                                                                                                                none                      65                        not supplied
                                                                                                                none                      64                        not supplied
                                                                                                                none                      65                        not supplied
                                                                                                                none                      74                        Sirius International Insurance Corp (publ)
                                                                                                                none                      74                        Sirius International Insurance Corp (publ)
                                                                                                                none                      74                        Sirius International Insurance Corp (publ)
                                                                                                                none                      74                        Sirius International Insurance Corp (publ)
                                                                                                                none                      74                        Sirius International Insurance Corp (publ)
                                                                                                                none                      74                        Sirius International Insurance Corp (publ)
                                                                                                                none                      74                        Sirius International Insurance Corp (publ)
                                                                                                                none                      74                        InterGlobal Insurance Company
                                                                                                                none                      74                        InterGlobal Insurance Company
                                                                                                                none                      74                        InterGlobal Insurance Company
                                                                                                                none                      74                        InterGlobal Insurance Company
                                                                                                                none                      79                        IHI Danmark
                                                                                                                none                      79                        IHI Danmark
                                                                                                                none                      none                      Norwich Union Healthcare
                                                                                                                none                      none                      Norwich Union Healthcare
                                                                                                                18                        64                        Hauteville Insurance Company
                                                                                                                18                        64                        Hauteville Insurance Company
                                                                                                                18                        64                        Hauteville Insurance Company
                                                                                                                18                        64                        Hauteville Insurance Company




          covermagazine.co.uk                                                                                                                                                      November 2008                        37
                                                                                                                                                                                    Survey: International PMI




y   Radiotherapy   Chemotherapy   Computerised      Physiotherapy   Intensive    Parent                    Psychiatric       Major operation   Intermediate       Minor operation    Theatre         Diagnostic      Oncology
                                  tomography                        care         accompanying child        treatment         fees              operation fees     fees               charges         procedures




y   Radiotherapy   Chemotherapy    Computerised    Physiotherapy    Intensive        Parent accompanying       Psychiatric        Major              Intermediate      Minor             Theatre       Diagnostic    Oncology
                                   tomography                       care             child                     treatment          operation fees     operation fees    operation fees    charges       procedures




    Radiotherapy   Chemotherapy   Computerised    Physiotherapy     Intensive care       Parent                   Psychiatric       Major             Intermediate     Minor               Theatre      Diagnostic    Oncology
                                  tomography                                             accompanying child       treatment         operation fees    operation fees   operation fees      charges      procedures




             covermagazine.co.uk                                                                                                                                                          November 2008                         39
Survey: International PMI




Table 2a: Budget international PMI – inpatient cover
Company                                     Contract                                          Nursing and        Consultations     Surgeons      Anaesthetists     Physicians      Drugs and           X-rays          Kidney             Pathology   Ra
                                                                                              accommodation                        fees          fees              fees            dressings           (radiology)     dialysis
Allianz Worldwide Care                      Classic Individual (IP) + Bronze (OP)
Bupa International                          Bupa International Lifeline Plan – Essential
Exeter Friendly Society                     Interplan Worldwide Option B
Expatriate Healthcare                       Budget – International – Primary
Expatriate Healthcare                       Primario (Iberia)
Goodhealth                                  Major Medical Plan
IMG Europe                                  Global Medical Insurance – Silver
IMG Europe                                  Globalselect Head Start
InterGlobal Insurance Company               Ultracare Standard

William Russell                             Global Health Elite Plan – Bronze
Source: Capita Financial Software www.synaptic.co.uk (all data correct as at 07/10/08) REF: SYN0003



Table 2b: Standard international PMI – inpatient cover
Company                                      Contract                                          Nursing and       Consultations   Surgeons        Anaesthetists     Physicians        Drugs and         X-rays              Kidney         Pathology   Ra
                                                                                               accommodation                     fees            fees              fees              dressings         (radiology)         dialysis
A’ la carte healthcare                       Prima Plan
Allianz Worldwide Care                       Club Individual (IP) + Silver (OP)
Bupa International                           Bupa International Lifeline Plan – Classic
Exeter Friendly Society                      Interplan Worldwide Option A
Expatriate Healthcare                        Standard – International – Primary Plus
Goodhealth                                   Foundation Plan
IMG Europe                                   Global Medical Insurance – Gold
IMG Europe                                   Globalselect Basic
InterGlobal Insurance Company                Ultracare Select
Norwich Union Healthcare                     Global Care
William Russell                              Global Health Elite Plan – Silver
Source: Capita Financial Software www.synaptic.co.uk (all data correct as at 07/10/08) REF: SYN0003


Table 2c: Comprehensive international PMI – inpatient cover
Company                         Contract                           Nursing and             Consultations   Surgeons fees    Anaesthetists fees        Physicians       Drugs and               X-rays           Kidney                Pathology       Ra
                                                                   accommodation                                                                      fees             dressings               (radiology)      dialysis
A’ la carte healthcare          International HealthPlan
Allianz Worldwide Care          Premier Individual (IP) +
                                Gold (OP)
Bupa International              Bupa International Lifeline
                                Plan - Gold
Exeter Friendly Society         Interplan Worldwide
                                Platinum
Expatriate Healthcare           Comprehensive – Interna-
                                tional – ‘Select’
Goodhealth                      Lifestyle
Goodhealth                      Lifestyle Plus Plan
IMG Europe                      Global Medical Insurance
                                – Platinum
IMG Europe                      Globalselect Executive
IMG Europe                      Globalselect Standard
InterGlobal Insurance           Ultracare Comprehensive
Company
InterGlobal Insurance           Ultracare Plus
Company
International Health Insur-     IHI International Health and
ance Danmark                    Hospital Plan
International Health Insur-     IHI Superior
ance Danmark
Norwich Union Healthcare        Global Care Plus
William Russell                 Global Health Elite Plan
                                – Gold
William Russell                 Global Health Elite Plan
                                – Platinum
Source: Capita Financial Software www.synaptic.co.uk (all data correct as at 07/10/08) REF: SYN0003



38           November 2008
Survey: International PMI




Table 3a: Budget international PMI – further cover
Company                             Contract                                          Herbalist      Osteopath        Chiropractor         Acupuncture      Homeopath

Allianz Worldwide Care              Classic Individual (IP) + Bronze (OP)

Bupa International                  Bupa International Lifeline Plan – Essential

Exeter Friendly Society             Interplan Worldwide Option B

Expatriate Healthcare               Budget - International – Primary

Expatriate Healthcare               Primario (Iberia)

Goodhealth                          Major Medical Plan

IMG Europe                          Global Medical Insurance – Silver

IMG Europe                          Globalselect Head Start

InterGlobal Insurance Company       Ultracare Standard

William Russell                     Global Health Elite Plan – Bronze

Source: Capita Financial Software www.synaptic.co.uk (all data correct as at 07/10/08) REF: SYN0003



Table 3b: Standard international PMI – further cover
Company                             Contract                                       Herbalist         Osteopath        Chiropractor         Acupuncture       Homeopath

A’ la carte healthcare              Prima Plan

Allianz Worldwide Care              Club Individual (IP) + Silver (OP)

Bupa International                  Bupa International Lifeline Plan – Classic

Exeter Friendly Society             Interplan Worldwide Option A

Expatriate Healthcare               Standard – International – Primary Plus

Goodhealth                          Foundation Plan

IMG Europe                          Global Medical Insurance – Gold

IMG Europe                          Globalselect Basic

InterGlobal Insurance Company       Ultracare Select

Norwich Union Healthcare            Global Care

William Russell                     Global Health Elite Plan – Silver

Source: Capita Financial Software www.synaptic.co.uk (all data correct as at 07/10/08) REF: SYN0003)



Table 3c: Comprehensive international PMI – further cover
Company                                  Contract                                        Herbalist        Osteopath         Chiropractor      Acupuncture      Homeopath

A’ la carte healthcare                   International HealthPlan

Allianz Worldwide Care                   Premier Individual (IP) + Gold (OP)

Bupa International                       Bupa International Lifeline Plan – Gold

Exeter Friendly Society                  Interplan Worldwide Platinum

Expatriate Healthcare                    Comprehensive – International – ‘Select’

Goodhealth                               Lifestyle

Goodhealth                               Lifestyle Plus Plan

IMG Europe                               Global Medical Insurance – Platinum

IMG Europe                               Globalselect Executive

IMG Europe                               Globalselect Standard

InterGlobal Insurance Company            Ultracare Comprehensive

InterGlobal Insurance Company            Ultracare Plus

International Health Insurance Danmark   IHI International Health and Hospital Plan

International Health Insurance Danmark   IHI Superior

Norwich Union Healthcare                 Global Care Plus

William Russell                          Global Health Elite Plan – Gold

William Russell                          Global Health Elite Plan – Platinum

Source: Capita Financial Software www.synaptic.co.uk (all data correct as at 07/10/08) REF: SYN0003)


40           November 2008
                                                                                                                                        Survey: International PMI




                                                                        Customers are changing their tastes in the countries in
                                                                        which they are happy to reside, reflective of housing
                                                                        prices. People want to move abroad earlier
                                                                        Lee Gerry




  and Far East, and China. India was reported                           together to benefit from combining the risk         account, an expatriate’s income has effectively
 as supplying more leads. Perhaps, surpris-                             and bringing it under one provider. But there’s    reduced by 30%.”
 ingly, Eastern Europe with countries like                              been a realisation that local areas have local         Looking to next year, the credit crunch
 Bulgaria, Kazakhstan and Azerbaijan were                               needs. If you’re in Hong Kong, you don’t want      which has the capability to turn into a global
 reported to be driving an increase in demand                           to be doing your administration and claims in      recession is on people’s minds as the thing
 for the product. The reasons offered for this                          the UK. Everything has a day’s wait on it.         most likely to make an impact. Peter Rous-
 included that some were increasing in                                      There is a move towards realising that local   seau, global business development director at
 popularity as a destination point for retirees,                        providers, insurers and brokers can be more        Interglobal, sums it up: “I see global financial
 and the opening up of some for mining of                               effective. Although they may not be familiar       problems continuing, permeating and
 their natural resources.                                               with collective contract deals, they have the      adversely impacting certain markets more
    Drivers behind the market this year were                            advantage of being on the ground with local        than others.”
 run-of-the-mill developments such as                                   knowledge. That’s something I have noticed –           Like everything else about international
 legislation and decentralisation of businesses.                        that local HR directors have been investigat-      PMI, the effect, according to Turner, is hard to
 Nelson, in particular, notes the effects of new                        ing local providers.”                              predict or fully calculate: “It’s difficult to say
 regulations coming into force in Dubai, saying                                                                            because our client base is global. Each country
 that his company was receiving more calls                              OPTIMISTIC ATTITUDE                                has its own economic climate. Insurance is
 from people who wished to know what they                               Regulation has been named a major factor for       nice to have but these types of insurance –
 needed when living in those areas.                                     the international PMI market next year:            health, life and income protection – are very
                                                                        “More and more countries are enforcing PMI         important because if someone falls ill in a
 INCOMING LEGISTLATION                                                  for expats,” says Turner, “so that will always     foreign country without a great national
 Turner adds that incoming regulation is acting                         be a positive for us. In terms of negativity,      health system, they still need good care to
 as a boon to sellers of international PMI:                             there is nothing that I’m aware of apart from      protect them and their families.”
 “There’s always new legislation occurring                              the credit crunch that will affect us.”                She adds: “I suspect there will be a slight
 through the world where governments are                                    Slee says products would have to become        tailing off, but time will tell.”
 saying that expats have to have health                                 more varied and changeable in order to take            “What will affect the market next year,”
 insurance, whether that is a domestic private                          advantage of the market: “I think it will be one   says Gerry, “is the continuing global
 policy or an international one. That helps us                          thing. There is a need for more tailoring and      economic downturn.”
 enormously because there is positive purchas-                          ability to match clients’ needs. The market has        “However,” he adds, “this does not mean
 ing availability to begin with.”                                       become more sophisticated and providers,           that it is all doom and gloom: more and more
     Slee concurs on this point: “I think there is                      insurers and deliverers need to match needs        people want to live and work abroad. Custom-
 a growing trend in regulation where a number                           more appropriately, whether that’s in modular      ers are changing their tastes in the countries
 of countries are becoming more aware of                                solutions where a client can build a product to    in which they are happy to reside, reflective of
 international insurers and the need to have                            their own needs. The credit crunch will            housing prices. People want to move abroad
 organised healthcare systems. The main one                             definitely have an impact in some form of           earlier and they don’t want to leave the move
 would be Abu Dhabi where legislation came in                           fashion. People value healthcare, while we         until their twilight years.”
 2008 and continues to be tightened.”                                   hope global recession doesn’t happen, people           Rousseau thinks, though, that international
     However, decentralisation may hinder this                          try to keep PMI and international PMI for as       PMI providers have an advantage in this
 source of new business, especially if busi-                            long as they can.”                                 climate: “By operating in a truly global market,
 nesses find that shared risk may mean a lower                               Gerry adds that the falling value of the       they enjoy the benefit of diversification across
 price but restrictive bureaucracy. Boxall                              pound against other currencies has negatively      the world. Through selling into many different
 illustrates: “I find that the larger companies                          impacted on British expatriates: “Where            countries, markets and sectors, this will act as
 are taking more of a view to decentralise                              lifestyles are financed from a UK bank account      a distinct buffer – insulating them to a large
 whereas there was a move to bring everything                           or pensions are received into a UK bank            extent from feeling the pinch.” ■




                                                                                                      Cut to the heart of product and fund research
                                                                                                          At the heart of good advice is good research
     Call us on 02476 839 700 or visit www.synaptic.co.uk                                         Synaptic Research provides accurate product and fund research to
     (part of Capita Financial Software) for more information about Synaptic.
                                                                                                     help you meet your clients' needs and justify recommendations
     REF: SYN0001




covermagazine.co.uk                                                                                                                            November 2008              41

				
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