Think global, health insurance brokers urged

The chief executive of Allianz Worldwide has warned health insurance intermediaries and brokers to ignore global elements of private medical insurance at their peril. He said those brokers that have the inability to think globally might drop business on their competitors.

Ron Buchan, who spoke out at the Association of Medical Insurance Intermediaries (AMII) annual conference, reportedly commented: Multinational companies don’t see the distinction between countries and health insurance policies that we see. Higher-end employees want a broader range of cover and this is not affected by the fact that they are French or American.

The trend may catch some intermediaries off their guard, Buchan warned. He continued: Health insurance is an entry-level product so it is a way to attract new clients. If intermediaries are successful there is the opportunity for more commission and the larger corporate area also makes the fee argument stronger. Intermediaries could also attract new clients and maximise the yield of their existing clients.