ITIC Americas 2024 | Customisation of policies for niche groups
Noam Baruch from Aetna International, Rocio del Rio from Falck Global Assistance, and Victor E Navarro of Global Excel Management examine how insurers are meeting the needs of niche groups from a policy design perspective
The ITIJ team have been reporting live from ITIC Americas in Panama this week (5 March 2024) sharing the discussions that took place at the conference. Read all reports
Noam Baruch, Sales Vice President, Head of Passport to Healthcare, Aetna International, started his talk by saying that the main tactics carriers should be using to drive customisation are integration, innovation, and access and service.
He said that international assignments can be complicated for several reasons, and have several phases: pre-assignment, honeymoon, culture shock, integration, repatriation.
“Failing to acknowledge the stages in the expat lifecycle can be detrimental to the employee and the organisation,” Baruch said. “But understanding these five distinct phases will help carriers design better products and provide relevant support and resources for each phase, resulting in more satisfied employees and better talent retention.”
He went on to say that it is estimated that 38% of failed international assignments are a result of difficulty adjusting to the host country. But with an international assignment costing anywhere from US$300,000 – $650,000 a year, it’s critical to help members prepare.
When designing plans, Baruch added, it’s important to consider personnel, resources and tools to help members successfully adjust to cultural differences throughout the world.
When it comes to healthcare, consumers now accept, and in many cases expect, the option to receive healthcare services virtually.
Baruch said that expectations for virtual care are changing, and that:
- 72% feel the quality of care from virtual visits was about the same or better than in-person visits
- 71% think a virtual visit for mental health services would be more convenient
- 92% say convenience is an important factor when choosing a primary care provider
- 40% of people have used virtual visits with their doctor or provider in the last 12 months.
He said there are now innovative and holistic mental health resources available. They offer mental health virtual support and digital tools – designed to help employees and their families, wherever they are in the world.
For people to thrive, he said, it is important to create the right combination of solutions to help ensure successful assignments.
Baruch said that 35% of consumers are very likely to consider using a virtual visit if a physical exam is not needed, and 55% said the availability of virtual mental health services would make them more likely to seek this kind of help.
Providing a concierge-style approach to service is imperative, he added, and achieving the best member experience is driven by these three key pillars:simplicity, access and assistance.
He added that it is critical to meet the needs of your groups around the world with a vast network of direct pay providers contracted for their high level of quality. As companies continue to adapt to meet the needs of their customers, they must listen to their members and focus on innovation, a vast provider network and services, and access to digital tools.
To finish, Baruch said carriers should partner with a strong assistance partner to further enhance overall experience and satisfaction.
Rocio del Rio, Network Provider Specialist from Falck Global Assistance, spoke about how the medical assistance landscape is undergoing a rapid transformation, driven by significant changes in customer demographics and demands. She said that to remain relevant and thrive in this evolving environment, networks must demonstrate a proactive and adaptable approach.
She went on to say that customers have different expectations depending on where they travel to, and how long their stays are. Travellers to the US expect a world-class level of service and assume that the health system will work like in their home countries.
On the other hand, global travellers assume there will be a variable level of service depending on location, and they acknowledge that the health system will not work like in their home country.
Del Rio said that network managers need to respond in various ways:
- Utilise data and analytics to predict customer needs and tailor network offerings accordingly
- Telehealth integration with international coverage options is crucial. Invest and offer robust platforms for virtual consultations and remote diagnostics
- Mutually beneficial collaborations with providers in popular digital nomad and expat destinations are also key
- Everyone is mobile and needs to access information, resources and help immediately
- Educate providers with understanding of diverse healthcare beliefs and practices
- Test and maintain networks of agents and directly contracted providers that have the required mix of services to meet traveller demands.
To conclude, del Rio said that by understanding the diverse needs of their base and employing innovative technologies, network managers can adapt their services to provide a seamless and secure experience for all groups, including the increasingly mobile and globally connected populations like spring breakers, snowbirds, digital nomads, and expats.
“As the global population becomes increasingly mobile, the role of network medical managers will only become more critical,” she said. “By embracing technology, developing tailored solutions, and prioritising accessibility, we can ensure that everyone, regardless of their travel itinerary, has access to quality healthcare wherever they roam.”
Victor E Navarro, President LatAm, Global Excel Management, started his talk by outlining the top three challenges facing the industry: rising net paidmedical claims costs worldwide; insurers wanting to create greater brand awareness, differentiation andmember interaction; and changing consumer expectations.
He went on to talk about global healthcare inflation, and said that Mexico is the highest in the world, with the whole of Latin America coming in second.
Navarro then gave the audience a glimpse into a new artificial intelligence (AI) app that Global Excel will launch soon. The bot gave comprehensive examples of insurance policies for different options. Navarro said the more precise the question, the better. The only way underwriters will be able to customise will be through AI, he added. The future is to use AI. The tool will not replace the agent, but will empower the agent.
He said that highly personalised policies are on the increase, and new AI-based tools have reduced the health policy creation and deployment life cycle times from years/months to hours.
Ian Cameron, ITIC Chairman, asked the panel the one thing they would change to niche policies if they got a chance. Baruch said the personal touch is very important. Navarro said change management is imperative. Del Rio said we need to understand cultural differences.