The research was conducted to help understand the latest market feedback from a specific network of intermediary consultants and how to provide the most innovative solutions for clients and members.
Results from the survey show that local compliance regulations were perceived as the largest barrier to implementing global health and travel policies. This was followed by product availability, finding clients with expat and global travel populations, and demonstrating the value of global health and travel policies. Respondents found cost, lack of knowledge on the products and other variables to be less of a barrier when it comes to implementing global health and travel policies.
A summary of the key findings include:
- Local compliance regulations are the largest barrier to implementing global health and travel policies
- Training on the ever-changing landscape of global health trends was seen as important by 40 per cent of respondents
- Network size and access are the most important factors when it comes to recommending a carrier to clients
- Quality and ease of access are the most important factors for providing healthcare solutions to clients
- Virtual care is seen as the most transformative next step in healthcare, followed by wellness and mental health solutions
In a statement, the companies said: “This research was conducted to help us understand the latest market feedback from this network of intermediary consultants and how we can continue to work with our partners to provide the most innovative solutions for their clients and members.”
Important factors in recommending insurance carriers
When considering which global expat or travel insurance carrier to recommend to clients, respondents identified network size and access as the most important factors. This was followed by technology, affordability, and clinical capabilities. Respondents found sales representative and/or client manager, commission level and other variables to be the least important factors when it comes to deciding which global expat or travel insurance carrier they would recommend to clients.
When asked what was seen as the next transformative thing in healthcare, half voted for virtual visits followed by around 38 per cent for wellness and mental health solutions. The least voted for transformative variables were predictive modelling and wearables, with 10 per cent and under.
The survey was issued to over 100 firms and received a 35-per-cent response rate. Out of those who responded, around 40 per cent were based in Europe, followed by around 25 per cent in North America and around 15 per cent in Asia Pacific. The Middle East and South and Central America accounted for around 20 per cent of participants.