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International PMI industry outlines vision for the future

07 November 2008 Breaking News

A trade association representing 80% of the international private medical insurance (PMI) provider marketplace has held its first formal public meeting as it steps up its efforts to help brokers, intermediaries, agents and partner companies better understand the products and services of one of the fastest growing sector of the financial services industry.

At a meeting at the Institute of Directors in London today, the Association of International Medical Insurance Providers (AIMIP) outlined its membership, objectives and functions to an audience made up of insurers, intermediaries and the media.

An upbeat meeting heard AIMIP chairman Carl Carter describe how the association would act as a "central resource" for anyone with an interest in international medical insurance. A website (http://www.aimip.org.uk/) was also formally launched and will give visitors access to news and information about the fast-changing world of international healthcare cover, Carter said.

Regulation and licensing issues vary markedly across the world and employers, individuals and insurance brokers face a challenge keeping up to speed. AIMIP would help them, Carter explained, by acting as a central resource and a "seal of good housekeeping", giving them added reassurance when purchasing and renewing their insurance.

Also key to the association's purpose will be the monitoring and reduction of unethical practices which unfortunately occur in some areas of the world. Fraud is major challenge, as the practices of hospitals and doctors around the world are often difficult to gauge, Carter said. However, by pooling their assets, insurers could better address the problem.

"We are a membership organisation to be reckoned with," Carter said. "We have a whole host of major organisations as members and we can now share our resources."

Resources will also be shared to provide training for UK brokers who are either new to international PMI or would like to develop their skills further. Relationships have been made, too, with bodies such as the Association of Medical Insurance Intermediaries, the British Insurance Brokers Association and the Financial Services Authority.

Formed in 2007 - as reported exclusively by Health Insurance (http://www.hi-mag.com/healthinsurance/article.do?articleid=20001598227&adname=his_search&term=aimip) - AIMIP's membership today now comprises international insurance companies and managing general underwriters including: à la carte healthcare, Allianz Worldwide Care, Bupa International, CIGNA International, Expacare, Aetna Global Benefits Europe (Goodhealth), IMG Europe, InterGlobal, MediCare International, Morgan Price International Healthcare and William Russell.

In addition to Carter, who is managing director of IMG Europe, the committee members include deputy chairman Andrew Apps of Aetna Global Benefits (Europe) and Sarah Jewell, managing director of à la carte healthcare, who holds the secretariat/treasurer function.

Carter said that discussions are still underway with those providers that are not members of AIMIP and that he is hopeful that the remaining companies will join in the near future.

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