What does a health insurance broker do?
Private medical insurance brokers are there for you, working with numerous providers to find the best cover and deals that suit your specific needs. Brokers work to get you the best coverage out there. They are the intermediary middle person between you (the customer) and insurance companies.
As the client, the broker is there for any of your needs. You tell your broker what you want, what you need, any questions you are not sure about, and what your price range is – simplifying an often daunting and complex process!
Health insurance brokers help business owners through different available options to find a healthcare plan that fits with your company needs and budget. Brokers are usually paid in commissions through insurance providers, meaning their services are often free and included in the overall fee of insurance providers.
If you’d like professional assistance with understanding international private medical insurance, contact our team of experts at Engage Health Group on +44 (0)1273 974419. We specialise in providing clarity in an otherwise confusing marketplace. Alternatively, send any query you might have by clicking on the chat function in the bottom right corner.
What is international private medical insurance?
Some health insurance brokers are not only trained in domestic private medical insurance cover, but also specialise in helping their clients internationally. Attempting to sift through and understand international private medical insurance by yourself can be a complicated and stressful process for many HR managers and business owners. There can be multiple countries, multiple insurance providers, different healthcare systems, lots of overseas staff with different health conditions that need consideration. So, what is involved in international private medical insurance?
International private medical insurance is taken out by:
- Companies with an employee footprint in multiple countries, or with a globally mobile workforce
- Companies who want to offer the very top level of benefits available to help attract and retain the best talent
- Expatriates and their families living or working abroad
- High net worth individuals who want the very best cover available.
- Students studying abroad
Having international private medical insurance ensures you, or your employees, have access to the best medical services anywhere in the world, reducing the financial impact of having to pay for unexpected medical care.
Find out more details on international private medical insurance here.
However, clients come to international insurance brokers not only to set up a healthcare plan for their employees. Some specialist international insurance brokers can also help with a range of speciality international products, such as International Group Life, Group Income Protection / Disability, security services and kidnap and ransom. This is just to name a few, there are endless things to consider when working globally!
Why go to an international insurance broker?
Clients coming to an international private medical insurance broker with a problem, will have a much higher chance of having that issue resolved by accessing their experience, rather than trying to find the answer themselves. Relying only on the insurers who will only talk about what they can offer as part of a sales pitch will limit a client’s options.
It’s the insurance broker’s main priority to find direct solutions, talking through what’s available in the marketplace, and dig into finding the best structure of international benefits to fit with your company.
Some issues that are presented when approaching international insurance for your company:
- The range of requirements for each country e.g., for the UAE, you cannot get a work visa without health insurance, the same in Australia and other markets.
- Huge number of providers in the global marketplace – at least 15+, all different in different regions e.g., for Asia, Europe, USA
- Within this range of providers, there are a huge number of different products and options to choose from e.g., there are thousands of different product combinations and there can be very large differences in price between providers, often tens of thousands.
- Global companies will need to look at how best to structure their international benefits – a broker will suggest where to use international benefits and where to opt for a domestic policy. They will balance up cost factors, compliance requirements and the importance of simplifying administration and harmonising benefits.
This is an example where a client requires consultancy on how to best structure a policy for the best outcome.
- Companies who look to offer different levels of benefit based on staff seniority, or international requirements – e.g., some will offer a flat benefit reward structure for everyone, while others will look to offer differing levels. This can sometimes be a question of company culture, but Insurance brokers will help to structure your benefits coverage across staff members however fits you best.
International insurance brokers are there for your needs – provide understanding; dig out what’s really needed; find the best providers and top prices; establish where you want and need to spend your money.
Why is using a broker important for international private medical insurance?
Workplaces are becoming increasingly diverse and complex, and with this surge in globalisation comes a greater demand for companies looking for simplified, harmonised, and streamlined solutions. More and more companies are recognising the growing responsibility they have for their employees working overseas.
Below are some benefits of using an international health insurance broker.
- Applying directly to an insurance provider limits the advice you receive – no comparisons with other health insurance providers
- Brokers help to navigate the uncertainty of working internationally – providing expert knowledge on each insurance company’s terms and conditions
- Brokers compare different providers to find the best deals and comparisons for international companies, working across the market
- Easier to understand the local insurance state of different countries – providing an understanding of different local insurances in countries that are being travelled to
- Preparation is easier and bridges the gap between having to research what is needed and where
- Keep costs down and stop you paying for multiple policies that cover the same things
- Don’t have to pay extra costs – and get the same rates, coverage, service from insurance company regardless
- Not tied to any one company or policy – priority and loyalty is to you meaning guaranteed trustworthy support
- Personalised care where brokers work to fully understand your business situation and present you with plans that are made to fit with your specific needs
- Explain terminology and pricing terms
Examples of how using Engage International can help
Engage International work with a range of different clients in various industry sectors, offering our expert advice and experience to find solutions for you. Our relationships have been built over many years in the industry, and the expertise derived from this is passed on to our customers.
Check out one of our case studies for Timber Trading Agency International, where we helped establish a detailed benefit scheme for their employees working in medium-high risk countries.
Maguire, The General Manager of Timber Trading explained,
“Engage Health Group have been very helpful with our members, many of whom are based in third world countries. They have solved the problems raised regarding the COVID pandemic especially relating to evacuation if needed.”
We also work alongside organisations with remote global employees who are quickly scaling their international talent pool, with staff working in various parts of the world from the get-go.
Global IT company, with 60 employees in Europe/New Zealand/Australia, shared their experience working with us,
“They went out of their way to provide us with the best quote and negotiated with our current provider, they managed to increase our level of cover and drop the cost. They provided support during the change over to the new policy and came to our office to do an all company presentation explaining how to get the best out of our cover.”
Take a look at more testimonials on our website of companies sharing what it was like to work with Engage International.
International private medical insurance and worldwide coverage can be difficult and confusing to navigate, but we at Engage International are here to help through our connections with leading insurance providers and in-depth knowledge of the industry. No problem is too large, and we will support you every step of the way.
Our International Director Ian Abbott comments, “With a growing network of international partners in over 50 countries worldwide, we are in a very strong position to help our international clients to streamline their employee benefits across their global footprint.”
Contact us through Engage Health Group for our free no-obligation advice and support and discover more on International Private Medical Insurance.