The international health insurance sector is the fastest growing market in the insurance industry, however many brokers are not expanding into it and missing a great opportunity.

They may be hesitant to branch out into an area where they have little knowledge but the figures should persuade them to reconsider. From the United Kingdom there are approximately 400,000 people emigrating every year. In 2010 the United Nations estimated that there were over 200 million expatriates around the world including students, professionals and retirees. The most popular destinations for expats to relocated to include the UAE, Singpore and Hong Kong. As a result the providers of international health insurance have seen a year-on-year growth from expats and locals who want secure medical cover for all their healthcare needs. So the international medical insurance sector offers brokers one of the fastest expanding revenue streams available right now.

Many countries in the developing world have healthcare systems that are either below standard or are good but extremely expensive. This is where brokers can fill the gap. In many areas healthcare can be a real concern particularly for those who have families and therefore international health insurance has always been a top priority of professional expatriates. People relocating want to be able to guarantee both themselves and their family, access to the best hospitals and facilities the region has to offer.

Most mid-level independent brokers have built sturdy relationships with their clients over the years. It is likely that many of the clients’ companies have considered expanding abroad. Therefore just with your existing clients you have a significant untapped opportunity they simply require some assistance with international PMI. This sector of business has substantial advantages which include high commission rates and therefore high remuneration per annum, strong retention rates, as well as good company performance quickly builds a positive reputation which is passed on via word of mouth. These are the reasons why brokers should seize the opportunity to expand.

If your business wants to avoid setting up a specialist division in charge of internation PMI then there are two main options available to you. You could take an established agency with one of the providers in the market, or broker the business through a wholesale operation. With the former you’ll keep full control of the client relationship and you’re looking at making more commission, which are two strong points. If you want to pursue the agency option there are lots of things to consider.

The majority of brokers want to take full commercial advantage of their existing client relationships and deliver the most comprehensive range of protection options, which should include international health insurance.