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IPMI is a comprehensive insurance product to cover medical cost worldwide and appealed to a niche market. Policyholders have the flexibility to see a preferred doctor close to home or specialist in another country. The purpose of the study is to understand the product feature, target market and claims management from insurer prospective. The study also compares IPMI against domestic PMI. In UK, the average annual premium for IPMI product is approximately 4 times more than the average annual premium for domestic PMI product.
The investigation is based on the ability to review the demographic profile and claiming behaviour of IPMI policyholders and compare against the domestic PMI policyholders. Conclusions will be drawn from:
- The mix of business.
- The economics indicator of each particular area
- The claiming behaviour of IPMI policyholders
- The relative claims of IPMI policyholders and a risk adjusted domestic PMI population.