I was sitting yesterday over a latte in a cosy lounge in central London after a small event, and opposite me was a prospective client who’s been on a standard PMI with Vitality for years. Here’s how our chat went:
He: “Listen, when I chose my plan I did look at IPMI, but it’s basically the same as PMI—only twice as expensive, right? Why would I need an international policy if I mainly get treated here in London and only spend a couple of months a year in Marbella? And, no offence, I don’t see the point of paying a broker. I bought through an aggregator and paid no extra fees to anyone.”
Me: “Let’s cut to the chase. With your PMI each time you have to see an NHS GP for a referral, then an insurer requests your medical records from that GP (who may even charge you a fee for doing so). You then have to wait few days for pre-authorisation, and only then you can receive the treatment, but only from a narrow list of partner clinics and doctors that they are giving you. Sound familiar?”
He: “Yes, exactly. But if I don’t want to wait those two or three weeks to get seen by a doctor, then I just go to a private GP and pay out of pocket to speed things up.”
Me: “Hmmm. And you’ll probably pay for an occasional scans yourself too. And when you jet off to your house in Marbella and in need of seeing a doctor, then you cover all costs there as well?”
He (hesitant): “Well, yes… but it doesn’t add up to much throughout the year… I think.”
Me: “Have you ever put it all in a spreadsheet? All those extras GP fees, scans, overseas bills. I bet we are talking about £3-4k extra a year, do we?”
He: “Roughly yes. But, what’s your point? Are you saying IPMI works differently?”
Me: “100%. First of all, there’s no fixed hospital lists - you can choose any specialist or a clinic you like, whether it’s Dr Buyanovsky, Visit Health, Cromwell - whatever you prefer. Secondly, you can forget about NHS GP and only use private GP’s instead (who can see you if not today, then definitely tomorrow. And yes, mornings, afternoons, evenings or even weekends. In fact, private GP’s can even come over to your house or an office if you wish. Not only that, but often you can skip GP’s entirely and go straight to a consultant, which saves A LOT of time. Thirdly, if you’d rather have treatment abroad, you can hop on the next flight and do the surgery or the required treatment in Germany, Spain or wherever you like.”
He (surprised): “Wait—so if I flew to Dubai or Cyprus, I will be covered there too?”
Me: “Absolutely—in Dubai, Cyprus or even Moscow if needed. You’re almost unlimited geographically. Although I would remove the U.S. cover if it’s not necessary, as this will help us drive the cost down drastically.”
He: “I’ve heard about the U.S. side of it. Fine, you’ve convinced me. But I remember getting a quote from Bupa Global at the time and the price was beyond any justifications. Right now I’m paying about £5k a year plus an extra £3–4k out of my pocket when needed.”
Me: “Why Bupa Global?”
He: “I don’t know. I assumed they’re the best, so I only did a quote with them.”
Me: “On reputation, yes. But I recommend Bupa Global only when it’s necessary based on client needs. There are plenty alternatives out there, who are far cheaper, and the level of service is not that drastically worse of.”
He: “Surely it will still cost more than what I’m paying now?”
Me: “Once you factor in all your out-of-pocket extras, then not necessarily. But even if it’s a little more, the service and convenience you get with these policies are just simply on another level. Think of your current policy as a Dacia Sandero. It’s a good vehicle that gets you from A to B, but you certainly don’t expect any luxuries or extras from it, do you? You get what you paid for. IPMI is like an S-Class Mercedes with a chauffeur: you step in, give the address, and the driver glides you without stops and (in our scenario) no extra paperwork. Have a think and let me know if you’d like to explore this option further.”
He: “Listen, I’m up for it, but I guess I’ll have to pay you a lot as I’ve heard about your exceptional reputation, and I guess your fees must be high.”
Me: “That’s where you’re wrong. In essence I’m employed by you and work on your side, but an insurer is the one who pays me for it. And the best part is that your premium, whether you go direct or through me is going to be exactly the same. So in short, you get my services at no extra cost, and of course once we’ve set things up, I’m not disappearing anywhere and you can contact me all year round for any help with claims or any other questions that you might have.”
He: “How does that even work? I mean if they are paying you for this service, then surely having a broker adds to the price (if not this year, then surely next)?”
Me: “Short answer is no. It’s simple: 60–70% of all policies are sold via brokers. If an insurer tries to undercut me by offering you a cheaper price, do you think I would continue working with this insurer? Of course not as I’m the one who is doing all of the work and liable for the advice. And since bigger chunk of their profits comes through brokers, I don’t think they would really want to win a single client at the cost of losing the consistent volume of business that I bring them. So to answer your question - absolutely not.”
He: “Okay, I’m in. Let’s arrange a call at 10 am tomorrow and I’ll have my documents ready so you can actually explain everything properly. ”
I have these types of conversations more often than you’d think. People assume IPMI is prohibitively expensive, complex and unnecessary. In reality, it costs only a bit more and saves you days, weeks or even months of waiting for a “green light” and plus hundreds of calls with an insurer (if you have a good broker that will do it for you). The takeaway from this post - I’m sure you’ve already worked it out yourself. If you’d like to discuss your own situation, then just get in touch.
Wishing you all the best and plenty of sunny days like today ahead!