Providing Invaluable Support
Published: 26 Jul 2017
The iPMI market represents a growing source of opportunity for intermediaries, with an increasing number of firms exploring overseas markets in search of additional revenue streams.
When writing iPMI business it presents the intermediary with some challenges that should not be underestimated, from rapidly changing regulation to complex compliance requirements. That’s where specialised, personal support comes into its own, allowing intermediaries to navigate the complexities of the iPMI sector and maximise the opportunities offered by this fast-growing area of the market.
Opportunities are evolving and iPMI has already established strong roots in the fast-paced markets of the Middle East and Asia. Newer markets are opening up and these emerging markets represent a burgeoning source of opportunity for intermediaries and providers.
The niche nature of the market makes it fertile ground for intermediaries keen to build a reputation in the iPMI space.
What’s more, lower levels of competition relative to the UK market, along with consistent growth, makes the iPMI sector an attractive prospect from a longer-term perspective.
Overcoming barriers to entry
For intermediaries who are ready to push the geographic boundaries of their business, it can be hard to know where to start. One of the first critical factors for prospective iPMI intermediaries to consider is regulation.
Regulatory frameworks and local legislation differ widely from region to region and from country to country. So keeping on top of the constraints and of writing business overseas is a complex and continual commitment.
The iPMI market is far more varied than its domestic counterpart. But for intermediaries with the right support, quoting and placing business can be as straightforward as it is lucrative. Working with an international iPMI provider can represent the best way for intermediaries to cut through the market complexities and tap into the opportunities on offer.
With intermediaries typically operating in an environment where their time and resource is under significant pressure, robust support can empower them to make swift decisions and fully informed recommendations based on crystal-clear, up-to-date information.
Insurers should be able to help intermediaries respond to regulatory and legislative change as it happens.
Opportunity is worth the challenge
What does the future hold for the growth of the iPMI market? The prospects look positive, despite the inevitable uncertainty with Brexit negotiations now underway. Any changes in legislation will, by default, create both opportunities and challenges for all those involved in the industry.
However, one thing is certain - the iPMI market is dynamic and growing.
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