Selling health insurance online works
Online health insurance provider Ezimed is now being offered through a number of insurance brokers and large corporations as well as its own site.
Wednesday, November 3rd 2004, 11:30PM
The online, multi-company, medical insurance reseller has its first licensed broker “live” and several others are to follow.
Tina Jarvis, founder and joint shareholder of Ezimed, says the system that drives the backend of its website could handle an unlimited number of licences - or “silos”, where the business of each licensed operator is quarantined from the others.
But for commercial reasons the number is to be limited.
While Jarvis originally thought those would be secured by medium to large brokerages, strong interest from a couple of large corporations has opened up new avenues.
“The corporations see the ability for their employees to choose their own health insurance package as part of their remuneration deal as a great opportunity,” Jarvis says.
Ezimed, which was launched in February, offers medical insurance products from four companies – AIA, ING Life, Sovereign and Tower.
Jarvis said at the launch those companies offered the best medical insurance products for the best value for money.
The insurers’ senior managers also agreed that while products like income protection need one-on-one advice from brokers, health insurance products have a commodity element and consumers are capable of picking the elements they want.
If they need assistance, it is available. “I don’t believe full risk planning should be done on line,” Jarvis says.
“But when it comes to medical insurance most people have a pretty good idea of what they want.”
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