Health Compass spoke to Trevor Keidan of expat financial and wealth management services provider Infinity Financial Solutions—which has a number of offices in Asia—to discover what attracted him to the Health Compass platform and the benefits he believes the system is delivering.
1). What made you sign up to Health Compass’ new platform?
We had been looking for a system which would allow us to effectively analyse the International PMI market. Traditionally we used excel and our own IP of the market in order to source the analysis – an approach that was laborious, time consuming and not over analytically accurate.
We had even got to the point where we thought of developing something ourselves. The aim has always been to look at ways of selling on-line which had less adviser input.
What we wanted was the ability to compare the products in the market on a truly objective basis to be able to identify the solution that best suits the needs of our clients. That is the raison d’être of Health Compass.
2). What has been your experience so far?
We have only been part of the platform recently and, like any system, Health Compass takes a little time to get used to – especially as it entails a change of the habits we have built over time. The system is good and does what it wanted to achieve.
Whilst there are already a large proportion of providers on the platform, as the product range expands over time it will only get better. It’s great now but ideally needs all the major underwriting players in the market on board. This is one of the reasons why we introduced Health Compass to some local providers – if their details can be added to the platform it all helps to match our specific needs.
I would say it has the potential to be a serious part of the market but that will come as the product suite becomes more comprehensive. Different players have different approaches to different regions of the world so the more products on the platform the greater the choice for the client and the better able you are to analyse the suitability for the client.
3). What benefits does the platform deliver to you and your clients?
I would say the benefits are clear. It really allows us to compare and contrast the benefits of the different products on a completely level playing field. It allows you to really delve into a product and, by understanding what is important to your client, offer a solution that best fits their needs. The data is transferable so you are able to create a matrix which makes the ability to compare the products even easier.
4). The platform requires the intermediary to cede a percentage of their commission – do you feel that’s an issue?
In many cases the platform has been able to deliver a higher rate of commission so it is not so much of a negative for us.
It very much depends on the type of broker you are. It may be an issue for those in the market who are simply policy pushers – whose sole purpose is to push a policy and sell as many as they can. The advisers who are looking to do more analysis across the market and match client needs with the right solution will view Health Compass as a positive as it makes that analysis easier and more precise. The platform brings the product providers together and helps to pinpoint the client’s sweet spot.
5). Given the way in which the pandemic has changed the way people work do you think the Health Compass platform has arrived at the right time in the market’s development?
COVID and the pandemic have not really had a significant impact. The major result has been ability for advisers to pivot and change their workstyle. The platform is a tool that can explain the products. The fact that it allows us to trade end to end is a bonus for our business. If we are in a position in the future where the platform can be embedded into our website to allow clients to buy online via the platform it would be our nirvana.
It is a pity Health Compass was not around earlier. However, the right time is now and the platform is ready now. We need all IPMI providers to come on board so advisers can benefit even more from what the platform can deliver.