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Neil Raymond, Founder and CEOFurther, Pacific Prime’s acquisition of InsurTech group CXA’s brokerage arms in Hong Kong and Singapore in February 2021 has allowed it to firmly make a mark in the InsurTech space. The company was able to expand its capabilities in the areas of flex benefits technology and offer full-flex and simplified flex solutions to companies around the world.
Following is the conversation that CIO Applications magazine had with Neil Raymond, the Founder and CEO of Pacific Prime.
What are the challenges that companies face now in the InsurTech space, and how is Pacific Prime effectively addressing these issues?
As many of Pacific Prime’s clients are MNCs with operations in multiple countries and jurisdictions, they all face varying degrees of challenges with regard to the administration of employee benefits plans. From various legal requirements to logistics and beyond, the PCP has emerged as an effective solution.
The portal is designed to work with multiple jurisdictions, such as the DHA, HAAD, or China-based insurance data, and provides real-time updates to help HR teams remain in sync with their plan and employee movements. In addition to this, the COVID-19 pandemic has also brought in new challenges for companies.
With employees demanding healthcare resources more than ever before both for physical and mental health Pacific Prime was able to deliver value by assisting with the claims processing and providing localized support. This involved guiding employees on where to find the best hospitals for a given condition.
Please shed light on the InsurTech services that you offer on the basis of its methodology, features, and benefits involved.
Consisting of a three-step process, consultation, policy broking, and plan administration, our “Broker Framework” is designed to emphasize the needs of companies and ensure the best possible solutions in a systematic, consistent, and personalized manner.
This involves a thorough evaluation of our clients’ requirements, a rigorous benchmarking process for insurers, and a plan section based on data, plan performance, and continual adjustments until the desired outcome is achieved.
By doing so, we were able to successfully reduce their plan from 26 to 9 a reduction of 65 percent. In addition to this, we also analyzed past claims data and made recommendations for plan design changes that have resulted in significant cost savings for the group. Most notably, the cost savings amounted to $1 million in the Middle East region alone.
In each of the three steps, we consider the role of technology in light of clients’ needs. Whether it’s working with an insurer that offers InsurTech services (telemedicine consultations, virtual wellness apps, paperless claims submission) or using the PCP for the plan administration and conducting data-driven decision making, the opportunities for InsurTech services through our “Broker Framework” are endless.
Please elaborate on a case study where Pacific Prime has enabled clients to overcome hurdles and attain desired outcomes?
Pacific Prime works with a number of clients in the education sector, one of which is a UK-based education management group. The group initially had 26 plans for almost 50 schools across the world, which they wanted to reduce in order to make the administrative operations and management of plans easier and more efficient.
As such, we worked to understand their needs, objectives, and requirements and find patterns across their global schools, as well as utilized our close partnership with 40+ global insurers to find the most suitable plans.
In a time when personalization is proving key, flex benefits technology means we can help employers better meet their employees’ needs through increased benefits choice. To tailor our solutions to employers’ needs, our capabilities have extended to offering full-light solutions (self-insurance program) to full flex (CXA platform)
What are the factors that give Pacific Prime a competitive edge?
We have headquarters in Hong Kong and 12 regional offices across the world. To supplement our international reach, we also partner with a number of broker networks, such as Worldwide Broker Network (WBN). Unlike many traditional brokers in the insurance and employee benefits space, who tend to work on a global basis in a fragmented nature, our service model enables us to have a single contact point for clients whilst leveraging our expertise to provide a bespoke solution regardless of the client’s size and scale. Our more than two decades of IPMI experience also enables us to deliver the highest standard of service.
Also, since the start of the COVID-19 pandemic, employees have been suffering from physical and mental health issues due to social distancing and lockdown policies, global economic downturns, and the changing world of work.
Companies have had to adapt faster than ever before by shifting to remote working and flexible working arrangements (some have even done so on a permanent basis), placing more focus on a holistic approach to wellbeing, and tailoring their employee benefits to a virtual setting. To truly support companies and their employees, we stay on top of these fast-evolving trends and publish industry-leading whitepapers including, but not limited to, our annual Global Employee Benefits Report.
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