Steven Paraboschi tells
International Medical Group (IMG), the provider of
international medical insurance products, as well as trip
cancellation programmes, medical management services and
24/7 emergency medical and travel assistance, was acquired by
Sirius International Insurance Group from private equity investment
firm ABRY Partners in May 2017, for an undisclosed amount.
Two years after the purchase, Steven Paraboschi, executive vice
president of IMG, is extremely positive about the progress that’s been
made, which has allowed the two companies to build on an already
strong foundation of mutual benefit.
“The overall synthesis of innovation here is the partnership
between IMG and Sirius Group,” he says.
“It’s a longstanding partnership dating back to the mid-1990s with
a mutual focus on driving a profitable relationship. It’s an enterprise
view, where insurance and service profits roll up into enterprise
value. A long-term partnership based on mutual needs, trust, and
alignment leads to profitable business.”
Kip Oberting, Sirius Group’s president & CEO echoes Paraboschi’s
assessment, adding “Our long-term relationship with IMG was
solidified with the acquisition and IMG has continued to be a key
contributor to the group’s bottom line.
“IMG drives approximately 30 percent of the group’s accident and
health premiums, and 10 percent of total premiums. This vertical is
expected to continue growing and driving our diversification efforts.”
Paraboschi adds that IMG is driving innovation in the marketplace
from its product strategy, focusing on profitable market segments
that are on the tails of a normal bell curve related to market size and
“We’re not a product play to go after that middle aspect of the
normal curve, where 10 to 15 competitors are beating themselves to
death,” he clarifies. “Instead, we’re on each side of the normal curve,
where you have healthy profits, niche segments, and where insurance
and services can generate profitable business.”
According to Paraboschi, IMG is a fully integrated managing
general underwriter: it owns all aspects of the value chain. It develops
products, distributes them through multiple distribution channels,
and handles all aspects of service within the company. He underlines
that the company has a clear focus on driving the best customer
journey for producers and customers.
“We are responsible for our success, and we are responsible for
improving areas that need refinement,” says Paraboschi.
While IMG is squarely focused on being a producer-driven
company and helping producers grow their businesses, direct
distribution is a growing channel in most markets, and IMG has
overhauled its website strategy to enhance the customer experience
and drive the best conversion rates possible.
Paraboschi says that IMG’s technology enables the producer and
IMG to grow their businesses, so through IMG’s web services, IMG
and their producers can increase distribution, while the customer
receives the best experience possible.
IMG was able to address one issue that many companies face,
which is the utilisation of large amounts of data to drive optimisation.
Through IMG’s user-centred design process, IMG analyses the data
around how customers and producers interact with their website
versus legacy channels, and considers multiple hypothetical user
It then tests those hypothetical user experiences with actual
users through surveys and user testing to drive optimal customer
experiences, he explains.
“The process is flexible so that live A/B testing of multiple variants
Sirius Group’s subsidiary,
IMG, is poised for
future growth, as
Steven Paraboschi tells