Why would an IFA pass their private medical insurance business to a third party like myself as a professional introducer ?
There are a number of rationale that I think break down as follows :
Insufficient time to devote to marketing, keeping knowledge up to date and the administration of clients business.
They will make more money if someone else does the heavy lifting.
A desire to offer clients a more holistic/professional advisory service
Don't have a good grasp of products and no inclination to get up to speed.
Uneasy about transferring business between insurers - clients with previous claims might make moving technically a challenge and time consuming.
Happy to let existing clients auto-renew where they are.
Not at all active in that sector - for example a full time pensions or investment adviser may just not touch on the advice at all.
Had problems with PMI historically.
__________
I am sure that there are probably others I haven't come up with for the purposes of this blog post but I think the most important one is the first : time.
Not being able to have the time or resources to divert away to selling private medical insurance is I think the main rationale and one from which many of the other reasons then flow. If you don't have time to boost your knowledge on medical insurance products then you certainly won't have time to learn how each insurer treats underwriting or switch business. If you're only active in investment advice then you're unlikely to respond pro-actively when the client ask if you can review their PMI.
The gift of time is then what an adviser like me can add to your practice. I am looking at clients PMI (it fells like sometimes) 24/7 and can easily help you with any aspect of your PMI sale from a simple introducer relationship where you just pass over your PMI clients to me to a full consultancy and administration service where I can teach your team how to become more active and professional in this complex advisory area.
My business is structured to slot into how you deal with clients - I do not impose on you my way of working, rather I take my cues from you as to how you and your clients like to work together. There is no one size fits all introducer to my practice. Just clear, simple advice to help the client and help you make PMI a profitable part of your portfolio.
If you'd like to discuss working together just e-mail me on : philknight@pch.uk.com or call on : 07792 075748
Look forward to speaking.
Phil Knight
Independent Healthcare Consultant
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