Those IFA's and General Brokers who have worked with me for a number of years know that I have been in the medical insurance market for a long time (since 1994) and have run my own practice, working primarily with professional introducers since 2010.
A number of medical insurers including Aviva and Vitality Health have their own direct sales teams who also try and 'sign up' independent brokers to refer clients, via introducer agreements, to them. As I've believed very strongly in fair independent advice for clients and introducers for many years I thought it was worth raising this issue in my November sales mailer.
There's nothing wrong with working with a single insurer on PMI but of course the massive benefits of working with an independent broker like myself are as follows :
Access to whole of market - I simply don't have or need a 'one size fits all' approach to advice.
On-going support - I work with new and renewing clients each and every year. Changes in FCA rules coming in 2017 will increase the value of independent advice at every renewal.
Re-broking Service - a clients needs change over time, I can look at any client and assess if we need to move insurers at some point in the future. It's an obvious point but direct business writers just do not have this option. If the client moves insurers and you're working direct, you lose them as a client.
Experience - I've been in the PMI market for 22 years and insurance in general for 27 years now - all of that time working with independent brokers or as one.
Time for clients - I'm not working for a faceless bureaucracy. I run my own boutique practice aimed solely at supporting your clients.
On-going income - I split both initial and renewal commission with my introducer accounts so there is an on-going income stream from each client.
Expertise with Professional Introducers - everything in my career lead me to using introducers as my primary source of business. I am considered one of the leading proponents of transacting business this way (feel free to Google me in this context) and I have invested time and money into supporting my introducers and their clients.
There really is no compromise in working with an independent like me in the way that (as per the points above) there can be if you elect to choose to work with just one insurer. Certainly please feel free to give me a call before you sign an introducers agreement with an insurer direct to discuss some of the above issues and how I might help.
If you'd like more information on how I work with introducers or have a case you'd like to discuss just contact me as below.
Kind Regards
Phil
Phil Knight
Independent Healthcare Consultant
(Part of Premier Choice Group, FCA No. 312878)
T. 07792 075748
E. philknight@pch.uk.com
W. www.pch.uk.com/consultants/phil-d-knight/
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