Areas of referral for IFA introducers to concentrate on for Medical Insurance reviews

Happy New Year, it's time to consider medical insurance for your clients.
Medical insurance continues to be a market where there are business opportunities because either the technical issues around setting up appropriate cover and/or moving clients between insurers is complex for IFA's to undertake in a straightforward manner. With this in mind my specialist medical insurance practice is designed not just around finding the right medical insurance solutions for clients but more specifically aiming those solutions towards clients of my IFA introducers. In other words I aim to make my advice on medical insurance work around your approach to clients, solving problems for your client base whilst adding value to your practice without asking you to do extra work beyond the initial client referral.
This year have a think about the following potential classes of medical insurance client you might refer :
Your existing SME clients who don't have cover in place - new medical insurance plans for small corporate clients are an awful lot cheaper than most clients think, there are therefore very few barriers to purchase.
SME's with a current PMI plan that hasn't been reviewed in a while - any company plan which hasn't been properly reviewed in the last year or two needs urgent assistance in my opinion. Many of the larger national PMI brokers (and some big regional specialists) often don't bother to even contact clients at renewal and when they do it is a largely impersonal and inflexible service. Lots of 'low hanging fruit' to acquire out there.
Individuals with : BUPA, AXA PPP, Aviva or Vitality Health - legacy personal business is relatively easy to acquire and move to a lower cost proposition. Client with these large insurers are likely paying too much.
Older clients whose prices have rocketed upwards - there comes a point where pricing is simply too high for older clients. This is not insurmountable and in many occasions we can help clients up to the age of 79 plan a move of insurer to 're-set' their pricing at a lower level.
If you would like to discuss any prospective cases with me or need general advice on medical insurance - just call or e-mail me.
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/