If you're an IFA or accountant who is interested in passing medical insurance clients over to a specialist healthcare broker like myself what are the key pieces of information you need to collate from your client to pass on to enable me to begin the review and organise some figures and an initial report ?
For brand personal clients who currently have a medical insurance plan in place I just need to know who is to be covered, how old they are and where they live. So names, dates of birth and home address for everyone to be covered.
In addition, as I will be undertaking a comparative market review I'll need full information on the current plan. The insurer, product name, excess and other plan options taken, the renewal date and current/renewal premium. This is to ensure that when pricing we look at offering like for like comparisons to establish that the clients needs can continue to be met by the product and hospital listing of a prospective new insurer.
Lastly and in some cases most importantly I will also ask the client for an overview of claims going back a minimum of five years and any pending medical medical issues they are aware of. Switching existing clients between insurers without negatively impacting on their medical underwriting is a complex and technical element of the review and thorough fact-finding is vital. Claims in the past, depending on when they happened and their nature do not necessarily preclude moving a client to a new insurer but they might limit the options we can consider and almost certainly affect the pricing we offer.
In the next post I'll cover off the same breakdowns for company clients with no plan already place.
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