If you're an IFA or accountant who is interested in passing medical insurance clients over to a specialist broker like myself what are the key pieces of information you need to collate to pass on to enable me to begin the review and organise some figures and an initial report ?
For brand new personal clients who currently do not have cover in place it is a relatively easy set of data that is required. Basically 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. That's basically it.
Some intermediaries might also ask a client what level of cover they require and which hospital they would prefer to use. My standard quotation and report process is a little more open ended. For new clients, unless they have a specific initial expectation, is to offer a range of benefits, excess levels and prices form a number of insurers (usually between four and seven providers) to give us a number of options to discuss. I find this methodology, whilst sometimes involving a little more work for me gives context and a good reason to explain how PMI plans work and the benefits of various plan options and the ideas and practicalities that sit behind them. It also means the initial telephone fact find with the client or the introducer is simpler and the initial report gets to the client more quickly.
Tomorrow I'll cover off the same breakdown for personal clients with a plan already in existence, sometimes called 'switch' or 'continued personal exclusions' (CME) transfers. Then in follow up posts I'll talk about similar information for company paid clients.
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