OK so its July.
The quietest time of the year - the ISA's are all done and decisions on pensions and investments are now on-hold until first of September.
As an independent financial adviser (IFA) how do you continue to generate revenue during July and August ?
The answer is : 'private medical insurance' or PMI. All IFA's have clients with PMI either through other advisers or (more likely) direct with insurers. There was a time in the 1990's and early 2000's when BUPA, AXA PPP, Aviva and to a lesser extent Standard Life Healthcare (now part of PruHealth) were massively active in the individual and group medical insurance market signing up tens of thousands of clients direct. Then increasing regulatory burden with the introduction of regulation into the general insurance market in 2006 saw the end of that and the move over more to focus on intermediated sales for the big four insurers.
However this market situation creates both an opportunity and a problem for IFA's. Firstly the opportunity. There are all these legacy PMI plans floating around where the client will not have received proper advice on product, pricing, renewals, claims or indeed anything in up to ten or fifteen years. Inevitably there are dozens of people in your client bank who need an urgent review of their PMI plan. They're paying too much, often for inferior cover and we can help them.
Given these people will now tend to be over 40 and the fact that they bought the cover in the first place means they are probably reasonably well off and financially aware and you could be talking to them about reviewing their PMI plans.
But, the problem for IFA's is that since the early noughties and especially since 2006 and regulation the insurers have been relying more and more on specialist intermediaries like myself for two main reasons. Firstly there is the old 80:20 rule - that 80% of the business comes from the top 20% of clients but also that following regulation and with the increasing complexity of the medical insurance market it has become impractical for IFA's (in most instances) to remain current and receive support from insurers. This means essentially that one important option for IFA's is to sub-contract their medical insurance advice to an adviser like myself.
Regardless of who sells your PMI business (and I'll tell you why you should use me in a moment) there is an enormous tranche of clients out there both individual and corporate who need support on their PMI and Summer is the ideal time to start digging about in your client bank to see if you can shake some new business loose.
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Why would you come to me to help with PMI for your clients. ?
Well in essence I've been in PMI since 1994 and financial services more generally since 1989.
I've worked for several PMI insurers as a broker consultant (from 1994 to 2007) and since setting up my own specialist PMI practice in late 2010 I have specialised in helping IFA's, accountants and other professional advisers with sales & support on PMI for their clients.
Put simply I'm doing this day in day out with dozens of IFA's and adviser like you and I can definitely add value to your work with clients.
If you're interested just drop me a mail on philknight@pch.uk.com or call on : 07792 075748.
Tuesday, 8 July 2014
Monday, 7 July 2014
New general health blog post over at Talk Health Partnership
I have just posted a new general health blog post at :
http://www.talkhealthpartnership.com/blog/2014/07/nhs-accident-and-emergency-update/
I post semi-regularly over at Talk Health. The posts there are decidedly not business related and focus on more generic health issues that strike me as interesting.
Please read it when you have chance.
http://www.talkhealthpartnership.com/blog/2014/07/nhs-accident-and-emergency-update/
I post semi-regularly over at Talk Health. The posts there are decidedly not business related and focus on more generic health issues that strike me as interesting.
Please read it when you have chance.
My pending appearance on Roger Edwards podcast : MPAF now has a date : 22nd July 2014
I recently recorded an interview with old colleague and industry raconteur and wit : Roger Edwards, ex of Bright Grey. His new podcast covers innovation and inspiration in the protection insurance industry. Roger and I spent very enjoyable morning last week catching up and recording an episode of his new Marketing, Protection and Finance (MPAF) podcast. The focus of the discussion is primarily around my own PMICast podcast (on iTunes and www.pmicast.podbean.com) and how it slots into my business model. Plus how I aim the podcast towards my two main client demographics : PMI purchasers and also professional introducers.
The podcast is due to go live on the 22nd of July (here's a link to the webpage : www.rogeredwards.co.uk/mpaf/ but MPAF is also available on iTunes and I recommend a listen when you have chance.
I'll comment further as the podcast comes available but please watch out for it.
The podcast is due to go live on the 22nd of July (here's a link to the webpage : www.rogeredwards.co.uk/mpaf/ but MPAF is also available on iTunes and I recommend a listen when you have chance.
I'll comment further as the podcast comes available but please watch out for it.
The NHS Dichotomy
Visiting the NHS always brings home the eternal dichotomy inherent in having a centrally government funded healthcare system.
I once again had cause to visit the A & E department of a big city hospital yesterday evening and although I'm not planning to make any comments at all (controversial or otherwise) I would say that as per most peoples experience some of the NHS experience is really a bit rubbish, non patient focused and a bit 'nasty' but at the same time it's free (obviously) and always there for you 24/7 regardless of how unfortunate, ill and frankly foolish you might have been prior to ending up at a hospital.
So the NHS is as always great and a bit naff both at the same time - probably that makes it a fairly typical British institution.
Thursday, 3 July 2014
Tour De France - boost to business in Leeds ?
As most people will know over the next few days Leeds is celebrating the kick off of the 2014 Tour in Yorkshire.
This event has been 'bigged' up by Leeds City Council and the Yorkshire Tourist Board for many months in Leeds to the point where Tour news is now a regular feature both in the local media and also in general public discussion.
Aside from the 'fun' of watching 200 cyclists shoot past you in a little over 45 seconds (having stood waiting for that for over two hours) that you get from any sporting event the whole thing has been sold to business as a massive boost for anyone involved in the tourism and related industries.
However, I live around two miles from the route on Saturday and speaking to local restauranteurs they tell me that the event is costing them a fortune. They are not on the route but near enough so that logically you would imagine that tourists would want to eat before, during or following the tour viewing. There are a number of problems though.
Road closures mean that unless you are within walking distance patrons will not be able to get to the restaurant. Some local eateries in Otley and Ilkley are I am informed having to pay to put their staff up in local B & B's on Friday and Saturday as otherwise they fear their cooks and waiters won't be able to get in to work and if you're on a road which is closed around an event people won't have the opportunity to find you in the first place.
One restauranteur friend I spoke to on Tuesday night told me that he was considering closing his place on Saturday, the main night of the Tour in Yorkshire.
To go give you an idea of the effect of summer sports on restaurants. During the recent England : Uruguay football match (that kicked off around 4.00pm on a sunny afternoon) my friend told me that they took a total of £ 300 all night - less than the salary cost of the nine staff they have on during that night in the week.
So glorious summer sport might lift the mood but don't let the authorities fool you into thinking that the money spent hosting this kind of event from our council tax does anything except host a cool party.
Also spare a thought to those people travelling home from central Leeds this evening to the North of the city (Headingly, West Park etc). The opening event of the tour kicks off in Leeds Arena from 4.00pm this evening culminating in the riders parading through the city. Road Blocks are in place to the North of Leeds centre from mid afternoon today and it's going to be bedlam getting home tonight !
__________
Interested in private medical insurance or business more generally ?
Why not listen to my weekly podcast : search for PMICast on iTunes or listen on-line at : www.pmicast.podbean.com
Subscribe to this blog for weekly updates on when the podcast is available for download.
Feedback on the blog or podcast via e-mail : pmicast@podbean.com
Enjoy ?
This event has been 'bigged' up by Leeds City Council and the Yorkshire Tourist Board for many months in Leeds to the point where Tour news is now a regular feature both in the local media and also in general public discussion.
Aside from the 'fun' of watching 200 cyclists shoot past you in a little over 45 seconds (having stood waiting for that for over two hours) that you get from any sporting event the whole thing has been sold to business as a massive boost for anyone involved in the tourism and related industries.
However, I live around two miles from the route on Saturday and speaking to local restauranteurs they tell me that the event is costing them a fortune. They are not on the route but near enough so that logically you would imagine that tourists would want to eat before, during or following the tour viewing. There are a number of problems though.
Road closures mean that unless you are within walking distance patrons will not be able to get to the restaurant. Some local eateries in Otley and Ilkley are I am informed having to pay to put their staff up in local B & B's on Friday and Saturday as otherwise they fear their cooks and waiters won't be able to get in to work and if you're on a road which is closed around an event people won't have the opportunity to find you in the first place.
One restauranteur friend I spoke to on Tuesday night told me that he was considering closing his place on Saturday, the main night of the Tour in Yorkshire.
To go give you an idea of the effect of summer sports on restaurants. During the recent England : Uruguay football match (that kicked off around 4.00pm on a sunny afternoon) my friend told me that they took a total of £ 300 all night - less than the salary cost of the nine staff they have on during that night in the week.
So glorious summer sport might lift the mood but don't let the authorities fool you into thinking that the money spent hosting this kind of event from our council tax does anything except host a cool party.
Also spare a thought to those people travelling home from central Leeds this evening to the North of the city (Headingly, West Park etc). The opening event of the tour kicks off in Leeds Arena from 4.00pm this evening culminating in the riders parading through the city. Road Blocks are in place to the North of Leeds centre from mid afternoon today and it's going to be bedlam getting home tonight !
__________
Interested in private medical insurance or business more generally ?
Why not listen to my weekly podcast : search for PMICast on iTunes or listen on-line at : www.pmicast.podbean.com
Subscribe to this blog for weekly updates on when the podcast is available for download.
Feedback on the blog or podcast via e-mail : pmicast@podbean.com
Tuesday, 1 July 2014
Podcast news
I have just recorded and uploaded this weeks episode of PMICast.
This one features a piece on medical insurance renewal pricing and also my on-line marketing resource for introducers.
If you're remotely interested in medical insurance make sure you check it out on iTunes or www.pmicast.podbean.com
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In related podcast news I was recently interviewed by Roger Edwards : renowned industry personage and public speaker for his new MPAF (Marketing, Protection and Finance) podcast. You can catch the first couple of episodes at www.rogeredwards.co.uk/mpaf/ and from Roger I understand mine is due to go live in a few weeks (he is recording in advance and then publishing to his preferred schedule - getting a few podcasts in reserve).
Roger is an old industry acquaintance of mine from RED ARC days and as we chatted in preparation for and then after the podcast we've discovered mutual interests in podcasting, tech, SF and fitness - I think this comes across in the podcast (when available) as we cover off the origin story and inception of PMICast and my thoughts behind using it to promote my business. We really could have prattled on for hours.
Really enjoyed recording with Roger, hope you all enjoy the show and I will confirm details when it goes live.
This one features a piece on medical insurance renewal pricing and also my on-line marketing resource for introducers.
If you're remotely interested in medical insurance make sure you check it out on iTunes or www.pmicast.podbean.com
__________
In related podcast news I was recently interviewed by Roger Edwards : renowned industry personage and public speaker for his new MPAF (Marketing, Protection and Finance) podcast. You can catch the first couple of episodes at www.rogeredwards.co.uk/mpaf/ and from Roger I understand mine is due to go live in a few weeks (he is recording in advance and then publishing to his preferred schedule - getting a few podcasts in reserve).
Roger is an old industry acquaintance of mine from RED ARC days and as we chatted in preparation for and then after the podcast we've discovered mutual interests in podcasting, tech, SF and fitness - I think this comes across in the podcast (when available) as we cover off the origin story and inception of PMICast and my thoughts behind using it to promote my business. We really could have prattled on for hours.
Really enjoyed recording with Roger, hope you all enjoy the show and I will confirm details when it goes live.
Sunday, 29 June 2014
My introducer group in Linkedin
It has been a while since I last actively promoted it here so you may not necessarily be aware but I host a group on Linkedin devoted to introducers (mainly IFA's and Accountants with smattering of other HR and Fnancial Services professionals) - some already introduce business to me and others might be thinking of it. Regardless, this specialist group is a forum for all things PMI and introducer and is one of my supports for my introducers that I would like to expand and prioritise.
At the moment the number and my involvement with introducers is growing markedly and I really see these kind of contacts as one of the key USP's of my business that I am building for the future.
With this in mind I have just put up a guide to my Linkedin group as a pdf in my on-line marketing resource for introducers on Drop Box (didn't I mention I also have a public Drop Box folder with a variety of marketing material for my contacts including fact-finding guides and quote pro forma's ?).
If you'd like to see the guide to IntroMed my Linkedin group, send me a request to philknight@pch.uk.com and I'll email you a link to the Drop Box folder.
If you'd like to visit IntroMed, click here :
www.linkedin.com/groups/IntroMed-4945586?home=&gid=4945586&trk=anet_ug_hm
At the moment the number and my involvement with introducers is growing markedly and I really see these kind of contacts as one of the key USP's of my business that I am building for the future.
With this in mind I have just put up a guide to my Linkedin group as a pdf in my on-line marketing resource for introducers on Drop Box (didn't I mention I also have a public Drop Box folder with a variety of marketing material for my contacts including fact-finding guides and quote pro forma's ?).
If you'd like to see the guide to IntroMed my Linkedin group, send me a request to philknight@pch.uk.com and I'll email you a link to the Drop Box folder.
If you'd like to visit IntroMed, click here :
www.linkedin.com/groups/IntroMed-4945586?home=&gid=4945586&trk=anet_ug_hm
Wednesday, 25 June 2014
Medical Indemnity Insurance
In addition to my work on private medical insurance (PMI) I also own another business supporting senior clinicians with their private medico legal practices. You can find out more about this at www.medicolegalmarketing.co.uk.
As you might imagine there is a fair amount of cross fertilisation between the medico legal work and my PMI advisory business - many of my personal clients are senior doctors. When I'm marketing to doctors I end up with a third category of lead (PMI, medico legal plus ...) : medical indemnity insurance. In essence doctors often misread the information I end them and think that I'm trying to offer them a service looking at their private practice medical indemnity cover. For several months I just sent a stock e-mail saying I couldn't help them when a doctor asked me to review their indemnity cover rather than their medical insurance cover. Pretty soon I realised there was a business opportunity in this and I have partnered with a specialist adviser working exclusively in the Medical Indemnity space. I am also marketing to doctors specifically on medical indemnity cover via my Medico Legal business.
This marketing link that doctors should visit to obtain more information is :
www.allmedicalprofessionalslimited.co.uk/page_83.html
More information on the success of this campaign and how it develops will follow on the blog but in less than a week I've already had three or four really good leads developed with a minimum of effort (about five minutes per day).
As you might imagine there is a fair amount of cross fertilisation between the medico legal work and my PMI advisory business - many of my personal clients are senior doctors. When I'm marketing to doctors I end up with a third category of lead (PMI, medico legal plus ...) : medical indemnity insurance. In essence doctors often misread the information I end them and think that I'm trying to offer them a service looking at their private practice medical indemnity cover. For several months I just sent a stock e-mail saying I couldn't help them when a doctor asked me to review their indemnity cover rather than their medical insurance cover. Pretty soon I realised there was a business opportunity in this and I have partnered with a specialist adviser working exclusively in the Medical Indemnity space. I am also marketing to doctors specifically on medical indemnity cover via my Medico Legal business.
This marketing link that doctors should visit to obtain more information is :
www.allmedicalprofessionalslimited.co.uk/page_83.html
More information on the success of this campaign and how it develops will follow on the blog but in less than a week I've already had three or four really good leads developed with a minimum of effort (about five minutes per day).
Sunday, 22 June 2014
Further reading
Had a slightly hectic week (aren't they all ?) in particular working with several new introducer accounts, all of whom hopefully will be reading this blog and listening to my podcast : PMICast (up to episode 50 this week which is an insurer 'awards' special - on iTunes and at www.pmicast.podbean.com).
One of the issues that I feel passionately about is using social media to drive my business forward. In this day and age, particularly in an industry like ours, being largely dependent on product knowledge and client relationships I feel it is vital to use social media both to highlight your business itself and also position oneself as a 'thought larder' in your individual field.
With this in mind I'd like to draw my blog readers attention to an interview/profile I gave to Premier Choice Healthcare a few weeks ago which has just gone live on their website.
Please have a read over at www.pch.uk.com/pch-consultant-qa-june-2014-phil-knight/ and let me know what you think.
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One of the issues that I feel passionately about is using social media to drive my business forward. In this day and age, particularly in an industry like ours, being largely dependent on product knowledge and client relationships I feel it is vital to use social media both to highlight your business itself and also position oneself as a 'thought larder' in your individual field.
With this in mind I'd like to draw my blog readers attention to an interview/profile I gave to Premier Choice Healthcare a few weeks ago which has just gone live on their website.
Please have a read over at www.pch.uk.com/pch-consultant-qa-june-2014-phil-knight/ and let me know what you think.
_________
Monday, 16 June 2014
Big Birthday Bash
Tomorrow PMICast, my private medical insurance podcast, is 50 episodes old tomorrow. Its over a year since I started but I've finally managed to drag myself to the first big achievement. I really never thought it would get so far so fast. As originally intended the podcast was going to be monthly but it quickly settled into a weeklyish schedule. The format has also varied over time but has settled into a reasonably stable breakdown of product advice and introducer news plus more recently a bit of more general business news and comment.
We've built up a decent audience over time and now average around 7,000 listeners to the various episodes per month but I'd like to double that over the next 50 episodes if possible - so please tell anyone you might think could be interested. It's also worth checking the PMICast podcast stream as I also have another couple of semi regular podcasts - there's Where's Wilson my SF and Fantasy podcast (a bit more light hearted) plus Afternoon Train which is a train of thought rant type affair.
The new episode tomorrow will also feature the first in my every 50 ep 'industry awards'.
So I'll record at some stage tomorrow morning and try and get the details up around lunchtime all being well - check out iTunes, www.pmicast.podbean.com and your favourite pod catcher tomorrow.
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We've built up a decent audience over time and now average around 7,000 listeners to the various episodes per month but I'd like to double that over the next 50 episodes if possible - so please tell anyone you might think could be interested. It's also worth checking the PMICast podcast stream as I also have another couple of semi regular podcasts - there's Where's Wilson my SF and Fantasy podcast (a bit more light hearted) plus Afternoon Train which is a train of thought rant type affair.
The new episode tomorrow will also feature the first in my every 50 ep 'industry awards'.
So I'll record at some stage tomorrow morning and try and get the details up around lunchtime all being well - check out iTunes, www.pmicast.podbean.com and your favourite pod catcher tomorrow.
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