BIIBA, the insurance broker trade body, has picked Clinicare to be its private medical insurer partner after researching the market for over two years for a PMI product to sell through its members.
The Clinicare policy, called The Best of Health, will be sold through BIIBA’s 2,500 broker members and will be available from this month.
BIIBA director Mike Williams said: “We have spent over two years speaking to all the big players and they all showed initial interest. But the market is in a state of turmoil and we needed to make sure the provider was interested in backing brokers rather than concentrating on direct sales.”
Williams added: “Many of our members’ clients are ideal candidates for PMI, and the product has been designed to be highly competitive and as simple as possible.”
BIIBA has produced a special marketing pack which will help its members sell the product. This contains guidance on gaining press coverage, effective advertising and cross selling. It also contains information about rising NHS waiting lists, which it believes will assist brokers in explaining the benefits of PMI to their clients.
He said Clinicare had been selected for its good claims reputation, levels of service and clear rules on underwriting. He added certain pre-existing conditions could also be covered. The policy is age banded, meaning policyholder’s premiums would be adjusted upwards each year.
Brokers who have clients with existing PMI, can transfer them to the Best of Health. Williams said it was likely this could offer improved benefits and a more competitive rate.
A strong selling point, Williams added, was free world-wide annual travel cover for the insured and their family, which is included in the policy and is worth around £120. The policy will be written on a moratorium basis.
Clinicare is the private medical provider arm of the Medical Insurance Agency based in Stevenage. Policies are underwritten by French insurer Strasbourgeiose.