Medicash – Standing out in a competitive marketplace
The content of this article has been supplied by Medicash, the health cash plan provider.
As an intermediary you expect providers to deliver a seamless service for you and your clients. After all, it’s your reputation which is at stake and your client’s business that matters at the end of the day.
Your clients expect you to be up to speed with current trends as well as the challenges that they face as employers. In times of such high employment, attracting and retaining the best staff is at the top of every employer’s agenda. A solid compensation and benefits package is no longer a preference – and it needs to be one that is delivered seamlessly.
So, in an increasingly competitive market what can you do to help yourself stand out and protect your reputation?
Service, service, service
Today, price is becoming less of a driving factor for employers as they look for partners who can deliver first class service and add real value to their propositions. But it’s not just the service you provide that matters, it’s the service delivered by the providers you recommend that your clients will remember. Poor service from them, such as claims constantly being declined, will impact your clients’ impressions of you.
That’s why at Medicash, we have always placed the customer at the centre of everything that we do. In 2012 we teamed up with Investor in Customers (IIC) to find out exactly what our customers and the broker market thought about the service we offered. Thanks to the feedback we achieved a two-star Outstanding Award for customer service (the equivalent of Silver today).
More importantly, though, we received feedback on what we were doing well and what areas we should focus on to improve our service even further – and that’s exactly what we did!
When we were reassessed in 2013 we achieved IIC’s top Gold Award for Exceptional Customer Service and have retained this every year since.
We also use online tools like Trustpilot to collate feedback and are proud to have a five-star rating on here too (9.5 out of 10 at the time of writing).
The next time you are going into a meeting with a client, why not take a few moments to collate some information from sites such as Trustpilot and Feefo, together with some real-life testimonials? They will add real weight to your proposal and make you stand out from other brokers who may have focused solely on the differences in plans or price.
The future is tech
It’s no longer just millennials that demand that products come with an app. We all want services that are easier to access – regardless of the time of day – and health insurance is no exception.
Medicash was the first provider in the cash plan market to offer an app that allows users to make a claim simply by taking a photo of their receipts via their smartphone or tablet and submitting it directly, rather than having to fill out paper-based forms. The latest version of our app was released at the end of 2018 and includes new features which capture bank details at the point of claim, meaning that payments will be back in a member’s bank within just one working day of being processed. The app also allows users to download policy documentation and update their contact details instantly.
Demand for services such as Virtual GPs has also grown rapidly as more people now have to wait longer to see their doctor. Recent research shows that 63% of UK adults are willing to have a video consultation for a minor ailment and 55% for advice on an ongoing problem or condition and so including services such as this within your corporate plans is an absolute must. At Medicash, we’ve teamed up with Now Healthcare Group to offer these services within a dedicated app that also includes a chat facility with a pharmacist and the ability to order NHS repeat prescriptions in-app.
Communication is the key to getting employees engaged
It’s important that you work with your clients and your benefit providers to ensure that all employees are aware of the existence of the full suite of services they are entitled to and how to access them.
It’s also important that employees understand why you and your client have implemented the range of benefits chosen and that you reinforce this with positive messaging throughout the year. By doing this, you’ll get more engagement from the workforce and greater buy-in from the Senior Management Team when you come to discuss renewals the following year.
Finally, always check the detail
This is one area where many intermediaries can trip up. Although on the surface two products from different providers may appear the same, the restrictions or exclusions included within the Terms and Conditions in the background can mean that they are quite different. Likewise, swapping from one provider to another could suddenly lead to clients no longer being able to claim for items that they had previously been able to access.
Being able to clearly explain the benefits and pitfalls of the various options on the table will make you stand out as an industry expert and give clients even more trust in the services and advice that you offer.
The content of this article has been supplied by Paul Gambon, Sales & Marketing Director at health cash plan provider, Medicash.
If you’d like to find out more about Medicash please call 0800 192 2992, visit www.medicash.org/intermediaries or email firstname.lastname@example.org