Intermediaries are unhappy after discovering that PPP healthcare has been giving discounts on group PMI to selected brokers. The news that the SecureHealth group has been able to continue using the lower priced products it had negotiated with Guardian Health has added to rumours that PPP is failing to convert Guardian renewals.
Stephen Walker, intermediary at Brighton-based Medical Insurance Services, said: “I am sceptical about discount deals. It sounds like PPP is getting desperate. I presume its business is haemorrhaging.”
SecureHealth admits that it does have a special arrangement with PPP and explains that this is a continuation of an agreement made with Guardian, before it bought PPP.
It also explained that PPP is contracted to underwrite the SecureHealth product. “We have our own products that were underwritten by Guardian and are now underwritten by PPP,” said Stephen Rose, director of SecureHealth. “You can buy a corporate PPP underwritten product but with more cover and benefits than the PPP product.”
PPP does not deny the arrangement. “All Guardian Health business is in the process of migrating to PPP healthcare, including such bespoke schemes as those developed for SecureHealth,” said Emma Grainge, PR coordinator at PPP. “We set premiums for each scheme on the basis of its own performance and, for this reason, it is inappropriate to compare the SecureHealth scheme with other products and services provided by PPP healthcare.”