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Medicash broker commissions break £1m mark

Cash plan provider sold 69,000 policies in 2018

Medicash’s broker commissions broke the £1m mark for the first time in 2018 to reach £1,069,000.

The cash plan provider sold 69,000 policies last year, with premium income rising by £1.9m, or 7.5%, to £27.5m.

Two thirds of all new business came via an intermediary.

More than 400,000 claims were paid, half of which were submitted via the Medicash App. In total, 96.3% of all claims received in 2018 were paid.

Paul Gambon, sales and marketing director at Medicash, said it is great to see businesses are still investing in the health and wellbeing of their employees. 

“There has been a big drive in employee wellbeing over the last 10 years and companies are more aware than ever that they need to look after their employees, not just physically but psychologically as well,” he added.

In March, Medicash acquired the health, wellbeing and safety training provider Health@Work, which also owns the Workplace Wellbeing Charter accreditation scheme.

In 2017 the Medicash board decided to donate its full technical account surplus to its Charitable Foundation. This was replicated again last year with a technical surplus of £822,000 being transferred to The Medicash Foundation to help a wide range of health and wellbeing focused charities and projects.

The Medicash Foundation has recently supported projects such as training 100 new volunteers for the Samaritans, heart screenings for young people aged 15 to 35 and a variety of homelessness and food poverty projects.