Excellent cost savings and improved cover, for this new client
An Accountants based in Cambridgeshire and Norfolk, with staff located at other offices. Most of whom are covered by a company private medical insurance scheme.
At our first meeting with the practice manager, he said he was uncertain if they had the most cost effective choices in place after their policy was reviewed recently by another broker, who did not specialise in this type of insurance. In addition, the policy was complicated with numerous levels of cover and excesses, which caused confusion for the people covered, meaning when it came to claiming some staff were unsure of what and what was not covered.
We were able to take a fresh approach to this client’s cover and subsequently carried out a comprehensive review of other insurance providers (market review). As a result of competitive market feedback, we reduced the cost and at the same time take out the complexity, with the result of improving the level of cover and terms of the policy, which was much more suitable for this client. During our review process we also negotiated and reduced the cost of the insurance which gave the client £6k annual saving, maintaining a suitable benefit level and underwriting terms.