View more on these topics

Product Matters

The decision by Western Provident to freeze the premiums on its flexible benefits scheme which is aimed at small corporate private medical insurance customers may come as a surprise to many coming as it is at a time when average premium increases are between 7 per cent and 15 per cent.

However, it is an immensely sensible decision and it is in response to two main trends.

These are the Government&#39s determination to cut waiting lists and create a cheaper and more efficient service in return for investing large sums of money into the health economy.

This may be motivated by politics but the main casualty of the increased efficiency is the private sector, as it is expected to result in less demand for private medical cover.

As waiting times fall, patients will start drifting back to the NHS.

The continuing trend of a decline in sales of individual PMI policies but an increase in corporate policies which receive big subsidies.

These changes – lower costs and shift to corporate policies – are putting pressure on costs and the traditional PMI business model. There is likely to be much more emphasis on prevention and health care as opposed to treatment.

To some extent, this has also been reflected by Western Provident&#39s decision to pick up on the issue of work-related stress and the effect that this is having on absence from work due to sickness. The company is including access to employee assistance helplines at no extra cost.

Anna Sofat is managing director of Destini Fiona Price


Three-tier charges for NU and Millfield wrap

Millfield and Norwich Union&#39s Lifetime wrap platform is set for an autumn launch, offering a choice of 400 funds from across 40 fund managers. Lifetime will have a three-tier charge structure with a 0.5 to 0.9 per cent management charge plus an advice charge set by the adviser as well as the fund managers&#39 annual […]

CII launches 21st century young insurance professional of the year award

The CII launches the Sheikh Abdullah Foundation for 21st century young insurance professional of the year award. The award, sponsored by the Sheikh Abdullah Foundation will be offering the £3,000 award to the winner at the UK Insurance & Financial Services conference on October 1. Entrants to the award must be 30 years old or […]

Get on platform for express service

Tom Baigrie recently argued against customers being able to buy protection on a non-advised, self-directed or execution-only basis and suggested that in some way the FSA needed to act (Money Marketing, June 10). He said he is keen for debate. So here goes, Tom, this is the other side of the coin. My company&#39s position […]

Mark Chilton

Mark Chilton has gained a reputation as one of the best start-up men in the mortgage business for his role in launching and growing Savills Private Finance and before that First Mortgage Securities. He believes his latest venture, Purely Mortgages, will drastically change the marketplace. Backed by Chase de Vere Mortgage Management and funded partly […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers. Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and thought leadership.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm