As sales of individual private medical insurance continue to decline, some providers and advisers suggest the industry has let IFAs down by its lack of investment in new technology.
Figures from the Association of British Insurers (ABI) earlier this year revealed the number of individual PMI subscribers fell to 1,012,000 in 2005, reflecting a declining trend since the late 1990s. Online PMI provider Health-On-Line believes the reluctance among IFAs to recommend such policies is not the fault of IFAs themselves, but is down to the industry’s lack of investment in new technology which could help simplify the product. Mark Martin, managing director of Health-On-Line, believes the traditional barriers to intermediaries recommending PMI to their clients are threefold: ...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
