The Exchange has announced the launch of a new Private Medical Insurance (PMI) comparative quotation service with a special introductory offer and six providers already signed to come on board.
The six provider partners for the service, which is being launched via the Exweb portal, are Exeter Friendly Society, Health-on-Line, Norwich Union Healthcare, Prudential Health, Standard Life Healthcare and Freedom Healthnet.
Talks are also currently underway with a further five providers about their future involvement. And the PMI service will be expanded to include corporate PMI schemes later in the year following provider demand.
As part of the launch campaign, the PMI service will be free to Exweb users until the end of October 2005.The Exchange says it has sourced advice and feedback on the service from specialist PMI intermediaries and its provider partners to ensure it is developed in line with market requirements.
The new service is designed to enable intermediaries to produce comparative quotes for individual PMI policies in a format consistent with the other Exweb quote services they already use.
The Exchange says it will also offer Independent Financial Advisers a referral service via the PMI Club, which is run by Preferred Medical, enabling an adviser who is reluctant to carry out a sale to refer clients to Preferred Medical and receive an introducer’s fee. A trained PMI specialist will then deal directly with the client to conclude the sale, while providing a guarantee that the client will never be contacted for any reason other than the administration of the PMI scheme, says the portal.
David Child, managing director at The Exchange, says its market research shows that 83% of its users would find a comparative PMI service a useful addition to Exweb and, since announcing its intentions to launch into the PMI market, interest from providers and distributors alike has been significant.
“It is great that we have been able to work with the leading PMI providers who have helped shape the service and we have recently identified a launch partner to pilot the service from an intermediary perspective,” he adds.
The PMI quote service on Exweb will cost IFAs £1.50 per quote or £18 per month for unlimited usage after the end of the special offer which finishes at the end of October 2005.
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