Healthcare Insurance - An additional income stream for your IFA business?
Many IFAs and most Wealth Managers are reluctant to get into health and wellbeing products and services because of the perceived complexity and the myriad of products on offer.
There is no doubt that advising on healthcare, whether private medical insurance or health cash plans, requires specialist knowledge.
Products and benefits are expansive, underwriting is complex as is transferring between one provider and another. It probably doesn’t make sense for you to invest the time and effort to become an expert if you are only going to get involved occassionally.
But there is a way in which you can expand your business, increasing your revenue and strengthening your client relationships without the need for you to become experts.
The Association of Medical Insurers & Intermediaries (AMII) represents around 120 intermediaries who specialise in healthcare and work with clients throughout the UK.
Most of these intermediaries would be happy to enter into some form of introducer arrangement to provide you with the professional expertise to advise on these products.
Whether you refer to them as a business partner or your retained specialist consultancy for health and wellbeing, the outcome is the same. You get the benefit of expert advice which compliments your client relationship without the pain of developing the knowledge in house.
To obtain a list of specialist healthcare intermediaires who may be willing to discuss introducer arrangements with you, visit the Find-An-Expert section of our website. Specify your geographic area and we will provide you with a list of our specialist members in your area.