SimplyBiz Mortgages has today (5 July) launched a private medical insurance referral service for its members, run in partnership with specialist brokers Medisurance.
The service will help members place both group and individual schemes with Medisurance, providing all necessary support and cover for all regulatory requirements.
The proposition will include both initial and renewal commission.
SimplyBiz Mortgages chief executive Martin Reynolds said the move is merely an extension of the “tried and tested formula” of offering members access to different products areas, from commercial lending to protection on a referral basis.
“PMI is definitely undersold, but should form an integral part of the protection and wellbeing aspect of the adviser/client relationship,” he added.
Kevin Simmonds, managing director of Medisurance, said: “SimplyBiz Mortgages is our first affinity partner and we are delighted that it has chosen to partner with us; we provide specialist support in an underserved market.”
Tom Conner, director at Drewberry, said a well structured referral relationship can add significant value to both businesses and their clients.
He said: “Often these relationships can be problematic or a non-starter if there is any product/service overlap between the two firms.
“In these cases it is essential to partner with an adviser firm that has the systems in place to ensure advice is only provided in the agreed areas and no marketing is conducted in areas where there is an overlap.
“Many large networks don’t have a PMI proposition having chosen to prioritise mortgages, protection and financial planning instead,” he stated, adding PMI can be a complex product and should really be arranged by a specialist, “so networks partnering with PMI advisers seems like a logical conclusion”.
peter.walker@ft.com
