The following case studies are examples only and should not be considered as financial advice. You should always seek advice relevant to your own specific needs and circumstances before making any financial decisions.
Case Study 1 – Corporate
Industry sector – Financial Services, Number of employees 175, employed over 3 sites in the UK.
Original policy first review April 2014:
Private Medical Insurance with a renewal premium offered at £116,930 against previous year £83,227.
Occupational Health on an Ad-Hock basis with Capita – Annual spend circa £10k.
Total annual premium of £126,930
Following an in-depth analysis of what the client expected from their healthcare insurance, reviewing their medical history and by performing a full market review we negotiated a premium of £96,695 for the private medical insurance. The only change made was an increase of excess to £200 per person per policy year from £50 per person per policy year.
We then introduced a Cash plan for all staff which enabled the group to claim the excess from their private medical insurance against the cash plan along with having additional benefits such as dental, optical, therapies and health and wellbeing benefits for a total annual premium of £14,297.
Lastly we sourced a revolutionary Occupational Health Solution which covered all staff for all charges relating to their occupational health requirements for private GP and nursing, counselling (telephone and face to face) with unlimited cover for all staff at an annual premium of £4,231.68.
Total annual premium for the renewal. £115,223.68 including all 3 options (Private Medical Insurance, Cash Plan and Occupational Health) which is less than the original renewal offer for the Private Medical Insurance alone.
Renewal of this policy 2015:
Premium increase for the Private Medical Insurance – only 9.77% which is less than the rate of medical inflation.
NO increase in premium for the Cash Plan.
NO increase in premium for the Occupational Health policy and a 2 year fixed rate negotiated.
Renewal of this policy in 2016:
The group has performed well again this year and the renewal was originally offered at a 6.92% discount against the current premium paid. After a full market review and positive market feed-back we negotiated a further discount for the group giving them a saving of 12.45 % against the current premiums paid.
NO increase on the cash plan premium
NO increase on the Occupational Health policy as a 2 year fixed rate negotiated last renewal.
Case Study 2 – SME (Small business)
Industry sector – Global Investment Research Analysts, Number of employees 15, based in London.
We were appointed to this client in July 2015 and performed a review for the first time in August 2015.
Premium paid in 2014: £41,775.07
Renewal Premium offered in 2015: £47,307.24
This policy was covered on a Medical History Disregarded basis with full refund cover, Extended London hospitals and £0 excess.
Following a meeting with the client at their London office, it was made clear that they did not realise the saving that could be made by removing cover for the 6 hospitals on the Extended hospital list. The group administrator liaised internally and it was apparent that these hospitals had not been used by the members on the group.
By implementing this very simple change, the group paid a premium of £24,054.62 at renewal which saved them over £20,000 without losing any benefits for their members.