AMII chairman Mike Izzard comments on exciting developments ahead for PMI specialists
Since the AMII “Promoting Professionalism” Conference in June, there has been a renewed momentum to move forward on projects to promote the professionalism of our industry.
The most important development over the summer has been the agreement with the Chartered Insurance Institute (CII) over AMII’s involvement with a new exam for the private medical insurance (PMI) sector. Based on a revamp of the existing IF7 Healthcare Products coursebook, the new syllabus for IF7 will have a greater focus on PMI, going into more detail on product structure and benefits, and the role of the independent healthcare sector.
There will be more emphasis on the advice process and the roles and responsibilities of intermediaries and providers within the PMI sector, including fact-finding for individuals and corporates, the quotation process, placing risk and transferring schemes.
An editorial committee is working on the new course material over the autumn, and it is planned for the new version of the IF7 coursebook to become available in Q2 of 2010. AMII will work hard with our partners at the CII and within the PMI industry to encourage all employees of intermediaries and insurers that have a customer-facing role to participate in this new exam
Passing an examination, however, is only the start of a journey. To continue to demonstrate professionalism it is important for intermediaries to engage in a robust programme of Continuing Professional Development (CPD). AMII and the CII recognise that some people will have already passed the existing IF7 examination, and taking it again is not a viable option. Therefore, for these people, it is proposed to put together an “IF7 plus” CPD package, which will cover the major new content of the revised IF7 module.
And into the future AMII will work with the CII and our other partners to provide further learning materials to give continuing support to those within the PMI sector that want to demonstrate a commitment to continuous learning. This support can be in the form of seminars, presentations at members meetings, articles within publications such as Health Insurance, the annual conference and an information library within the AMII website.
Finally, professionalism and best practice should extend to insurers as well as intermediaries. Earlier this year AMII and the British Insurance Brokers Association established a joint PMI panel with representatives from the PMI providers, initially to discuss claims transparency within the SME sector. Although this is likely to be a lengthy process, it has shown that there is a willingness among insurers to discuss issues of a common concern, and intermediaries are being asked to feedback into the panel other business practices they would like to see insurers address or improve.
Thanks to the state of the economy, there will have to be a debate about the provision of healthcare in the UK. If we want to see a greater role for the independent sector, we must demonstrate that the PMI industry is up to the challenge and offer cost-effective solutions for financing healthcare in the 21st century.
How and when did you start advising on PMI?
In 1995, when fed up with commuting into London, I was trained by and briefly worked for Bupa as a self-employed sales agent. My previous employers then offered me a much better package and I was enticed back into the commuting again. For the next five years, I dabbled in the PMI market on a part time basis.
Finally, in 2000, I gave up the commuting for good and moved into PMI full time with The Healthcare Specialists.
Do you advise on individual/corporate – or both?
While we have a number of small company schemes on the books along with a few large companies and individual international PMI schemes, the core of our business is individual PMI and there are no plans to change that. Our business model certainly fits most comfortably with the servicing and selling of individual schemes.
What time does your day start and what time does it end?
I normally aim to get into the office just before 9am to catch the early morning rush of phone calls and deal with the post. Often I will stay until 8pm or sometimes as late as 10pm if there is a lot of paperwork to do.
Do you work with introducers and how?
Occasionally, but Services it is not an important part of our business at the moment. Advertising is still the primary source of our leads along with recommendations. We rarely fail to sign up somebody when they have been recommended by an existing client.
How much time do you spend seeing clients?
Very little as most contact with individual clients is done over the phone or by post. Email is becoming much more important but it is still a difficult area with older clients.
Who in the industry do you most admire and why?
Since becoming an appointed representative of Chase Templeton in January 2005 I have seen Kevin Amphlett successfully build a rapidly growing organisation during these difficult financial times. This has given those involved the ability to develop our own businesses, look after our clients in a compliant friendly way and still operate profitably.
What products do you currently most rate and why?
The Bupa ClientChoice products are streets ahead of anything else at the moment. They are great value for money and with their Cancer Promise they are giving their customers even more peace of mind. I also like the PruHealth schemes with their Vitality and loyalty bonus.
How do you relax?
Unfortunately I am now too old to play football and so have to stick to watching it. I am a lifelong fan of Tottenham Hotspur but currently have a season ticket with local club Gillingham. When the weather is good I like to spend my time walking and exploring the views and the history of the Garden of England.