check out what they specialize in
many financial services try to offer a variety of products, from mortgages to health insurance. Although this may seem like a favorable solution, it can put you at risk of not receiving the best coverage or price for your health insurance.
Which panel of insurers do you work with?
Ideally, you want a broker that is market-wide, meaning they work with every insurer in the industry. when working with a large panel, you should receive a more comprehensive review. beware of brokers who only work with a few insurers as this can be a cause for concern as they could have had their agency denied or revoked.
what customer testimonials do you have?
Nowadays, most companies invest in collecting reviews and testimonials from their customers. Apps like Feefo allow brokers to collect reviews only from confirmed clients. It’s important not only to pay attention to the rating of reviews, but also how recent they are.
Are they authorized by the financial conduct authority?
If you can’t find proof of your authorization on the website, ask them for your registration number. being registered with fca shows that the company has had to complete certain checks to become an authorized broker.
Are they responsible for their advice?
Not all brokers or insurers are advisers; in fact, most insurers sell without advice. This means that if you choose to go directly to the insurer, they can only offer you information about their products, but they cannot advise you what is best or if it would be a more suitable option. This is important as health insurance has different elements, so making sure you have the right underwriting and the right coverage levels for things like outpatient care can affect what is covered and how you use your coverage. The added benefit of choosing an advisory broker is that if you have been given incorrect advice, the broker is liable for any damages caused as a result of the misadvice.
Do they ask you what is important to you regarding coverage?
Without asking you what’s important, it will be difficult for your advisor to be sure that he or she is acting in your best interest. Private health insurance has a variety of different options, so having a clear understanding of how they affect your coverage allows you to find the policy that best suits your needs.
check if they are part of any industrial organization
organizations like amii & biba, focuses on raising professional standards in the insurance and medical intermediary industry. although this is not mandatory for brokers, it highlights their commitment to making the market more transparent.
are you charging for your service?
Sometimes brokers charge for their service, but they should tell you how much. however, most brokers will not charge you anything and insurers will pay them a commission percentage directly. This should not affect which insurer they will put you with, especially if they are advisors, since they should put you with the insurer that best suits your needs.
Do you offer ongoing support for claims and annual reviews?
Having the additional support of a broker can make the claim process smoother and faster. Plus, having a long-term plan for each customer, rather than a quick fix for the year, can make a real difference for things like regaining coverage for a condition or lowering your long-term premium.
Are they easily locatable?
Are they easy to get and treat you consistently? Being able to get in touch easily is important, especially if you need help or advice when making a claim on your policy.
These tips will help you distinguish a good health insurance broker and protect yourself when reviewing your private health insurance. If you have any questions or seek advice, please contact 01242 350071 or click the “we’re here to help” button on our website.