Peter Dunn has worked with the dental profession as an IFA for more than 30 years, where he's seen the dental market change in its engagement with intermediaries. He reflects on his journey and the importance of relationships, as he chose working with income protection provider Dentists’ Provident from the ‘inside’ over an early retirement.
"As an IFA I've always seen the benefit of using a specialist provider. It's reassuringly reliable and something the dental profession is very keen on," says Peter Dunn.
His liaison with dentists started in 1988 when he was headhunted to start a financial offshoot to an accountancy firm specialising in the dental profession. The dental sector accounted for 80% of his client base and as a director of a chartered IFA practice he successfully grew this side of the business.
Just over a year ago, a Google review of Dentists' Provident led him to a conversation with its chief executive Farrukh Mirza: "I had stepped back after selling my share of the business, but the Google review led us down a conversation. I told Farrukh how a decade ago I had said to colleagues that if I ever had a change in circumstances I'd like to work with Dentists' Provident - a product I'd recommended for years as an IFA. And here we are," he says.
Joining as a consultant earlier this year, Peter now works with the income protection specialist using his experience to better connect Dentists' Provident with IFAs across the UK.
"I remember 30 years ago when the vast majority of dentists bought directly from insurers. Today that figure has been flipped around in favour of intermediaries. We are continuing to work hard to reach out to the intermediary market, many are seeing the benefit of using a specialist and boutique insurer and the value we add over the generalists," says Dunn.
Market changes
In 2018, Dentists' Provident added a pure protection plan to its portfolio that also covered hygienists and therapists. Recently, they've also seen an increase in interest from students.
"There is a lot of potential when working with young dentists," Dunn explains. "With so much to cover during their Foundation Training discussions about the importance of financial planning often don't get the importance they deserve.
"One thing that hasn't changed during my 33 years working with the profession is that from the outset dentists should be protecting themselves against the risk of being unable to work, and unfortunately this is all too often forgotten."
It's all about relationships
Having joined the London head office, Dunn is impressed by how Dentists' Provident's sizable membership is treated by a relatively modest sized team; Something that notably stems from the culture within the organisation, led Mirza for more than a decade.
"It sounds a cliché, but supporting our members is genuinely treated as a great responsibility by the team. Members are treated as a part of our ‘family' and underwriting well at the outset means that we can be there when members need us most - when it comes to making a claim. It really is about the individual," says Dunn.
Dentists' Provident paid 96.3% of the claims received in 2020, compared with the market average of 86.5%1. Many IFAs are noticing the benefit of working with a company that engages constructively with its members and having access directly to individuals making the decisions.
"I know from my own time as an IFA that that relationship directly with the head of underwriting, claims or member services cannot be underestimated. It is unique to find this personal touch in today's market," says Dunn.
Top learnings
The dental profession, covering just under 75,000 individuals in the UK2, has changed significantly over the years, with the financial impact on dental practices and professionals having been a severe implication of the COVID-19 pandemic3.
"As an intermediary, it's worth understanding the dental landscape, with many professionals reviewing their personal finances as a consequence of the financial loss they saw in the pandemic, and the restrictions they are still working under," says Dunn.
Working in the industry for so long, Dunn often gets asked by intermediaries about his key learnings working with dental professionals. These include:
- Saving for the future is essential, but income protection is the bedrock product, as it ensures clients' have financial security should they become unable to work
- Dentists' pay can be complex, so it's vital to use an insurer who understands the different methods of remuneration when it comes to making a claim
- The NHS Pension scheme provides sick pay up to 26 weeks, but many dentists move towards private work quite early in their careers, so it's essential to regularly check your clients' income protection cover fits with their changing needs.
1 ABI & GRD, May 2021
2 GDC Annual Report and Account 2020
3 GDC, 'The impact of COVID-19 on dental professionals', Dec 2020
