Technology: MediQuote to face competition in the private medical insurance arena
The Exchange is poised to launch a private medical insurance (PMI) quotation service, it has been revealed.
According to the Exchange, it will add a PMI quotation system to its portal, Exweb, before Q3 2005.
The move will see MediQuote, currently the only PMI portal in the market, face competition for the first time.
Speculation suggests this could be a devastating blow for the portal, which has failed to sign BUPA, the biggest player in the market, to its operation following its launch as an internet service in 2000.
Therefore, a key success of The Exchange's new venture is whether it has managed to secure BUPA on its offering.
Ralph Tucker, portal marketing and services manager at The Exchange, said the move into the PMI arena came in a bid to round up the portal's offerings.
While he revealed that The Exchange has already had talks with several providers, he refused to confirm whether BUPA had signed up or not.
"It is important to have the bigger players there so you can support the smaller players as well," he said.
MediQuote however, declined to comment on The Exchange's forthcoming PMI service.
Commenting on the imminent launch, Susie Colley, principal of West Country Health Care, said new developments are important, but portals do have restrictions.
"I am always open to new developments, however, it depends what they will provide.
Currently, I do not use MediQuote, I do all my own quotations.
This is because I need to know the difference in benefits as well as the difference in price.
"I think portals are useful for private medical insurance specialists who are looking for a quick price comparison but not for benefits," she said.
