Exeter Friendly Society is to launch itself into the corporate healthcare market this autumn with a ...
Exeter Friendly Society is to launch itself into the corporate healthcare market this autumn with a focus on small professional firms, writes Leo Bland.
The friendly society already offers individual PMI cover, but has decided to move into providing corporate healthcare plans as this is seen as a growth area.
The individual PMI market has seen fairly flat sales in the last few years and has been hit by the removal of tax relief on PMI premiums for the over 60s in 1997. Some PMI providers also believe that there is an element of saturation in the individual PMI market with much new business coming from those who are switching providers rather than from new purchasers of plans.
Exeter Friendly Society will offer a product covering a maximum of 25 lives and will look to focus on firms of professionals including accountants, architects and the legal profession.
Robin Payne, general manager business development at Exeter Friendly Society, said: "The reason we are doing this is that two
thirds of the business is in the corporate sector. We already have an excellent reputation in the broker community and we are looking to offer another option to brokers to provide for clients.
"We have an excellent financial services track record - it is not as if we are new boys in terms of the PMI market. The product will be particularly focused at the small scheme market with a maximum of 25 lives.
"We will target professional offices such as architects, legal offices, and accountants. We will not be exclusively aiming at these groups, but that is where the focus will be."
