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Health insurer’s broking commissions soar 59%

Health insurer’s broking commissions soar 59%

Health insurer’s broking commissions soar 59% Liverpool-based health insurance provider Medicash posted record sales and stunning growth in broking commissions for 2015.
 
The leading health insurer reported that sales of company paid plans rose from 38,477 in 2014 to 41,469 last year, driven by a strong intermediary led-market.
 
The total number of Medicash policyholders increased by 11%, up from 169,918 to 188,314 in the same period.
 
Premium income grew by 5.5% from £21.8 million to £21 million while commissions paid to intermediaries rocketed by 59% to £463,000.
 
Medicash said 97% of claims received were paid, with the value reaching £18.4 million, up by 7% from 2014.
 
“We are delighted to have experienced another year of strong growth,” said Medicash chief executive Sue Weir.
 
“The increase in take up of corporate plans is a reflection of a continued focus on our ongoing commitment to investment in innovation and first class customer service,” he added.
 
The insurer said “significant new business wins” boosted sales considerably. However, the increase in insurance premium tax that came into effect in 2015 had a negative impact on its financial results and on the wider market.
 
To build on its strong performance, Medicash has sustained its focus on customer service and product development throughout 2016.
 
Earlier this year, the insurer teamed up with industry specialists Medex Protect to launch a revolutionary new corporate plan aimed at families.
 
 
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