Matt Howells, Founding Partner of Vizion Health talks to May Walker-Wallis, Head of Marketing, to give an insight into Vizion Health and Private Medical Insurance.
MAY: What was the main motivation behind joining Vizion as the Founding Partner of Vizion Health?
MATT: My main motivation behind joining Vizion was the opportunity to build my own business within an already reputable and established brand. When paired with the opportunity to work with the existing Partners to cross sell Health Insurance, along with the administrative support from Vizion’s experienced Account Handlers, it was an opportunity too good to miss.
MAY: Private medical insurance is a huge market. What areas do you focus on and will you be looking to expand these?
MATT: Luckily, I have a lot of experience in PMI as a general subject as this is the only insurance product I have worked with. I specialise in cover for individuals and families, SME businesses (up to 250 employees) and international cover. I can also provide cash plans if they are required to supplement a PMI plan - this is generally in the SME space.
Large corporate cover is not something I have dealt with on this scale; however, this is something that I would like to be able to further accommodate as we build Vizion Health.
MAY: How will your expertise in health insurance compliment the High Net Worth and Commercial clients at Vizion?
MATT: Health Insurance is far from a ‘one size fits all’ product. The skills that I have acquired over my years in medical insurance are a natural fit for the existing Vizion clients. It is key to understand the requirements of each client and make recommendations based on each individual set of circumstances.
There are several factors such as age, pre-existing conditions and a client’s financial situation which all must be taken into account in order to offer the best possible advice.
Businesses and individuals often fear reviewing medical insurance for the uncertainty around not being covered for pre-existing condition, however it is always worth a review, even if just to have the peace of mind that they are in the best possible position currently.
MAY: As a result of the economic uncertainty of recent months following Brexit and the current pandemic, putting increasing strain on the NHS, how do you think this might change the face of the PMI market?
MATT: This is an interesting question and one which isn’t straightforward to answer. Ultimately, how people view PMI is totally personal and dependant on their own financial situation, age, beliefs and experiences. UK PMI is designed generally to be used alongside the NHS. For instance, broadly speaking, the private healthcare sector in the UK is not geared up to deal with emergency situations. Therefore, any situation which would require emergency admission would be dealt with by the NHS. This isn’t purely a logistical standpoint; it is also because the NHS has the facilities to deal with this kind of incident. Because PMI isn’t a compulsory insurance and we do have the NHS in place, if people find themselves in financial hardship, they may toy with the idea of cancelling their policy. I would always advise against this, as there are several cost saving options which are worth considering.
The NHS will be under increased pressure over the coming months and will take time to recover, which is why PMI is very important. The wait times for non-urgent surgery will be extended by months. None of us can say when things will return to normal, and even in ‘normal’ times the NHS was stretched.
MAY: PMI often has a reputation of being costly, both for private individuals and corporate businesses? Is this always the case and can it be made cost effective?
MATT: It does, and in some respects, PMI can be costly. However, this is generally dependant on age, the general health of the clients and usage. The most important thing to mention is that advice is crucial to making PMI sustainable.
Many people who experience large premiums have not sought the advice of a broker before taking out a PMI and because changing provider is a minefield with regards to pre-existing conditions people often feel trapped.
As well as allowing a broker managing your policy, there are several cost saving options which can be applied to a plan to reduce the premium. Again, the choice of cover level will depend on personal circumstances such as age, financial situation and reasons for having PMI.
MAY: What are your future plans to expand the offering of Vizion Health?
MATT: The offering of Vizion Health will expand over time to incorporate multiple aspects of wellbeing and protection, as this is becoming a huge focus especially in the commercial space. HR teams are now increasingly being asked to put in place wellbeing strategies for the businesses they work for, which can be an arduous task without a good understanding of what this really means. This is where we have already started to build, and I see this space growing rapidly.
