Mortgage and protection network Paradigm Protect is moving into private medical insurance (PMI) distribution.
The firm revealed it is extending its provider panel to include PMI with initial access to three providers – Axa Health, The Exeter, and Vitality.
It added it has seen an increase in demand from member firms for support in this area which it said had come as a result of clients looking at their potential options for PMI, at what cover costs, what it entails, and what options are available to them.
The firm has developed a new page on its website which provides an introduction to the healthcare market, and information on the provider propositions and USPs, how to register and commission terms.
Mike Allison, director of protection at Paradigm Protect, added: “Member firms active in this space, or indeed looking to be active, can utilise this new PMI proposition from Paradigm in order to access the growing opportunities that exist and to provide the right, tailored solutions to their clients.
“It looks likely that more and more clients will be open to conversations about their PMI needs both now and, in the future, and we intend to support adviser firms with a growing range of services in this space.”
Karen Woodley, head of healthcare distribution at The Exeter, said the insurer was delighted to see Paradigm Protect launch its healthcare panel.
“Private healthcare products play an important role in helping the NHS meet the nation’s healthcare needs,” she said.
“When understanding the range of options available, financial advice can be invaluable for consumers, helping them access the most appropriate solution at the right price.
“We look forward to working together to ensure more people have access to the best possible healthcare solutions to help safeguard their health and financial wellbeing.”
In terms of meeting the additional demand for its services, a spokesperson for Paradigm Protect told Health & Protection this will be done using existing resources with support from their Protection Helpdesk service. The spokesperson added that the network will not require additional staff or resource, at least initially.
