5 Things to Consider When Reviewing Your Private Medical Insurance Broker

Choosing the right private medical insurance broker can play an important role in helping you navigate the complexities of health cover. Therefore, it's a good idea to periodically review how well your broker is meeting your needs and if their services still match what you’re looking for. In this article, we highlight five key points to think about when assessing the support your broker provides.

1. Communication

Good communication is essential in any business relationship, including with your private medical insurance broker. If you find that you’re often chasing your broker for updates or waiting a long time for responses, it could be a sign that your needs aren’t being prioritised. A reliable broker should keep you informed and respond promptly when you have questions about your policy. If you feel you’re not receiving this level of service, it may be time to reassess your broker’s approach to communication.

2. A Proactive Market Review

A proactive broker should review the market annually to ensure that your private medical insurance policy remains suitable for your business needs. If you’re having to request a market review yourself, it could suggest that your broker isn’t actively looking for ways to improve your cover or secure more competitive rates. A regular review can help identify if your policy is still a good fit as your business evolves.

3. An In-Depth Needs Analysis

Every business has unique healthcare requirements, and your private medical insurance should reflect that. If your broker hasn’t conducted a thorough needs analysis at renewal, they might not be providing the best possible policy for your company. A comprehensive needs analysis takes into account factors such as your budget, the level of cover required, and the medical needs of your employees. Without this step, you may end up with a policy that’s either inadequate or not cost-effective.

4. Choice and Flexibility

Flexibility is important when reviewing private medical insurance. If your broker is only offering you a single option, it’s worth considering whether they are exploring all the possible solutions available to you. A good broker should present multiple options, allowing you to choose the one that best meets your business’s requirements and budget. If you’re only being given one option, it may be worth seeking a broader range of solutions.

5. Feeling Valued or Heard

Your business isn’t just another number, and neither are your employees. If you feel like your broker isn’t listening to your concerns or doesn’t fully understand your priorities, this could be a sign of a mismatch. A broker should build a relationship of trust, tailoring solutions to your specific needs, not just focusing on making a sale. If you’re not feeling valued, it may be time to evaluate whether your broker is the right fit for your business.

Conclusion

Private medical insurance is an important benefit for any business, and your broker should be committed to finding the right policy for your members. If any of the above points sound familiar, it may be useful to periodically review your current broker relationship. Taking time to assess your broker’s service and the suitability of your cover can help ensure it aligns with your business’s needs as they evolve. After all, your circumstances and business requirements may have changed since you last reviewed your policy, particularly if it’s been a number of years.

Disclaimers:

Disclaimer 1: The information provided in this article is accurate as of April 13, 2025. However, all details are subject to change in the future based on updates to insurer terms, market conditions, or regulatory changes. For the most up-to-date information, please contact a broker or your insurer directly.

Disclaimer 2: The information provided in this article is intended for educational purposes only and should not be used as specific advice for any individual insurer or policy. For details regarding your specific policy, always refer to your insurer’s policy documents or contact a broker or your insurer directly for personalised assistance.