Why Work with a Private Medical Insurance Broker?

Finding the right private medical insurance (PMI) can be a complex process—especially when you're managing it on behalf of a business. A specialist broker can offer guidance, help you understand your options, and assist with the ongoing management of your policy.

Working with a broker is not just about getting a quote; it’s about having a point of contact who understands your needs and can support you as they evolve.

In this article, we’ll explore what you can typically expect from a broker, some common benefits of working with one, and key questions to consider when choosing a broker for yourself or your business.

What You Can Expect from a Broker

Different brokers offer different services, so it's worth finding one that aligns with your expectations. Here are some things a broker may offer, but it’s important to check the terms of your agreement before deciding to work with them.

• Unbiased Guidance

Some brokers do not use incentive-based commission structures, where employees earn different levels of commission depending on the insurer or type of cover they recommend. This approach may help ensure that advice is focused on your needs rather than personal financial gain. It’s always a good idea to ask how your broker operates, so you can feel confident in the guidance you receive.

• Commission and Costs

Brokers are typically paid a commission by the insurer when a policy is taken out or renewed. This commission is generally included in the premium and does not increase the amount you pay. Some brokers operate on a 100% commission-based model, meaning their services come at no additional cost to you or your business. However, it’s always a good idea to confirm with your broker how they are compensated and whether any additional fees apply before signing any agreements.

• Flexibility

In most cases, you're not tied into a long-term agreement with a broker. If you ever choose to change brokers or work directly with your insurer, you can usually do so by informing the insurer directly. Check the terms of engagement or service agreement to confirm.

The Benefits of Using a Broker

While not all brokers offer the same level of service, many aim to support their clients in the following areas:

• Industry Knowledge

  
  

Brokers with experience in the PMI market can help explain complex policies in simple terms. They may also be able to provide a summary of available options based on your needs.

• Time Savings

  
  

Some brokers offer to handle paperwork, manage renewals, and take care of the administration for your policy. This can help save you time, allowing you to focus on running your business or managing your personal affairs.

• Policy Support

You may be able to ask your broker for help with understanding how your policy works, assistance with claims, or setting up insurer portals and apps. Some brokers also offer ongoing support throughout the year at no extra charge.

• Communication

  
  

Brokers can serve as the first point of contact when employees or senior management come to you with questions about the policy, when you're unsure how to respond to policy-related emails, or when you're seeking guidance and advice. Having a single point of contact who is familiar with your policy can help make the process smoother.

Choosing the Right Broker for You

The relationship you have with your broker should be based on transparency and trust. Before working with one, it’s reasonable to ask about:

• How they are paid

• Any fees they charge

• What services are included (and any that are not)

• Whether they provide midterm or administration support

• How frequently they review your policy

• Whether they work with a wide panel of insurers

  
  

These questions can help you decide whether a particular broker is a good fit for your needs—whether you're managing a company scheme or arranging cover for yourself or your family.

Conclusion

Working with a broker can help you navigate private medical insurance with greater clarity and confidence. While services and approaches vary, a good broker will aim to understand your needs and support you in managing your policy effectively.

For more information on what to consider when choosing or reviewing your broker, please see our article ‘5 Things to Consider When Reviewing Your Private Medical Insurance Broker’, available on the blog page of our website.

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.