Paradigm Protect has launched a new Private Medical Insurance (PMI) proposition to member firms.

The proposition, designed to support firms with assisting clients in the private medical space and supporting a potential new revenue stream, is focused on educating advisers on the sector and introducing them to providers active in this area.

Paradigm Protect currently work with three PMI providers – Axa Health, the Exeter, and Vitality – and has commission terms available for member firms with all three.

For those looking to expand into offering PMI to their clients, Paradigm is encouraging advisers to read the Vitality Health Claims Insights Report which explores lifestyle behaviour, the role of prevention, the growth in primary care services, engagement with digital healthcare, and more.

Member firms seeking further information, including on how to set up an agency with the three PMI providers and commission terms as well as a link to the Report, can visit: https://www.paradigm.co.uk/protection/support/private-medical-insurance

Mike Allison (pictured), head of protection at Paradigm, said: “The healthcare landscape has shifted significantly, particularly post-pandemic, and we have seen an increase in demand from Paradigm Protect member firms for support in this area. That has undoubtedly 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.

“We know many clients are now opting to pay for the healthcare they need, as a result of longer waiting lists, which in turn has consequences for their retirement savings. We therefore believe this will be particularly relevant to firms active in the wealth advisory space.

“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, added: “Private healthcare products play an important role in helping the NHS meet the nation’s healthcare needs. 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.

“With this in mind, we are delighted to see Paradigm Protect launch their new healthcare panel. 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.”