Partners in Confidence: Helping Employees reduce private medical insurance premiums

The Client: Independent prep school

Understanding the client challenge

Quantum Advisory recently worked with the HR manager of an Independent junior school in London, who is responsible for managing their private medical insurance programme.

Whilst many schools are seeing significant increases in their annual healthcare spend, due to a poor claims experience, this independent school was being subjected to a 30% increase in premium, due to a combination of medical inflation and the overall performance of the provider's SME book of business.

As the provider would not negotiate on the renewal terms proposed, the independent school commenced plans to terminate the scheme and withdraw the benefit from their benefits programme, based on ongoing affordability.  As removal of healthcare spend would have a significant impact on employee morale, it would also impact on employee Wellbeing, as employees would no longer have easy access to medical treatment.

We were therefore tasked with sourcing an alternative healthcare provider, who would offer equivalent benefit limits, at a competitive price

Providing a big name service on a first name basis

Following extensive negotiations with the leading healthcare providers, Quantum Advisory’s Employee Benefit team secured terms for a healthcare scheme based on an equivalent benefit basis, for an annual premium of £14,000. This equates to a saving of £13,000 (i.e. 48%).

Although the cover between health care providers can vary, Quantum established benefit levels which comparably matched the previous policy. 

Carl Heritage, Employee Benefits Consultant at Quantum Advisory said. 

"It is important to work in partnership with your client and have good relationships with the leading healthcare providers, as this removes the complacency we often see from providers, whilst enabling us to obtain the most competitive terms for the required benefit basis.

“We now have a client who is able to maintain their Private Medical Insurance provision, as part of their Wellbeing strategy.”

Client impact

The reduction of premiums by approximately 48% has enabled the school to maintain its offering of private medical cover to its employees, exhibiting that the health and wellbeing of its workforce is a priority. This means the staff have access to appointments and medical treatments when and where required, contributing to a reduction in staff absenteeism. 

The client’s HR Manager said

“I recently had the pleasure of working with Mr Carl Heritage from Quantum Advisory, and I cannot recommend his expertise and professionalism highly enough. As a benefits consultant, Carl provided exceptional support in sourcing a private medical insurance provider for the school’s management team. His efforts resulted in securing a policy at nearly half the price quoted by our current provider, which has been a significant cost-saving for us.

Throughout the process, Carl demonstrated outstanding dedication, maintaining regular follow-ups to keep me informed at every stage. His transparent communication style made the entire experience seamless. I am grateful for his assistance and would not hesitate to work with him again or recommend his services to others.”