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New Bupa commission structure offers more awards for intermediaries
19 January 2006
Bupa UK Insurance will be introducing a new, simpler commission structure for all business to business products from 1 February 2006 and will be extending it to include non-PMI products.
The new structure has been carefully designed to offer the intermediary community fairer and more attractive commission rates, as well as encouraging growth in the SME market and a slowdown in business switching between insurers.
From 1 February, all commission will be calculated according to the value of the business written. In addition, for the first time commission will be paid for screening and absence management products as well as PMI.
Damian Lenihan, national sales manager intermediaries, Bupa UK Insurance, comments: “There is huge opportunity within the business to business market to reduce switch business and to organically grow the market and we feel that by reviewing our commission structure, we can create a win-win situation for both Bupa and for intermediaries.
“PMI is not the only solution to a business’ healthcare needs. Businesses are looking for a broader range of healthcare solutions and Bupa is industry-leading in offering a full range of health products. By extending the new commission structure to include non-PMI products such as Absence Management and health screenings we are encouraging intermediaries to maximise opportunities to cross-sell our range of products.”
The implementation of the new structure follows Bupa’s recent launch of Bupa Select, which allows brokers selling private medical insurance to enrol companies and give them access to cover within minutes.
Damian Lenihan continues: “Ultimately, this new structure means our business products will provide a more attractive proposition to intermediaries, with greater ongoing rewards to recognise the contribution they are making to our business.”
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