Car dealership Lookers has saved £30,000 on premiums after consolidating 14 private medical insurance (PMI) schemes across its business.
The firm had accumulated the schemes through acquisitions. It decided to replace them with one large claims-related scheme and retain one existing plan, which has an older demographic and a high number of claims. It was not cost-efficient to transfer this group of employees into the larger scheme because it would increase premium costs.
Lookers, which worked with Jelf Employee Benefits, while Aviva provided the claims-rated plan, also looked to make improvements to its PMI provision. On its new plan, these include: increasing the outpatient limit, introducing a stress helpline and reducing under-utilised hospital cove.
Previously, Lookers had broker involvement in only one scheme and had administration issues because of differences between the plans.
Glenda MacGeekie, solicitor and assistant company secretary at Lookers, said: “We are now in an infinitely better position when it comes to our next renewal.”
Read more about private medical insurance (PMI)