HOW WILL THIS BENEFIT SURGEONS?
Surgeons tend to be asset rich by time poor.
The majority of us buy our day to day household and general insurance policies on an individual basis and thus fail to take advantage of the considerable buying power inherent in the fact that there are more than 10,000 of us in the UK. This is a significant lost opportunity from which we could all benefit.
By acting together, we can collectively achieve better outcomes than would be available to us as individuals.
WHAT ARE THE ADVANTAGES OF A COLLECTIVE APPROACH?
Affinity groups share characteristics which means predicting their behavior is relatively easy; in the insurance world, this means our policies can be priced more easily and therefore more cheaply by the insurance companies. This is especially the case when we subscribe together to a specially tailored scheme.
We surgeons are high net worth individuals, and our demographic is known to deliver fewer claims and better loss ratios (i.e. lower payouts relative to the premium charged) than the general public, a phenomenon which can be factored in to the premium negotiations.
The addition of family members and the potential for “bundled” coverage of more than one policy (e.g. home + car + disability + travel) could generate greater volume and allow the savings to be even greater.
Taken together, these characteristics represent a real opportunity to look for lower premiums and much better cover in our insurance policies. MediXcover will enable us as surgeons to unlock for our own benefit the considerable value contained within the volume of insurance premiums we pay every year.
IN WHAT WAY ARE OUR NEEDS UNIQUE?
Many of us are lucky enough to own multiple homes, which we guard carefully
Even more of us own multiple vehicles, but we are usually careful drivers
We often have young drivers in our families
We travel frequently, on business and on holiday
And we have specialist personal needs, such as protection against injury to our thumbs, our dominant hands and our eyes
Some of us have specialist business needs too, in needing to insure our practice premises and our employees
MediXcover in conjunction with our broker partner aim to provide solutions that are not available from standard insurers and which individual surgeons might not think to ask for individually.
A MediXcover policy may also make life easier in other ways, for example, by replacing the burden of multiple annual renewal dates with a single policy covering all of our risks on a continuous monthly basis.
Tony Narula FRCS
John MacFie FRCS
Nigel Mercer FRCS