IFAs missing out on special risk protection market

IFAs are missing out on the special risk market, says The Insurance Surgery.

The specialist broker was established to assist IFAs in placing special risk protection business.

Paul Mellor, founding director of The Insurance Surgery, says: “The potential market is huge, with one in three people in the UK now suffering from a long term health condition, but far too many impaired health clients are simply regarded as uninsurable.

“With the number of clients falling in to this category increasing, IFAs are spending more and more of their time chasing insurers for terms.

“Many IFAs deal so infrequently with these types of cases that they either ignore it completely or are ill-equipped to target specialist providers, and find themselves issuing several simultaneous proposals, only to find that only one or two may actually offer terms.

“Even when successful, these IFAs will find they have eaten into their margins in the process”.

“IFAs can not afford to ignore the special risks market; the number of people suffering from diabetes will exceed three million by the year 2010, but they must determine whether they wish to pursue this market actively or engage the services of specialists who can ensure that these cases are placed immediately with the most appropriate provider.”

The Insurance Surgery have been specialising in the special risks market for eight years and has recently expanded its online IFA Consultancy Service.

The Insurance Surgery’s IFA Consultancy Service provides the completed research within 48 hours and charges a one-off fee of £125 per enquiry.

David Brattesani,, partner at Threesixty, says: ”We are an active supporter of The Insurance Surgery, and the feedback from IFA clients who have subscribed is encouraging.

“We are great believers in dealing with specialists, and we encourage all IFAs involved in protection business to register with this service”.