Case Studies
Disbanded group switching to a personal policy:
ABC Ltd had a group scheme with 2 members (member S paying a monthly premium of £1,182, member T, £2,036). At renewal, after reviewing all the options, the Towergate Private Client Account Executive recommended the group be disbanded, and each member takes out personnel policies. This resulted in an overall saving of £13,002 for ABC Ltd. Moving to a single annual payment saved 5%, and as members of Circle Sq., both A and B were eligible for a further 5% cashback on their premia, resulting in annual savings of £5,895 for S, and £9,416 for T. In addition, S’s excess was reduced from £250 to £100. All medical histories were protected as both members remained with their existing provider.
Remaining with the same provider:
Mr & Mrs S had a policy with an annual premium of £5,841, higher than others of similar age because of claims history. This made switching difficult, but increasing the excess generated a saving of £778. In addition, as members of Circle Sq., they were eligible for a 5% cashback on the premium resulting in an overall saving of £1,004.
Switching to a different provider whilst protecting previous medical history:
Mr J had a premium of £16,478. The Towergate Private Client Account Executive identified an alternative provider with a comparable level of benefits that resulted in a saving of £6,639. Removing certain benefits and increasing the excess responsibility resulted in a further saving of £3,740. As a member of Circle Sq., Mr J was eligible for a 5% cashback. Overall, the annual saving of Mr J, with benefits tailored specifically to meet his needs, was £10,651