Press Release - Medibroker Awarded Best International Medical Insurance Intermediary

Medibroker Limited was launched as an online Medical Insurance Independent Intermediary and specialist Brokerage service in the UK for domestic clients and Internationally to expatriates in late November 1998.

For the third year, Medibroker has been awarded "Best International Medical Insurance Intermediary" by the Industry Health Insurance Awards 2004, held at the Grosvenor House Hotel, the company is now marketing healthcare insurance product advice across the internet globally. Hit levels are being achieved to our three major sites of www.medibroker.co.uk domestically and internationally to www.medibroker.com and www.medibrokerinternational.com at close to 1.2 million hits per month with more than 25,000 individual visitors altogether. This results in 1500 firm customer requests for quotes and brochures, with Medibroker Online now placing health insurance business in over 50 countries with some 45% being UK generated.

Recent problems within the delivery of healthcare services of the NHS has resulted in a huge level of new visitor interest across the Web, for private medical insurance, income replacement cover critical illness plans and cash plans for health. The UK level of interest is particularly high this year with traffic levels doubling in just six months.

All contacts and calls to Medibroker are initiated by the Web Public, small companies and HR Managers, as we never cold call, nor touch client monies directly. Being commission based from insurance companies where we place volume client business now means that Medibroker can offer potential clients REAL DISCOUNTS on their medical insurance, particularly in the first year. (up to ten percent of premium cost).

Moving from Sussex to Whitley Bay in order to set up our first Virtual Office has been a real bonus. Overhead costs are much lower than the South East, staff costs lower, yet skill levels and commitment is very high. The North East is an excellent location for new start up Ecommerce business with Medibroker being at the forefront having all our marketing via the web. However, in every other respect we are a conventional Broker, sending packs of brochures, hard copy comparative quotes and talking to our clients a great deal, supported by email. Not only is accommodation easier to obtain for our younger staff, but a good airport ensures that we can visit Southampton or London for the day at any time cost effectively.

With business levels now exceeding £150,000 pounds sales (annual premium income API) every month and rising, Medibroker expects to expand to at least £250,000 pounds a month next year and accelerate via Venture Capital or Accelerator capital being injected soon. Now standing at Number Four worldwide as a specialist Online Independent Medical Insurance Broker, we intend to rise to Number One within Europe during the next few months. Having just twelve full time staff members and some 7 consultants makes Medibroker a very efficient Broker service with each sales consultant handling some 20 enquiries into the company daily from our Whitley Bay office.

Founded by the undersigned, (an expatriate for over 25 years) who controls the majority shareholding of the company, Medibroker Limited is still fully privately owned, with all investment to date made by the three Directors of the board. We aim to expand to 5000 firm enquiries monthly in the next two years.

We are fully FSA Authorised and Regulated, totally transparent in our dealings, offering real "Apples to Apples" comparisons of insurer plan benefits and prices. The key to Medibroker's growth is coupled to the capture cost per deal of PMI (Private Medical Insurance) in the UK standing at some 85% to 145% of annual premium income, (API) of the first years clients premium. Our capture cost per deal, is a fraction of this large historical sum. By not "product pushing" to customers, they trust our range of recommendations and judgment without a meeting face to face. It is the market demanding a level of brutal transparency and choice which many insurance companies are reluctant to meet. However the market is winning and insurance companies are being forced to rethink their marketing strategies, which is only a good thing for customer Intermediaries, such as Medibroker.

We believe cold calling, direct mail shots and direct selling are now giving way to professional advice channels with an internet marketing and communications element. Voice activated email and video conferencing to PCs will simply accelerate this trend. The day of the cyberspace strategic marketing company has arrived.

Our focus and aim remains as when we started.

By J Leslie Smith
Founder
Medibroker Limited

Medibroker's aim is to be the consultant to the client not the salesman to the insurer.