Western Provident Private Medical Insurance - fair value or being hoodwinked ?

Citytilidie66

Be very careful with this company, I have been in financial services for 38 years, I also own another company which needed a PMI policy for myself and 1 employee and family therefore took a Family Office Policy out over 10 years with no complaints on cover however with hardly any claims at the premiums rocketed over the years. At renewal in Dec 2024 I informed WPA I would be looking elsewhere as the premium was too high, BUPA offered me a comparative policy for a third of the renewal premium saving me over £4000.
I informed the WPA representative who then said hang we may be able to something else ! 24 hours later he beat the BUPA quote with a flexible benefits policy for no drop in the level of cover !
When I queried this with WPA they informed I wasn’t eligible for this plan as I only have 1 employee, the representative said that as I own 60% of the company I am classed as an employee therefore I qualify ?
So here I am today still with WPA on the same cover paying 2/3rds less than last year - there has been no change in my company in the last 10 years so I made a complaint based around the duty of care at renewal to ensure I had the most cost effective plan for my needs.
Their reply was a categoric no and take it to the Ombudsman which I am now doing.
I estimate I have overpaid over £20,000 in unnecessary premiums due to their lack of care.
BEWARE OF OVERPAYING ON A SCHEME WHEN OTHERS ARE AVAILABLE AND GET AN ALTERNATIVE QUOTE AT RENEWAL !!

DullGreyGuy

You having a 60% shareholding wouldn't by any normal standard make you an employee but are you a director of the company? Statutory or not? If you are then you are an employee. I'd be surprised if you dont understand your setup as these things will drive if you must be offering a pension scheme etc. 

Assuming you are buying direct then it's a non-advised sale, they ask you questions, you answer, they tell you what they are willing to offer. It's up to you to decide if it's appropriate for your needs, if you've answered the questions in the most efficient way or if something better exists elsewhere. You can go through an advisory broker rather than a direct insurer if you want someone who'll help ensure you get the best cover for your needs, they have to do much more paperwork to justify their recommendations. 

Each year is a new contract, neither party is obliged to offer or accept a renewal. Whilst some regs have been introduced for Motor and Home, other classes of business are entitled to differentiate pricing for new and renewing customers. If you've chosen not to shop around and therefore not realised the premiums were above others and not negotiated with them thats your choice. As a business policy you arent covered by some of the more nanny state protections for consumers where the insurer has to tell you that you may find cheaper insurance elsewhere etc. 

Ultimately raise your complaint but this is more a lesson on learning to shop around and would be surprised if the FOS uphold the complaint in any way. If one of our employees had questioned your answered and advised you your answering incorrectly they'd likely be on a disciplinary for providing advice in a non-adviced sales process. 

dunstonh

So here I am today still with WPA on the same cover paying 2/3rds less than last year - there has been no change in my company in the last 10 years so I made a complaint based around the duty of care at renewal to ensure I had the most cost effective plan for my needs.

Were you paying them to provide an advice service?
Most providers do not provide that service, so it's interesting to see you make a complaint accusing them of not providing that service.

I estimate I have overpaid over £20,000 in unnecessary premiums due to their lack of care.

It would either be your lack of care or the broker you have paid each year to run these checks for you.   
If you haven't paid anyone to run these checks then they will not be done and the onus is on you.