WPA has begun work with the first of a series of IFAs doing business through the insurer's franchisee network.
The health insurer has been working with its area franchises to strengthen their introducer network within individual territories. It has been inviting introducers to meet franchisees in a series of events aiming to build up a pool of introducers to introduce potential customers.
Mark Southern. General Manager, Sales & Marketing at WPA, said: "We have held about 20 of these meetings so far and the majority of the audience has been IFAs.
About 95% of IFAs could sell PMI if they wished. But when you ask who does then all the hands drop. The feedback we have had is that as regulation develops and becomes more time consuming, there is not time to be an expert in everything. I have had IFAs tell me it is not worth their effort.
Well, we are providing a viable alternative, a simple introduction plan built through a trusting relationship."
WPA currently has "around 80" IFAs working with franchises, with business split, the insurer said, "50-50 between individuals and small companies."
Towards the end of the summer WPA will begin a new round of recruitment for its franchise network. The company said the absolute numbers were uncertain but it was looking for an average of six to 10 IFAs per area franchise. WPA currently had 86 franchises but warned the maths could mislead.
Charlie MacEwan, corporate communications director at WPA, said: "Numbers boil down to the individual franchisee. Some may be keener than others to grow their business through these networks."
Southern, added: "Around half of our franchisees are buying into this scheme, and there is a finite amount of introducers that each franchise can effectively work with."
The majority of WPAs 86 advisers sell into the individual and SME market. The insurer also has direct relationships with a small group of specialist IFAs which work within the larger group market.
