We have successfully grown our business over the last year through the ambitious acquisition of Medical Money Management.
Being committed to growth in the highly competitive healthcare insurance market, we were looking into acquisition opportunities. As we work closely with healthcare professionals including dentists, doctors and vets – this is where Medical Money Management (MMM) came in, who also provided insurance for these professions.
We had a previous relationship with MMM, and the acquisition of their insurance business was agreed in October 2017. MMM opted to sell to us based on our brand, professional values and longstanding partnerships with healthcare associations – such as the British Dental Association – for more than 20 years.
The decision was made to bring the business to our main office in Taunton. The extra workload meant that we employed an additional 10% of our workforce, some of which came through our award winning apprenticeship scheme.
Steve Astley, Group Managing Director said:
“We set up an implementation plan and project team to make the acquisition as smooth as possible. Many of our people were involved, including teams of people within their specialist areas such as compliance, claims, operations and others, which allowed the process to be a success.
Our dedicated advisers had to quickly gain knowledge of a new system that hadn’t been used previously to deal with renewals, quotes and processing policies as well as explaining the changes to clients. We hired a data integration team for a one year contract, although they managed to finish within nine months and we were able to offer them continued full time employment.
The team were resilient and the acquisition has not only been a major milestone, but also a confidence boost for employees, giving everyone at all levels a development experience during a busy and challenging time.
Success has been measured by the fact clients have been able to receive the same or better cover for a similar price and despite the difficult task of moving clients over, client feedback scores have been high and client retention levels are in excess of 90%, which is a massive achievement.
We pride ourselves on customer service and we are delighted that the acquisition of MMM has allowed us to grow our workforce and enhance our client proposition.”