Locum research through Synaptic

Capita Financial Software’s research arm, Synaptic, has launched a new area of Synaptic Product Research (SPR) which enables advisers to research and recommend locum cover insurance products, designed to cover costs associated with absence for medical professionals.

The new area will sit within Synaptic’s existing health module and allows advisers to choose between products from four providers. The area will also be available to Synaptic Protection Research users who have access to the life and health data modules.

Synaptic Research Manager, Ellen Ashcroft, believes that the new area will give advisers food for thought with regard to diversifying new business opportunities in the current economic climate.

‘’Over the past year, we have received a number of enquiries from advisers relating to this type of cover. After taking a closer look at the market, we found that IFA business for this product type has increased significantly and hope that new and existing users will be able to use the facility to create new business’’.

By raising the profile of this niche product, Synaptic not only aim to increase awareness but also hope to help reduce gaps in cover for these occupations.

The locum cover insurance research area will be available for existing SPR users as of 6th August and locum insurance providers are confident that this is a step in the right direction for all.

LocumPlan Administration Manager, Lynda Cox, supports the development and feels that the move could boost sales in the market and offer new opportunities for advisers.

She comments, “There has been much concern that medical practitioners have not arranged sufficient financial cover for absence in the event of accident or sickness. Many Primary Care Trusts have made it clear to GPs that it is their own responsibility to cover practice costs for employing locums in their absence.  Other health professionals such as dentists, opticians, chiropractors etc could potentially have to withdraw vital services if they cannot afford to pay for a locum.

‘’With rising locum costs over recent years, some old locum insurance policies are practically worthless and advisers should check that their medical practitioner clients are adequately covered. Synaptic’s research development is excellent news as it will introduce this type of cover to a wider audience and enable advisers to evidence selection and compliance. ’’

Although traditionally intended to cover locum costs for accident or sickness, products available in the market have evolved somewhat, and now include benefits for jury service, maternity / paternity cover and some even include cover for personal possessions and medical expenses.

Locum insurance is particularly topical at the moment due to the swine flu pandemic, with many GPs looking towards advisers to ensure that they are covered in the event of absence due to the outbreak. 

Advisers can call 02476 839700 to activate a free trial for Synaptic Product Research.