How Customers Purchased Private Medical Insurance in 2021?
Amid the pandemic, virtual services, self-pay care, and concerns over health/wellbeing are on the rise owing to increased NHS waiting times and lockdown measures taken by the UK government. NHS waiting times were one of the primary reasons that triggered them to purchase a private medical insurance (PMI) policy in 2021. Hospital charges, diagnostic tests, cover for specialist/consultant fees, and outpatient consultations are the top features that are essential for consumers in PMI policy.
The private medical insurance market report explores how purchasing preferences for PMI have changed over time. It discovers what is most influential to customers when purchasing a PMI policy and reveals the most popular providers in the market. New trends and innovations are highlighted, as well as the key factors that will influence the PMI market over the next few years.
Private Medical Insurance Market Trends
COVID-19 has put the NHS under tremendous strain, and as a result, the number of patients waiting for hospital treatment continues to mount. Consumers are opting for out-of-pocket spending, with many citing ever-increasing NHS waiting times as a key factor. The affordable cost of private surgeries with zero-cost financing incentives is also driving demand for self-pay care. PMI providers can target individuals who are likely inclined towards self-pay healthcare services with new consumer-focused policies.
The pandemic has increased awareness about health and wellbeing. Insurers are encouraging customers to make healthier choices and maintain well-being. There is a growing demand for mental health and wellbeing products that help consumers reduce health risk factors and assist them in managing or improving health conditions.
This allows PMI insurers to continue moving towards more preventative approaches and incorporate digital tools, activity trackers, and other wearable devices into their policies to encourage healthy habits. Furthermore, policyholders who proactively engage in such habits can reduce their health risks, reducing the number and severity of claims.
Major Channels Used for Purchasing Private Medical Insurance Policies
The major channels that were used to purchase private medical insurance policies in 2021 were insurers, brokers, price comparison sites, and banks. The direct sales channel remained dominant in 2021. This indicates that insurers catered to customer-specific requirements by leveraging technology and therefore maintained their profitability. The market share of brokers, the second most dominant channel, increased in 2021. This signifies the increasing importance of customized/specialist advice while purchasing a PMI policy.
Private Medical Insurance Market Analysis by Purchasing Channels
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Major Methods Used for Purchasing Private Medical Insurance Policies
The major methods used to purchase private medical insurance policies in 2021 were on the phone, online via a pc/laptop, online via a smartphone /tablet, face to face, through the provider’s app, and by post. Phone-based purchases remained the most preferred method in 2021 and this indicates that consumers preferred to interact with providers for technical advice before purchasing PMI policies, despite the prominence of online channels.
Private Medical Insurance Market Analysis by Purchasing Methods
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Key Providers in the Private Medical Insurance Market
The key providers in the private medical market are Bupa, AXA, Aviva, Vitality, and Benenden. Bupa was the largest private medical insurance provider in 2021 and it was followed by AXA.
Private Medical Insurance Market Analysis by Providers
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Market Report Scope
| Major purchasing channels | Insurer, Broker, Price Comparison Site, and Bank |
| Major purchasing methods | On The Phone, Online Via a PC/Laptop, Online Via a Smartphone /Tablet, Face to Face, Through the Provider’s App, and By Post |
| Key providers | Bupa, AXA, Aviva, Vitality, and Benenden |
Reasons to Buy
- Understand consumer purchasing decisions and how these will influence the market over the next few years.
- Improve customer engagement by recognizing what is most important to them and how insurers can adapt their products and services to meet their needs.
- Compare the Net Promoter Scores of key insurance providers.
- Discover which providers lead the way in the PMI space and learn about new product innovations.
- Adapt your distribution strategy to ensure it still meets customer purchasing behavior.
Reasons to Buy
- Understand consumer purchasing decisions and how these will influence the market over the next few years.
- Improve customer engagement by recognizing what is most important to them and how insurers can adapt their products and services to meet their needs.
- Compare the Net Promoter Scores of key insurance providers.
- Discover which providers lead the way in the PMI space and learn about new product innovations.
- Adapt your distribution strategy to ensure it still meets customer purchasing behavior.
Key Players
Table of Contents
Frequently Asked Questions
The major channels that were used to purchase private medical insurance policies in 2021 were insurers, brokers, price comparison sites, and banks.
The major methods used to purchase private medical insurance policies in 2021 were on the phone, online via a pc/laptop, online via a smartphone /tablet, face to face, through the provider’s app, and by post.
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