United Kingdom (UK) Private Medical Insurance Distribution Dynamics and Future Market, 2022 Update

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UK Private Medical Insurance Market Overview

The UK private medical insurance market research report explores how consumer purchasing preferences for private medical insurance have changed over time. The report discovers what is most influential to customers when purchasing a 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 market over the next few years.

The UK Private Medical Insurance Market Dynamics

Consumers are more concerned about their ability to meet their financial commitments such as credit card dues, monthly bills, mortgage, rent, and paying for long-term care services which have increased drastically over the previous year owing to the impacts of cost-of-living crisis in the UK.  More than 9% customers were concerned about losing money on investments given the impact a recession would have on economic activities across the UK, and this may provide a tough challenge for the insurers to maintain business.

Consumers in their late 20s is the untapped segment for PMI policies in 2022. Additionally, in terms of pre-purchasing activities communicating with the employer/HR contact saw a strong increase in 2022, among others. Talking to HR/employer increased after a big dip last year and came back to 2020 levels. More people were back in offices, which resulted in talking to HR.

Key Channels Insurer, Broker, Bank, PCW, and Others
Key Purchase Methods On the Phone, Online via PC/Laptop, Online via a Smartphone/Tablet, Through the Provider’s App, Face to Face, By Post, and Other
Key Competitors Bupa, AXA/AXA Assistance, Aviva, Benenden, Saga, Cigna, AIG Life, CS Healthcare, and Others

The UK Private Medical Insurance Market, Initiatives

The UK PMI market is set to focus on digital and health and wellness initiatives, along with strategic partnership with the technology driven companies.

In August 2022, AXA UK & Ireland partnered with Cognizant to transform its technology ecosystem. It plans to have an IT environment, which is rich and lower in overall cost in terms of data, security, digital ability, and sustainability. Cognizant will provide cloud migration and multiple management services to AXA UK & Ireland.

For more insights on the latest initiatives in the UK private medical insurance market, download a free report sample

The UK Private Medical Insurance Market Segmentation by Channels

The key channels in the UK private medical insurance market are insurer, broker, bank, PCW, and others. The insurer channel remained dominant in 2022. During the ongoing COVID-19 pandemic, most insurers had to conduct their business almost entirely through the internet. This forced many insurance companies to invest in and update their online platforms and application processes.

The share of brokers, was the second most dominant channel in 2022, followed by bank channels and PCW. However, PMI policy purchases through PCWs remain rather limited.

The UK Private Medical Insurance Market, by Key Channels 2022(%)

The UK Private Medical Insurance Market, by Key Channels 2022(%)

For more insights on the purchasing channels in the UK PMI market, download a free report sample

The UK Private Medical Insurance Market Segmentation by Purchase Method

The key purchase methods in the UK private medical insurance market are phone-based purchases, online purchases via PC/laptop, online purchases via smartphone/tablet, through the providers app, face to face, by post, and others. Phone-based purchases has been the most preferred purchasing method in 2022, witnessing a significant increase compared to the previous year.

The UK Private Medical Insurance Market, by Key Purchase Methods, 2022(%)

The UK Private Medical Insurance Market, by Key Purchase Methods, 2022(%)

For more insights on the purchasing channels in the UK PMI market, download a free report sample

The UK Private Medical Insurance Market, Competitive Landscape

The key competitors in the UK PMI market are Bupa, AXA/AXA Assistance, Aviva, Benenden, Saga, Cigna, AIG Life, CS Healthcare, and others. Among these the top three providers in the UK private medical insurance market are Bupa, AXA/AXA Assistance, and Aviva.

Bupa was the leading provider of PMI in the UK during 2020–22 with AXA in the second place. Bupa recorded a significant market share increase due to improved loss ratios and profitability. This has allowed Bupa to offer value to customers and that has helped strengthen its market share. Additionally, the increase was due to digital health solution offering such as Blua and the launch of a new sustainability strategy, which will help the insurer to develop innovative products by addressing sustainability challenges.

The UK Private Medical Insurance Market by Competitors

The UK Private Medical Insurance Market by Competitors

To know more about the competitors in the UK private medical insurance market, download a free report sample

Segments Covered in the Report

The UK Private Medical Insurance Market, Segmentation by Purchasing Channels, 2022(%)

  • Insurer
  • Broker
  • Bank
  • PCW

The UK Private Medical Insurance Market, Segmentation by Purchase Methods, 2022(%)

  • On the Phone
  • Online via PC/Laptop
  • Online via a Smartphone/Tablet
  • Through the Provider’s App
  • Face to Face
  • By Post

Scope

  • This report explores how consumer purchasing preferences for private medical insurance have changed over time. It discovers what is most influential to customers when purchasing a 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 market over the next few years.

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 to adapt 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 behaviors.

Bupa
AXA
Aviva
Vitality Health
Benenden
Simplyhealth
Saga
WPA Health
Health-on-line
Cigna
CS Healthcare
AIG Life
The Exeter
One Call Insurance
Cognizant
JAAQ
Babylon

Table of Contents

Executive Summary

The Purchasing Journey

Behaviours and Attitudes

Brand Selection

Future Market

Appendix

Frequently asked questions

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