United Kingdom (UK) Private Medical Insurance Distribution Dynamics by Channels and Future Market, 2023 Update

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United Kingdom (UK) Private Medical Insurance (PMI) Market Report Overview

The UK private medical insurance (PMI) market research report explores how consumer purchasing preferences for private medical insurance have changed. The UK private medical insurance market research report gives an insight into the consumer purchasing preferences for private medical insurance in the UK. The report discovers the factors influencing customers when purchasing a policy and reveals the most popular PMI insurance providers in the market. New trends and innovations are highlighted, as well as the market outlook in the coming years are discussed in the report.

Key Channels ·        Insurer

·        Broker

·        Bank

·        PCW

Key Purchase Methods ·        On the Phone

·        Online via a PC/laptop

·        Online via a smartphone/tablet

·        Through the provider’s app

·        Face to Face

·        By Post

Key Competitors ·        Bupa

·        Aviva

·        AXA/AXA Assistance

·        Benenden

·        SimplyHealth

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UK Private Medical Insurance Market Dynamics

In 2023, concerns about National Health Service (NHS) waiting times or service was the most important trigger for customers to purchase a PMI policy. The second important trigger for purchasing PMI policies was the perception of needing such a policy after reaching a certain age. Furthermore, individuals are increasingly choosing to buy a PMI policy to protect themselves after retirement. Saving money for retirement is the top concern for PMI policyholders.

Additionally, almost half of customers cite cover for hospital charges as an essential feature, followed by diagnostic tests, and specialist/consultant fees. In terms of purchasing PMI policies, online research via a broker or insurer website was the key activity undertaken by PMI customers in 2023. PMI customers were more inclined to use a broader range of research methods in 2023 compared to 2022.

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UK Private Medical Insurance Market Segmentation by Channels

The key purchase channels in the UK private medical insurance market are insurer, broker, bank, and PCW, among others. The insurer channel remained dominant in 2023, which can be attributed to the uncertainty of the cost-of-living crisis, consumers have increasingly turned to reliable and reputable insurers directly for insurance.

The increasing customer preference for purchasing a PMI policy from the direct channel over brokers, with customers looking for simpler and economic policies ahead of advice caused the broker channel to garner the second position in 2023.

The UK Private Medical Insurance Market Analysis by Key Channels 2023(%)

The UK Private Medical Insurance Market Analysis by Key Channels 2023(%)

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UK Private Medical Insurance Market Segmentation by Purchase Method

The key purchase methods in the UK private medical insurance market are on the phone, online via a PC/laptop, online via a smartphone/tablet, through the provider’s app, face-to-face, and by post among others. In 2023, the telephone remained the key purchasing channel. This suggests that consumers value the ability to discuss policy details over the phone before purchasing PMI.

UK Private Medical Insurance Market Analysis by Key Purchase Methods, 2023 (%)

UK Private Medical Insurance Market Analysis by Key Purchase Methods, 2023 (%)

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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
Majesco
Calvin Risk
Medacta
Vuzix

Table of Contents

Executive Summary

The Purchasing Journey

Behaviors and Attitudes

Brand Selection

Future Market

Appendix

Frequently asked questions

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