Private Medical Insurance - UK - November 2014
“Penetration of private medical insurance is at an all-time low. Just 14% of consumers say that they are covered by an insurance policy. However, 40% of the adult population agree that ‘private medical insurance gives a standard of care that the NHS can’t match’, showing that people can see the value of the product. As economic growth continues and the market begins to recover, the challenge for providers is to help consumers see this higher standard of care as essential for their well-being, and not an unnecessary luxury”
– Jessica Morley, Financial Services Research Analyst
This report discusses the following key topics:
- The traditional PMI business model is challenged by changes to the NHS
- The proliferation of health information is causing confusion for young consumers
- Increasing prevalence of long-term conditions puts pressure on carers
- Exposing consumers to private healthcare through cheaper alternative products first can encourage PMI sales later on
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