How Customers Purchase Private Medical Insurance 2019

How Customers Purchase Private Medical Insurance 2019

Summary

Customers purchasing private medical insurance (PMI) in 2019 were influenced by various factors, including their individual financial interests, the incidents prompting them to purchase cover, and the different product features they sought. Providers need to understand the needs and interests of the consumer and the factors that are essential to them in order to effectively define common buying channels, model attractive PMI products, and market these products efficiently to existing and potential customers.

This report explores the attitudes, behaviors, and preferences of customers who purchased a private medical insurance policy in the last 12 months. It explores distribution and the purchasing journey, policy purchase triggers, the financial concerns of customers, and brand selection. It also sizes the medical expenses market.

Scope

- The majority of PMI policies are bought directly from providers, accounting for over half of policies purchased.
- Concern about NHS service and waiting times was the top factor motivating individuals to purchase a PMI policy.
- Purchasing over the phone is the most popular method among PMI customers.

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.
- Discover which providers lead the way in the PMI space.
- Adapt your distribution strategy to ensure it still meets customer purchasing behaviors.