How Customers Purchase Private Medical Insurance 2018

Summary

Customers purchasing private medical insurance in 2018 were affected by various factors, including their individual financial concerns, the events that prompted them to purchase cover, and the different product features sought. Providers need to understand consumers and the factors that are important to them in order to effectively identify popular purchasing channels, design desirable PMI products, and successfully market these products to existing and potential customers.

"How Customers Purchase Private Medical Insurance 2018", 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 private medical insurance policies are bought directly from providers.
- Concern about NHS service and waiting times was the top factor motivating individuals to purchase a private medical insurance policy.
- Over 60% of private medical insurance customers are likely to consider using a personal activity tracker in order to receive financial savings on their policy.
- Purchasing online via a PC or laptop is the most popular method among 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 private medical insurance space.
- Adapt your distribution strategy to ensure it still meets customer purchasing behaviors.