Dublin, May 03, 2024 (GLOBE NEWSWIRE) -- The "United Kingdom (UK) Private Medical Insurance Distribution Dynamics 2023" report has been added to ResearchAndMarkets.com's offering.
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.
In 2023, online research via a broker or insurer website was the key activity undertaken by private medical insurance (PMI) customers, rising by 7.2 percentage points (pp) compared to 2022. Calling their existing provider and visiting their existing provider's website were cited by a combined 31.1% of respondents. These actions witnessed a combined increase of 10.4pp in 2023, suggesting that consumers are increasingly seeking information from their provider about coverage levels, policy options, and premium pricing.
Scope
- In 2023, insurers remained the dominant channel, accounting for 61.8% of PMI purchases. Insurers' share increased by 3.6pp from 2022 to 2023. In contrast, second-placed channel brokers saw its market share fall by 4.2pp compared to 2022.
- The bank channel saw its market share rise by 2pp in 2023. In contrast, PMI purchases via price comparison websites (PCW) remain limited. The channel's share declined by 0.3pp in 2023, indicating consumers are still not ready to buy PMI through PCWs despite commonly using these sites to research products.
- The combined market share of the top five insurers in the UK PMI market was 85.7% in 2023, compared to 79.2% in 2022.
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.
- Compare the Net Promoter Scores of key insurance providers.
- Discover which providers lead the way in the private medical insurance space and learn about new product innovations.
- Adapt your distribution strategy to ensure it still meets customer purchasing behaviors.
Key Topics Covered:
- Executive Summary
- The Purchasing Journey
- Behaviors and Attitudes
- Brand Selection
- Future Market
- Appendix
A selection of companies mentioned in this report includes
- 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
For more information about this report visit https://www.researchandmarkets.com/r/i7y1ha
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