Tim Hogg, director at Fairer Finance, identifies four challenges for insurers to ensure new PMI customers experience fair value.
Private medical insurance (PMI) is on the path to becoming normalised, rather than niche, among the wider population. The total number of people covered by PMI rose by 7% to 5.8 million in 2022*. I even know of GPs who are actively exploring whether they should get PMI, which would have been unthinkable just a few years ago. We see this greater demand playing out in what people search for online. For example, Google searches for ‘health insurance' spiked to their highest ever level in January, while searches for ‘Bupa' were over 30% higher in Sept-Nov 2023 than Sept-Nov 2019. More people...
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