Offering more holistic private medical insurance (PMI) solutions would show consumers the true benefits of the product, according to a panel discussion at the recent AMII annual conference.
Taking part in the discussion, David Priestley, sales director at PruHealth, argued that PMI customers "need to feel they are getting real value for their money," and suggested that a PMI policy has much more to offer than just financing medical treatment.
This would not only benefit the policyholder but also the PMI industry as a whole, he said. "People are keen to spend money on healthy living, and the industry should try to tap into that. Therefore, we want to reward people for going for health tests and screenings and doing other things to improve their health," he added.
Agreeing with Priestley, Tim Ablett, chief executive at FirstAssist, said the current PMI proposition is both outdated and too narrow for the potentially massive market existing in the UK.
"We have to tackle this," he said, and suggested that one solution could be to help employers see the real benefits of the cover, not only when it comes to absence figures but also in creating a healthier workforce.
"In the future, more and more responsibility will move onto the employer. There is therefore a huge opportunity here to help employers," said Ablett.
Also taking part in the debate, Dr Andrew Vallance- Owen, group medical director at BUPA, said offering PMI via the workplace would ease pressure on the NHS.
Looking ahead, Priestley said he expects the Government will soon invest more in promoting people's well being. "This will be a massive opportunity for private medical insurance providers to obtain more business," he said.
Dr Vallance-Owen, on the other hand, was less optimistic. "We are not going to see a move from the current health system model until at least just before the next election when new pressures may be added."
