The UKs two biggest private medical insurance (PMI) providers have seen significant growth in appetite from small and medium size enterprises (SMEs), particularly start-ups, as the large corporate sector has stagnated.
Bupa head of intermediary sales Jason Morris revealed growth in the SME sector has driven the majority of its new business while the large corporate market has remained “very static” over the past 18 months.
Speaking during a panel debate at the Association of Medical Insurers and Intermediaries (AMII) Health and Wellbeing Summit, Morris (pictured far right) consequently stressed the importance of advisers asking corporate clients whether they wanted to add any additional employees to their policy.
Picking up the point, Paul Moulton, director of SME business at Axa Health, (pictured centre) echoed that call, adding that advisers have the relationship with their clients who do not always have to opt for full PMI.
“Health generally first, and then medical insurance, has a critical role to play in that but not necessarily always medical insurance as I would describe it in a full fat way that we’re used to,” Moulton said.
“So we’re seeing very healthy demand for companies to look at their whole workforce – perhaps looking at things like mental health support, diagnostic access, early notification, health assessment and such for people who might not otherwise get any health provision, and then maintaining the benefit insurance scheme for all the other staff.”
Moulton added the firm had seen demand from people who had been working remotely for large corporates but have since sought to strike out on their own and set up their own business who recognise the importance of having cover in place.
“There is an awful lot of new to market or growth in that space and again we have seen a significant uplift in the new to the market space,” Moulton said.