Medicash has reported a 35% increase in policyholders in a single year – marking what the cash plan provider says is its most successful year in its 150 year history.
The firm said it closed out 2022 with 482,000 policyholders on its books, a net increase of more than 125,000 new policies in the year.
Paul Gambon, sales and marketing director at Medicash, said: “Even though we have been growing year-on-year, the number of policies sold this year has been truly exceptional and this reflects the hard work and commitment of the business to offer market leading products and services.
“On average, we sold one new policy every two minutes in 2022, with sales up an incredible 84% on our previous record year.”
Gambon attributed much of Medicash’s success to an increased awareness of employee wellbeing among UK employers.
“The demand for employee health benefits has surged in the wake of the cost of living crisis,” he said.
“There has been a huge rise in employers looking to support their staff’s physical and mental healthcare costs, and a health cash plan provides the perfect means of doing so.”
Chief executive Sue Weir added that investment in digital technology had been a key driver for the business.
“As our customer base grows ever larger, one of our top priorities has been to make sure that every policyholder receives excellent service, even at our busiest times,” she said.
“I’m overjoyed to know that our health plans are providing more and more people across the UK with better access to healthcare in these uncertain times.
“In addition to our dedication to customer service, we are continually looking for new ways to improve and develop our plans.”