Brokers expect increase in PMI customer interest
Three quarters of health insurance advisers expect customer interest in private healthcare plans to increase further this year.
This is according to a survey of 253 health insurance advisers by The Exeter, which also found the expected increase in interest was not limited to health insurance. More than half of advisers (52%) expect interest in cash plans to also increase over the next year.
Overall, 37% of advisers said they anticipate demand for both health insurance and cash plans to rise.
The findings also showed that two-thirds (66%) of health insurance advisers expect consumer interest in guided and more affordable private healthcare options to increase in 2024 – a strong indication that affordability will remain at the forefront of adviser and customer conversations.
Turning to advisers’ top concerns for the year ahead, 30% of advisers reported feeling worried about keeping up with customer demand and 31% were concerned about finding the time for training and education.
In addition, nearly three in 10 advisers (29%) were still anxious about meeting their Consumer Duty requirements.
A third (32%) also reported that they were concerned over whether insurance providers would pay out claims for their clients.
Karen Woodley, head of healthcare distribution at The Exeter, (pictured) said: “The demand for private healthcare alternatives in the UK shows no signs of slowing in the year ahead.
“While the heightened interest continues to be hugely positive, our findings also highlight the challenges faced by advisers when it comes to meeting client needs and running a successful advice business.
“Health insurance advisers will continue to play a key role in helping our industry meet the private healthcare needs of consumers.
“As product providers we have a responsibility to make things as easy as possible for advisers when it comes to meeting client demands and exceeding expectations; whether that’s through the provision of flexible product options, excellent customer service, additional business development support, or by simply providing further reassurance through the payment of claims.”