UK Private Medical Insurance: Distribution Dynamics 2024

UK Private Medical Insurance: Distribution Dynamics 2024

Summary

In 2024, PMI customers were more inclined to use a broader range of research methods compared to 2023 before purchasing PMI policies.This report explores how consumer purchasing preferences for private medical insurance (PMI) have changed over time. It discovers what is most influential to customers when purchasing a PMI policy and reveals the most popular providers in the market. New trends and innovations are highlighted, as well as the key factors that will influence the PMI market over the next few years.

Scope

• Insurers maintained their status as the dominant channel, accounting for 51.7% of PMI purchases in 2024, a decrease from 61.8% in the previous year.
• More than a quarter of survey participants indicated that a concern about NHS waiting times or service quality was the primary motivator for purchasing PMI policies.
• The second-most significant factor influencing the decision to purchase PMI policies was personal health concerns, cited by 11.1% of respondents in 2024, compared to 10.5% in 2023.

• Understand consumer purchasing decisions and how these will influence the market over the next few years.
• Improve customer engagement by recognizing what is most important to them and how insurers can adapt their products and services to meet their needs.
• Compare the Net Promoter Scores of key insurance providers.
• Discover which providers lead the way in the private medical insurance space and learn about new product innovations.
• Adapt your distribution strategy to ensure it still meets customer purchasing behaviors.