Group private medical insurance is increasingly seen as one of the most highly valued corporate benefits, according to new data on the wider workplace healthcare market.
The Workplace Protection & Wellbeing Report, published by Corporate Adviser Intelligence, found that group PMI was rated by advisers as being the most highly valued benefit by employees. It was also rated as second highest, in terms of delivering a return on investment to employers.
For the first time this report shows the industry market share by both lives covered and employers across the group risk, corporate healthcare, corporate cash plan and wellbeing markets.
While the vast majority of providers in the group risk, cash plan and wellbeing sectors disclosed this information, there was far less transparency in the group PMI sector.
However the information provided still gives clear insight into a market, where the number of employees covered by medical insurance and healthcare trusts is reported to have remained static for a number of years.
The report shows, that of the providers who disclosed information, Bupa has the biggest book of corporate healthcare business, covering 2,223,470 employees with group PMI and healthcare trusts.
This was followed by Avivia – which covers around 700,000 lives, then VitalityHealth with 255,000 covered. However VitalityHealth is partnered with more employers: 29,000 to the 20,000 covered by Aviva.
While Bupa, Aviva, VitalityHealth and Healix provided information, Axa PPP Healthcare, Cigna Europe and WPA said they were unable to provide data on the number of employees or employers. In most cases they claimed this was commercially sensitive information.
This unwilingness to share information makes it challenging for many advisers working in this market, particular smaller brokers and consultants.
Many of the advisers interviewed for this report said larger intermediaries may have this information through high-level connections with providers, or through paid-for reports that are beyond the reach of smaller advisers.
Rising premiums, and economic stagnation has made it harder for many advisers to sell group PMI to businesses that don’t already offer this benefit. Not surprisingly much of the activity in this sector has come from rebroking business.
The report shows that around the majority of advisers are looking to rebroke a group PMI product within four years. Not surprisingly, premiums are seen as the most important factor influencing scheme reviews, following by provider administration and then policy coverage.
The report also details the full range of added-value services, from employee assistance programmes to virtual GPs and other wellbeing and preventative programmes, that are now offered as part of the wider product proposition on policies across the marketplace.
To request a free copy of the Workplace Protection & Wellbeing report – click here.