PRESS RELEASE 15/06/21
AMII members anticipate growth in 2021
According to new research, nearly 60% of Association of Medical Insurers and Intermediaries (AMII) members expect to see an increase in demand for individual private healthcare in 2021.
In a survey conducted by AMII and The Exeter, 40% of respondents stated that they anticipate an increase in demand for private healthcare, while 18% expect a significant increase.
When asked about the main opportunities for their business, a third (32%) of respondents cited lengthening NHS waiting lists as a driver for increased interest in private health insurance. A number of recipients also identified the fact that private healthcare offers their clients access to digital healthcare and to fast treatment.
A further 35% expect an increase in demand from employers, with one in three of these looking at opportunities with SMEs in particular. Almost a third highlighted opportunities for organic growth through things like client retention and quality service, an uplift in additional cover and benefits for existing and new clients, account development and referrals, and digital marketing and lead generation.
Only 10% of AMII members expected to see a decrease in demand in 2021 and when asked about the greatest threat facing their business, three in four of those who answered this question cited a challenging post-pandemic economy as a major threat.
AMII Executive Chairman, David Middleton, said: “The pandemic has undoubtably had an immense impact on healthcare in the UK, with disruptions to services, increasing waiting lists, and a reduction in GP referrals and screening services. The health industry is well placed to reduce the burden on the NHS in these challenging times, ensuring people can access the healthcare they need, when they need it.
“These findings shed light on the optimism of AMII members for the year ahead and we could indeed start to see more of a shift in how people access healthcare, leading to accelerated growth in our sector.
“As the voice of the industry, it’s important for AMII to gather and share these kinds of insights and we were delighted to work with the team at The Exeter on this research.”
AMII aims to be the voice of the health insurance and wellbeing industry, as the go-to place for commentary and advice on health insurance, protection and related wellbeing matters for Intermediaries and Providers of healthcare services.
AMII membership benefits include participation at national conferences, technical regulatory compliance support, parliamentary and regulatory lobbying, Preferential Professional Indemnity Insurance cover, online technical advice and professional support, an education events programme and opportunities to network with industry colleagues.
During the coronavirus pandemic and lockdown period in the UK, AMII has also provided and issued regular guidance for its members. It has taken steps to support insurers and intermediaries through the crisis, including co-hosting a series of virtual seminars with industry experts.
Karen Woodley, Head of Sales for The Exeter says “Thank you to the AMII team for their help in gathering feedback from their members. We are encouraged by the level of optimism from the AMII membership. It is important for us to seek feedback from advisers so we can continue to ensure our products and service meet the needs of advisers and their clients.”