Monday, 15th March 2021

New Employee Survey Hints at Positive 2021 Ahead for the PMI Market

Tom Connor from AMII Member Drewberry has recently commissioned an employee survey and the results sound a note of optimism for the Private Health Insurance market for 2021.

The statistics show that more than half (51.1%) of workers wanted their employer to introduce benefits to help manage their health and wellbeing.

Close to the top of the list of benefits workers wanted that would achieve this was Private Medical Insurance (PMI). 35% of staff wanted their bosses to provide it — this represents a percentage rate increase of nearly 13% from the last time Drewberry conducted this survey in 2019. As in 2019, PMI was the insurance benefit most desired by staff in 2021, followed by Group Life Insurance (desired by 33% of workers).

Meanwhile, although in lower demand, 17% of workers wanted their employer to offer a Health Cash Plan. That means a percentage rate increase of 15% compared to 2019.

However, the star performer in terms of increase in employee demand compared to 2019 was remote GP appointments. Demand for these services saw a percentage rate increase of 264% in just 2 years, testament to the pressure the NHS is facing due to the pandemic.

Remote GP services are now on offer in some form from almost every major UK Health Insurance provider; the fact that there’s such high demand for them, something that can be solved with a Health Insurance policy, should be good news.

“Last spring as COVID-19 took hold in the UK, we undertook our biggest ever marketing campaign,” says Tom Conner, Director at Drewberry. “We sent emails to all of our individual and group health & protection clients highlighting the additional benefits that come free with their policies that might be useful during the pandemic.

“Feedback indicated that it was access to digital GP appointments that our clients valued hearing about the most. This is unsurprising given backed up GP surgeries and concerns about leaving the house during a pandemic. Taking the time to explain these benefits to clients and prospects will pay huge dividends.”

Employee Benefits Demand Going Unmet Supercharges Individual Market

Even despite strong demand for benefits such as Group Health Insurance and Business Health Cash Plans, employers aren’t necessarily meeting employees’ demands.

Almost half (47.4%) of companies introduced no new employee benefits at all in 2020. Even among companies that had introduced benefits, the most common were work from home flexibility or flexible hours. Both are far from the health and wellbeing benefits employees want most.

“With employers not meeting this demand, clients are increasingly turning to the individual market instead,” says Tom. “The recent increase in demand for personal Health Insurance our advisers have seen over the past few months indicates that AMII members focusing on the individual market could have a strong 2021.

“Patients are understandably worried about the pressures on the NHS due to coronavirus. We’ve all heard horror stories of waiting lists for routine surgery, such as hip replacements, topping 12 months.

“While this isn’t the NHS’ fault — this is a global pandemic, and its annual budgetary uplifts in the decade leading up to the pandemic weren’t as generous as previously — it’s still been a wakeup call for clients. They’re now seeking the reassurance that PMI can offer, a trend we anticipate continuing well into 2021, offering exciting opportunities for all AMII members alike.”

Drewberry’s 2021 Employee Benefits and Workplace Satisfaction Survey asked 2,000 workers UK SME workers questions covering various topics, including the benefits they wanted most from their employer. Read the full results here