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Health Cash Plans - UK - October 2014 - Market Share,Trends include new market research report "Health Cash Plans - UK - October 2014" to its huge collection of research reports


Albany, NY -- (SBWIRE) -- 10/27/2014 -- This represents an excellent level of product awareness, but the opinions about premiums suggest that insurers are failing to either get their price message across, or to make full use of their low cost in marketing the plans.

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Table of Content


Report scope
Market definition

Executive Summary

The market:

Health cash plans expected to enjoy sustained growth in next five years

Figure 1: Forecast of value of health cash plan annual premiums, 2009-19

Market factors:

The economy is improving but consumers are still cautious spenders

The price difference between HCPs and PMI remains stark

Low claims costs have kept providers’ margins high despite the downturn

Companies, products and innovations

Simplyhealth is the dominant player in the HCP market

Figure 2: Top five HCP providers, by income, 2013

Brand promotion:

The consumer:

A fifth have health insurance, but just 6% have an HCP

Figure 3: Health insurance ownership, August 2014

A third of cash plan or dental/optical plan customers researched their plan online

Figure 4: Sources of research for health cash plan and/or dental or optical plan policies, August 2014

Perceived cost is the biggest barrier to HCP ownership

Figure 5: Barriers to ownership of health cash plans, August 2014

Dental treatment is the most popular HCP benefit

Figure 6: Desired features of health cash plans, August 2014

Experience of medical services:

Figure 7: Experience of routine medical services in the last 2 years, August 2014

Figure 8: Personal and immediate family’s experience of non-routine medical services, August 2014

What we think:

Issues and Insights:

Insurers have got prices right but are failing to get the message across

The facts

The implications

Covering prescriptions can help define HCPs position in the market

The facts

The implications

Trend Application

Smartphone apps can improve usability and increase engagement

Make plans more relevant by offering tailored benefit packages

Personal expert opinion still beats online guidance

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