Ensure you’re covered in health insurer marketing plans
Whilst over half of people would like to pay for a health insurer (YouGov), the cost has been rising significantly ahead of inflation to the point that the average annual premium costs around £1,500. So it’s not surprising that only around 6% of UK households (1.6 million) have it; and only 25% of this smallish slice pay themselves (the rest being provided through company health schemes).
However, a particularly encouraging area for health insurers is that the potential market could be widening; data from ActiveQuote (the leading health insurance price comparison site) revealed the number of people under 30 comparing quotes grew 40% over the last year while it fell 21% among the over-55s.
In terms of the market, it’s a game of two halves so to speak. Four providers dominate at around 90% market share (Bupa and Axa have just under 70% and Aviva and Vitality just over 20%). They have tended to gone big on sport sponsorship, BUPA aside perhaps. While the rest, who fight for the other 10%, have focused on local community-related sponsorships. However, many of the latter offer a much lower cost to entry which can help grow the market.
So with the challenges the industry faces but a growing interest among the under 30s market, rights holders offer health insurers a naturally fitting channel to market (brilliantly exploited by Vitality, for example) in terms of generating awareness and consideration, from both a general market and brand-specific point of view. Although community-related initiatives are playing an increasing part of sponsorship among many brand sectors, it certainly has a heightened role to play in an industry that is solely focused on the physical (and mental) health of its customers. Rights holders should therefore bear this in mind if they want to be covered within a health insurers marketing plan.
Health insurers sport sponsorship is one of our new series of caytootarget™ reports designed specifically to help rights holders save time and resource when it comes to overcoming their key pain point – identifying viable target brands and hitting the right decision-makers with relevant and compelling proposals. We’ve covered sectors including:
- Online investment platforms
- Electric cars
- Challenger banks
- New brands launching in the UK
- Quick Service Restaurants & Food Delivery