Why you should be targeting health insurance brands now
Health insurance brands are potentially benefiting from the impact of the coronavirus pandemic because of the greater awareness it’s created among consumers around health risks. In turn, this has driven a bigger interest in both the health or private medical insurance sector – particularly among Generation Z and Millennials (i.e. people born after 1980). So now is a particularly apt time for insurance marketers to tap into this consideration by driving awareness and consideration of their own brand and products. In addition, health insurers could be more cash-rich; comparison site HelloSafe estimates health insurers have saved £321 million during lockdown, as policyholders postponed medical appointments (thus not claiming) to avoid exposure to Covid-19.
The Association of British Insurers says around six percent of UK households (1.6 million) pay for health insurance – despite a YouGov study revealing over half of people would like to be able to afford it. This is because the average health insurance policy has risen to about £1,500.
Although health insurance brands is a competitive sector the market is dominated by four players holding 90% share (Bupa and Axa at circa 70% combined, Aviva and Vitality at 20%). Sponsorship has been a major marketing channel for these brands to drive awareness and distinction – particularly sport due to its obvious links to health. The rest fighting for the other 10% have tended to focus on local community-related sponsorships. Many of the latter offer a much lower cost to entry through monthly cash plans which can help grow the market.
When it comes to targeting health insurance brands, our list includes a mix of pure-play health insurers, insurers that offer it alongside other products or intermediaries that help consumers find or arrange it.
Table of Contents
- Why health insurance, why now?
- Sector overview
- Pitch tips
- The 20 Brands
- Key decision-maker contact details