U.K. Health Insurance Market - Industry Trends and Forecast to 2029
- Published Date: 2022-12-22
- Report ID: 143070
- Pages: 225
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Format:
Short Description
U.K. Health Insurance Market, By Type (Product, Solutions), Services (Inpatient Treatment, Outpatient Treatment, Medical Assistance, and Others), Level of Coverage (Bronze, Silver, Gold, and Platinum), Service Providers (Public Health Insurance Providers, Private Health Insurance Providers), Health Insurance Plans (Point of Service (POS), Exclusive Provider Organization (EPOS), Indemnity Health Insurance, Health Savings Account (HSA), Qualified Small Employer Health Reimbursement Arrangements (QSEHRAS), Preferred Provider Organization (PPO), Health Maintenance Organization (HMO), and Others), Demographics (Adults, Minors, and Senior Citizens), Coverage Type (Lifetime Coverage, Term Coverage), End User (Corporates, Individuals, and Others) Distribution Channel (Direct Sales, Financial Institutions, E-commerce, Hospitals, Clinics, and Others), Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, Israel, South Africa, and Rest of Middle East and Africa) Industry Trends and Forecast to 2029
Market Definition
Health insurance is a type of insurance that provides coverage for all kinds of surgical expenses as well as medical treatment incurred from an illness or injury. It applies to a comprehensive or limited range of medical services providing the coverage of full or partial costs of specific services. It provides financial support to the policyholder as it covers all the medical expenses when the policyholder is hospitalized for treatment. It also covers pre as well as post-hospitalization expenses.
In the health insurance plan, several types of coverage are available, which is cashless or reimbursement claim. The cashless benefit is available when the policyholder takes treatment from the network hospitals of the insurance company. If the policyholder takes treatment from hospitals that are not in the list network, in that case, the policyholder meets all the medical expenses and then claims the reimbursement from the insurance company by submitting all the medical bills.
Market Segmentation
The U.K. health insurance market is segmented on the basis of type, services, level of coverage, service providers, health insurance plans, demographics, coverage type, end user, and distribution channel.
On the basis of type, the market is segmented into product and solutions
On the basis of services, the market is segmented into inpatient treatment, outpatient treatment, medical assistance, and others
On the basis of the level of coverage, the market is segmented into bronze, silver, gold, and platinum
On the basis of service providers, the market is segmented into private health insurance providers and public health insurance providers
On the basis of health insurance plans, the market is segmented into point of service (POS), exclusive provider organization (EPOS), indemnity health insurance, health savings account (HSA), qualified small employer health reimbursement arrangements (QSEHRAS), preferred provider organization (PPO), health maintenance organization (HMO), and others
On the basis of demographics, the market is segmented into adults, minors, and senior citizens
On the basis of coverage type, the market is segmented into lifetime coverage and term coverage
On the basis of end user, the market is segmented into corporates, individuals, and others
On the basis of distribution channel, the market is segmented into direct sales, financial institutions, e-commerce, hospitals, clinics, and others
Market Players
Some of the major players operating in the U.K. health insurance market are:
Cigna
Aviva
Allianz Care
AXA
Bupa
American International Group, Inc.
Vitality
Pru Life UK
SAGA
General and Medical Finance Ltd
Exeter Family Friendly
TABLE OF CONTENTS
1 INTRODUCTION 10
1.1 OBJECTIVES OF THE STUDY 10
1.2 MARKET DEFINITION 10
1.3 OVERVIEW OF U.K. HEALTH INSURANCE MARKET 10
1.4 LIMITATIONS 12
1.5 MARKETS COVERED 12
2 MARKET SEGMENTATION 14
2.1 MARKETS COVERED 14
2.2 GEOGRAPHICAL SCOPE 15
2.3 YEARS CONSIDERED FOR THE STUDY 15
2.4 CURRENCY AND PRICING 15
2.5 DBMR TRIPOD DATA VALIDATION MODEL 16
2.6 PRIMARY INTERVIEWS WITH KEY OPINION LEADERS 19
2.7 DBMR MARKET POSITION GRID 20
2.8 MARKET END-USER COVERAGE GRID 21
2.9 DBMR MARKET CHALLENGE MATRIX 22
2.10 TYPE LIFE LINE CURVE 23
2.11 MULTIVARIATE MODELING 23
2.12 SECONDARY SOURCES 25
2.13 ASSUMPTIONS 26
3 EXECUTIVE SUMMARY 27
4 PREMIUM INSIGHTS 30
5 MARKET OVERVIEW 31
5.1 DRIVERS 33
5.1.1 INCREASING COST OF MEDICAL SERVICES 33
5.1.2 GROWING NUMBER OF DAYCARE PROCEDURES 34
5.1.3 MANDATORY PROVISION OF HEALTHCARE INSURANCE IN PUBLIC AND PRIVATE SECTORS 35
5.2 RESTRAINTS 36
5.2.1 HIGH COST OF INSURANCE PREMIUMS 36
5.2.2 STRICT DOCUMENTATION PROCESS FOR CLAIM REIMBURSEMENT 37
5.3 OPPORTUNITIES 38
5.3.1 ADVANTAGES OF HEALTH INSURANCE POLICIES 38
5.3.2 INCREASING HEALTHCARE EXPENDITURE 39
5.4 CHALLENGE 40
5.4.1 LACK OF AWARENESS REGARDING THE BENEFITS OF HEALTH INSURANCE 40
6 U.K. HEALTH INSURANCE MARKET, BY TYPE 41
6.1 OVERVIEW 42
6.2 PRODUCT 43
6.2.1 MEDICLAIM INSURANCE 44
6.2.2 INDIVIDUAL COVERAGE INSURANCE 44
6.2.3 FAMILY FLOATER COVERAGE INSURANCE 44
6.2.4 HOSPITALIZATION COVERAGE INSURANCE 44
6.2.5 SENIOR CITIZEN COVERAGE INSURANCE 44
6.2.6 CRITICAL ILLNESS INSURANCE 44
6.2.7 UNIT LINKED HEALTH PLANS 44
6.2.8 PERMANENT HEALTH INSURANCE 44
6.3 SOLUTIONS 44
6.3.1 LEAD GENERATIONS SOLUTIONS 45
6.3.2 REVENUE MANAGEMENT & BILLING SOLUTIONS 45
6.3.3 ROBOTIC PROCESS AUTOMATION 45
6.3.4 INSURANCE CLOUD SOLUTIONS 45
6.3.5 CLAIMS ADMINISTRATION CLOUD SOLUTIONS 45
6.3.6 VALUE-BASED PAYMENTS SOLUTIONS 45
6.3.7 ARTIFICIAL INTELLIGENCE & BLOCK CHAIN SOLUTIONS 46
6.3.8 INTELLIGENT CASE MANAGEMENT SOLUTIONS 46
6.3.9 OTHERS 46
7 U.K. HEALTH INSURANCE MARKET, BY SERVICES 47
7.1 OVERVIEW 48
7.2 INPATIENT TREATMENT 49
7.3 OUTPATIENT TREATMENT 49
7.4 MEDICAL ASSURANCE 50
7.5 OTHERS 50
8 U.K. HEALTH INSURANCE MARKET, BY LEVEL OF COVERAGE 51
8.1 OVERVIEW 52
8.2 BRONZE 53
8.3 SILVER 53
8.4 GOLD 53
8.5 PLATINUM 54
9 U.K. HEALTH INSURANCE MARKET, BY SERVICE PROVIDERS 55
9.1 OVERVIEW 56
9.2 PUBLIC HEALTH INSURANCE PROVIDERS 57
9.3 PRIVATE HEALTH INSURANCE PROVIDERS 57
10 U.K. HEALTH INSURANCE MARKET, BY HEALTH INSURANCE PLANS 58
10.1 OVERVIEW 59
10.2 POINT OF SERVICE (POS) 60
10.3 EXCLUSIVE PROVIDER ORGANIZATION (EPOS) 60
10.4 PREFERRED PROVIDER ORGANIZATION (PPO) 61
10.5 INDEMNITY HEALTH INSURANCE 61
10.6 HEALTH MAINTENANCE ORGANIZATION (HMO) 61
10.7 HEALTH SAVINGS ACCOUNT (HSA) 61
10.8 QUALIFIED SMALL EMPLOYER HEALTH REIMBURSEMENT ARRANGEMENTS (QSEHRAS) 62
10.9 OTHERS 62
11 U.K. HEALTH INSURANCE MARKET, BY DEMOGRAPHICS 63
11.1 OVERVIEW 64
11.2 ADULTS 65
11.3 MINORS 65
11.4 SENIOR CITIZENS 65
12 U.K. HEALTH INSURANCE MARKET, BY COVERAGE TYPE 66
12.1 OVERVIEW 67
12.2 LIFETIME COVERAGE 68
12.3 TERM COVERAGE 68
13 U.K. HEALTH INSURANCE MARKET, BY END-USER 69
13.1 OVERVIEW 70
13.2 CORPORATES 71
13.3 INDIVIDUALS 71
13.4 OTHERS 72
14 U.K. HEALTH INSURANCE MARKET, BY DISTRIBUTION CHANNEL 73
14.1 OVERVIEW 74
14.2 DIRECT SALES 75
14.3 FINANCIAL INSTITUTIONS 75
14.4 E-COMMERCE 76
14.5 HOSPITALS 76
14.6 CLINICS 76
14.7 OTHERS 76
15 U.K. HEALTH INSURANCE MARKET, COMPANY LANDSCAPE 77
15.1 COMPANY SHARE ANALYSIS: U.K. 77
16 SWOT ANALYSIS 78
17 COMPANY PROFILE 79
17.1 CIGNA 79
17.1.1 COMPANY SNAPSHOT 79
17.1.2 REVENUE ANALYSIS 80
17.1.3 PRODUCT PORTFOLIO 80
17.1.4 RECENT UPDATE 81
17.2 AVIVA 82
17.2.1 COMPANY SNAPSHOT 82
17.2.2 REVENUE ANALYSIS 82
17.2.3 PRODUCT PORTFOLIO 83
17.2.4 RECENT UPDATES 83
17.3 ALLIANZ CARE (A SUBSIDIARY OF ALLIANZ) 84
17.3.1 COMPANY SNAPSHOT 84
17.3.2 REVENUE ANALYSIS 84
17.3.3 PRODUCT PORTFOLIO 85
17.3.4 RECENT UPDATE 85
17.4 AXA 87
17.4.1 COMPANY SNAPSHOT 87
17.4.2 REVENUE ANALYSIS 87
17.4.3 PRODUCT PORTFOLIO 88
17.4.4 RECENT UPDATES 88
17.5 BUPA 89
17.5.1 COMPANY SNAPSHOT 89
17.5.2 REVENUE ANALYSIS 89
17.5.3 PRODUCT PORTFOLIO 90
17.5.4 RECENT UPDATES 90
17.6 AMERICAN INTERNATIONAL GROUP, INC. (2021) 92
17.6.1 COMPANY SNAPSHOT 92
17.6.2 REVENUE ANALYSIS 92
17.6.3 PRODUCT PORTFOLIO 93
17.6.4 RECENT DEVELOPMENTS 93
17.7 EXETER FRIENDLY SOCIETY LIMITED 94
17.7.1 COMPANY SNAPSHOT 94
17.7.2 PRODUCT PORTFOLIO 94
17.7.3 RECENT DEVELOPMENTS 94
17.8 FREEDOM HEALTH INSURANCE 95
17.8.1 COMPANY SNAPSHOT 95
17.8.2 PRODUCT PORTFOLIO 95
17.8.3 RECENT DEVELOPMENTS 95
17.9 GENERAL AND MEDICAL FINANCE LTD 96
17.9.1 COMPANY SNAPSHOT 96
17.9.2 PRODUCT PORTFOLIO 96
17.9.3 RECENT DEVELOPMENTS 96
17.10 PRU LIFE UK 97
17.10.1 COMPANY SNAPSHOT 97
17.10.2 PRODUCT PORTFOLIO 97
17.10.3 RECENT DEVELOPMENTS 97
17.11 SAGA (2021) 99
17.11.1 COMPANY SNAPSHOT 99
17.11.2 REVENUE ANALYSIS 99
17.11.3 PRODUCT PORTFOLIO 100
17.11.4 RECENT DEVELOPMENTS 100
17.12 VITALITY (A SUBSIDIARY OF DISCOVERY LTD) 101
17.12.1 COMPANY SNAPSHOT 101
17.12.2 REVENUE ANALYSIS 101
17.12.3 PRODUCT PORTFOLIO 102
17.12.4 RECENT UPDATES 102
18 QUESTIONNAIRE 103
19 RELATED REPORTS 108
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