Thought

Group Private Medical Insurance - Top 10 things to consider before renewal.

Providing corporate PMI cover for your employees is a valuable benefit. However, it is also one of the higher priced benefits, making it all the more important it remains fit for purpose and provides a demonstrable return on investment for the company.

In order to meet these goals, it is important to consider the approach to take in advance of your next renewal. The following top ten tips can help set your renewal agenda.

  1. Understanding the full range of benefit options and level of flexibility offered by your current insurer, may give you the opportunity to make the PMI cover more relevant and engaging for your employees.
  1. Have you reviewed and addressed any trends / re-occurring medical conditions appearing in your claims management Information before you decide on the approach to renewal?
  1. Consider if you might be focusing on brand awareness to the detriment of the best solution from a less high profile provider.
  1. Does your current advisor consult with you on future employee wellbeing strategy and scheme design? This can make a world of difference vs. one who just obtains market quotes to match the status quo.
  1. PMI schemes have often been in place for many years with no real change. Review whether your scheme still maximises the return on the investment made in it each year.
  1. Have you promoted all the extra benefits (discounts, online health assessments, wellbeing sites and apps etc.) provided with your PMI cover to employees on a regular basis, to drive employee interest and wellbeing?
  2. If you still have a group insurance policy in place, would a Health Trust or Corporate Deductible contract be a better option?
  1. Health Cash Plans are growing ever more popular and can often be provided on a cost neutral basis by making small adjustments to your existing PMI cover. Have you investigated this option?
  1. Does your current insurer just pay for treatment, or are they proactive in helping you to focus on improving the health of your staff before they need to claim? Have them explain how they can help here, rather than just being a bill payer.
  1. When comparing providers look at their technology solutions as well as the level of benefits vs. price. Do they offer online claiming, is there an employer portal on offer to make scheme changes easier for you and can employees access a range of services through their phones?

PMI coverage is evolving with greater attention on prevention and technology. We discuss all these points with our clients and focus on the wider wellbeing picture as well as the PMI renewal. To find out how your current wellbeing programme and initiatives stacks up, complete our free Workplace Wellbeing Appraisal here or feel free to contact me direct.

Simon Curtis

Senior Consultant

Full profile