Announcing the State of Health Insurance Report 2021-2022

We at Pacific Prime UK are excited to present our latest findings on the state of health insurance around the globe with our State of Health Insurance Report 2021-2022. As the world tries to return to normal after the COVID-19 pandemic, many countries are discovering that what was once considered normal has gone for good. In this report, we will delve into the major changes the pandemic has necessitated, for better or worse.

And if there is a silver lining to all the lives and productivity lost due to COVID-19, we believe worldwide healthcare and related services will benefit in the long run because of it. Read on to learn more in this article. We’ve also produced an attractive infographic for those itching to catch a quick glimpse of our major findings.

Three major trends in health insurance today

We have identified three major trends that will affect us all. Though they are more or less inevitable with advances in technology, the pandemic has nonetheless been a catalyst in their coming of age.

COVID-19’s legacy: Health equity for all

In a nutshell, health equity for all means every person has the opportunity to attain their full health potential regardless of socioeconomic status. And with advances in telehealth, we are one step closer to health equity. Partly due to a stronger focus on mental and psychological health, companies also need to review and strengthen employee benefits, and insurers need to offer more comprehensive solutions as well.

Data is the new healthcare currency

AI and big data are revolutionizing many aspects of our lives, and in the realm of healthcare, they are helping improve the quality of care and drive costs down. New players are popping up here and there as the barrier to entry has been lowered as well. Cybersecurity, however, remains a concern for us all.

Health insurers buckle up for growth

In the wake of COVID-19 and recognizing the new realities of the world of work, insurers are investing heavily in digital technology in a bid to improve cost efficiency. Attracting and keeping quality employees has become a challenge, as new ways of work have empowered employees and given them more options than before. One way to tackle these and other problems is for insurers to prioritize transparency, as trust is always non-negotiable when it comes to health insurance.

What is the state of health insurance in the UK?

With memories of long wait times still fresh in many people’s minds, there’s no wonder a new interest in the private healthcare sector in the UK. The good news is, that despite the increased demand, we’ve not seen a major spike in the cost of private medical insurance. Employers also see providing health benefits to employees as a key component in their efforts to attract and retain talents.

Flexible working arrangements are here to stay

“The trend to remote work or “work from everywhere” is a key factor in the way cover will evolve, and individuals, employers, and carriers will need to reach a mutual understanding of the shape of this. Flexibility will become key, and the availability of services on a digital basis in many areas will be dominant. The future will be shaped by demand, and brokers are in a prime spot to influence this evolution.”

Alan Fergusson | Global Employee Benefits Practice Leader | Worldwide Broker Network

Many of us, at one point or another, have been subjected to remote working arrangements when COVID-19 was at its peak, and these have served as a grand-scale experiment on the feasibility of these and similar (i.e. flexible, hybrid) working arrangements, often with delightful results to show. One study has found that, in the UK, these flexible working arrangements allow employees to spend more time exercising and caring for family members, which could ease the burden on the NHS and lead to savings upwards of GBP £4 billion a year.

Technology as an enabler of change once again

So how will these new trends shape the future of health insurance? How will technology, including AI and the use of big data, make it possible for insurers to drive costs down and (hopefully) pass the savings on to customers, while helping us develop better health habits? And what challenges can we expect to face post-Brexit and in the aftermath of COVID-19? Find insightful discussions on these issues and more in the State of Health Insurance Report 2021-2022!

So download a free copy of the report from the download page today! We hope after reading it, you’ll share the same optimism we have for our common future.

Get in touch to learn more today

Want to make sure you and your family have the right coverage? Contact our London office today, and we will be happy to apply our expertise and experience in health insurance to tailor a plan to meet all of your needs!