With over 5.5 million1 SME businesses operating in the UK and just 14.5%2 of those businesses holding a health insurance product in 2022. The opportunity to grow this market segment is significant in a more health-conscious world post pandemic.
And despite difficult economic circumstances facing the SME business population, AXA Health has continued to see our SME client population grow, with the total number of policies sold and total lives covered growing by c.10%. Also, nearly 50% of the SME business written by our regional brokers in 2022 was new to market, which shows that health cover is increasingly becoming a priority for businesses.
Yet we cannot ignore the fact that whilst a growing number of SME’s are in the market for private medical insurance to support their people, cost is a significant decision-making factor in this space, that’s why we are happy to introduce our Business Protect plan, via our brokers to SME business who are new to this product.
What is Business Protect?
Business Protect is our lower cost health insurance product for SME clients.
The product maintains the benefit of being modular as with our Business Health product, allowing businesses to build their cover around their specific business needs and the needs of their people.
The cost saving comes from a more focussed list of approved hospitals and consultants which allows AXA Health to manage costs and pass this saving onto the client.
Why is Business Protect good for your clients?
Post pandemic, there has been a renewed focus on the importance of health and wellbeing in the workplace among both employers and employees.
Private healthcare cover is the third most desired job benefit for employees3 and as pay increases struggle to keep pace with inflation, employers are looking at other ways to support existing staff and attract new ones4.
Business Protect allows customers to offer the health cover that works for their business to their people at a lower cost to the business than AXA Health’s other SME insurance product.
How do I learn more about Business Protect?
To help you understand more about the Business Protect product and how it differs from Business Health, we have created the following materials:
We’ve also recorded a webinar which provides an overview of our SME PMI products and also the current SME PMI market conditions. Take a look below:
When can I quote for Business Protect and who can I quote for?
Business Protect is available to quote now for new to market SME clients with a contract start date from 1st September.
To quote, please email email@example.com or speak to your account manager.
2UK SME Insurance: Competitor Dynamics 2022, GlobalData, February 2023