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What is a business health insurance market review?
A market review allows a business to see how its current private medical insurance policy compares with the wider market. If you already have cover in place, we can review your existing policy against options from the whole market of over 20+ insurance providers, including niches ones, giving you a clear comparison of the price, cover and benefits available. From there, we can use the market information to negotiate with your existing insurer on your behalf, whether that means securing a more competitive premium, improving your benefits, restructuring your policy or exploring alternative providers. A market review doesn’t always mean switching insurers, in fact, many of our clients choose to stay with their existing provider after we’ve negotiated improved terms.
Why should businesses review their PMI?
Why should you carry out a market review? It’s simple: just like any other insurance policy, your business and its needs can change over time. What was the right level of cover and price when your policy was first arranged may not necessarily remain the best fit at renewal. An annual review gives you the opportunity to look at your policy with fresh eyes and make sure it continues to provide the right balance of cost, cover and value for your business.
There are several factors worth reviewing, including:
- Employee numbers and changes in your workforce
- Employee demographics
- Changes in the size or structure of your business
- Employee expectations and healthcare needs
- Your wider employee benefits strategy
- Your healthcare budget
- The level of cover you currently provide
- Your claims experience
Reviewing these areas can help ensure your PMI policy continues to support both your employees and your wider business strategy, while remaining financially sustainable as healthcare costs continue to rise.
Ultimately, a renewal shouldn’t simply be about accepting the price you’re given. It’s an opportunity to ask whether your policy is still right for your business and whether you’re getting good value for what you’re paying.
What does a market review actually look at?
A market review looks at more than simply whether you could find a cheaper premium. We take a detailed look at your existing policy and compare it with the wider market to understand whether you’re getting the right balance of cost, cover and value.
Cost: We review what you’re currently paying, how your premium has changed over previous years and what alternative providers could offer for comparable cover.
Cover: We look at what your current policy includes and whether it still meets the needs of your employees. This can include considering which benefits are being used, whether there are gaps in your current cover and whether additional benefits could be valuable to your workforce.
Policy structure: We also review the structure of your policy, including the excess, outpatient limits, hospital lists, treatment options, underwriting and any additional benefits. These details can have an impact on both the cost and the overall value of your policy.
As a specialist broker focused solely on private healthcare, we can carry out this review at no additional cost. We are also FCA regulated, giving you reassurance that we operate within the appropriate regulatory framework when helping you assess your healthcare options. We act for you and put your needs first. If you choose to arrange your healthcare cover through Cransford, you’ll also have access to Cransford Care+, our complimentary client programme, which provides additional healthcare-related benefits and services at no extra cost.
Can a market review actually save money?
There’s no guarantee that a market review will result in a lower premium, but it gives your business the opportunity to see whether your current renewal terms are competitive and whether there are ways to control costs.
Comparing your existing policy against the wider market can highlight:
- More competitive premiums
- Alternative providers offering comparable cover
- Different policy structures that could reduce costs
- Opportunities to adjust your excess
- Benefits that may no longer be needed or could be duplicated elsewhere
Opportunities to negotiate improved terms with your existing insurer
A market review isn’t simply about finding the cheapest option. It gives you a clearer picture of what’s available and allows you to make an informed decision about whether to stay with your current provider, negotiate better terms or consider switching. Ultimately, it gives your business the opportunity to establish whether your current policy still represents good value for money, rather than simply accepting the renewal terms for another year.
When should a business carry out a market review?
The best time to review your business health insurance is before your renewal date, rather than waiting until your current policy is about to expire. You will typically receive your renewal terms several weeks before renewal, giving you time to review the proposed changes, compare your options and negotiate where appropriate. At Cransford, once your renewal terms are available, we’ll work with you to assess whether they remain competitive and whether your policy still meets your business needs.
A market review can be particularly valuable if:
- Your renewal premium has increased significantly
- You haven’t compared your policy against the wider market for several years
- Your business has grown or reduced in size
- Your workforce has changed
- Your current policy no longer meets your employees’ needs
- You’re unhappy with your current provider
- You want to reduce or better manage your healthcare expenditure
- You’re considering changing your employee benefits strategy
- You simply want to understand what other options are available
You don’t have to wait for a problem to arise to review your policy. A regular review can help ensure your cover continues to provide the right balance of cost, benefits and value as your business changes
What happens if you find a better option?
So, you’ve completed the review and decided that switching providers could be the best option for your business, what happens next?
As a specialist broker, we know how to make the process as simple and seamless as possible for you and your team. Where possible, we can look at maintaining the same underwriting when moving providers, helping to make the transition as straightforward as possible.
Our team will guide you through each stage of the switch, explain your options and make sure you understand what’s happening along the way. Whether you have questions, concerns or simply want some reassurance, we’re here to support you throughout the process and make sure you’re looked after.
Why use a broker for a market review?
A market review can be a valuable way to understand whether your current private medical insurance policy is still right for your business but knowing what to do with the information is just as important.
A specialist broker can take the time to understand your business and its current requirements, review your existing policy, approach multiple insurers and compare not just the price, but the differences in cover and policy structure. They can also explain what has changed, negotiate renewal terms with your existing insurer and help you decide whether staying put, restructuring your policy or switching provider makes the most sense. The value of using a broker isn’t simply in obtaining different quotes. It’s about having someone who understands the market, can explain what your options mean for your business and help you make an informed decision about your healthcare cover.
At Cransford, we specialise solely in private healthcare, so our focus is on helping businesses find the right balance between cost, cover and value, whether that means securing better terms with your existing provider or finding a more suitable alternative.
Book your marketing review here- Book appointment today
Or call our team to speak to a specialists- 028 9073 5207
