Bupa Global tiered international private medical insurance
Bupa Global has recently launched tiered international private medical insurance (iPMI) products in Hong Kong (January 2015), Mexico (February 2015), and now in the UK too.
Four new UK iPMI products have been launched, comprising:
Bupa Global Select. This has a £1m annual limit and pays for semi-private hospital accommodation, medical evacuation, cancer and mental health treatment plus health screenings.
Bupa Global Premier. This plan has a £1.5m annual limit and adds private hospital accommodation, optical and dental, physiotherapy, osteopathy and chiropractic treatment, plus vaccinations and dental and eye checks.
Bupa Global Elite. This has a £3m annual limit and further adds complementary medicine, maternity cover and repatriation. Cover for two children under age ten per adult covered can be added free to the plan.
Bupa Global Ultimate. This top level plan has no annual limit and adds extensive GP consultations and genetic cancer screening. Cover for two children under age 16 per adult covered can be added free.
Across the range Bupa Global says its new plans cover:
In hospital and outpatient care.
Health checks – with a focus on prevention as well as cure.
Mental and holistic therapies. This is described as caring for mind as well as body.
Evacuation. If emergency treatment is not available locally, the patient can be transferred to where the care is, and one other person can join them too.
Treatment for cancer and other serious illnesses for as long as needed.
Hereditary, congenital and chronic condition cover.
Transplant and rehabilitation cover.
Comment: Tiering or segmenting markets makes a lot of sense, although our industry is relatively unusual in still too often trying to make a single product fit every need. Bupa Global’s approach has been to start with polling 3,000 people across six countries to find out what they wanted from their iPMI cover. That’s a big chunk of useful data. The resulting solution is what might be termed a ‘logical’ product range, and one that looks to offer about the right number of choices, without risking being perceived as too complex.
Such a solution is therefore useful not just to customers but also to advisers, who have to know the products of a range of insurers in order to recommend the right plan to meet their clients’ needs.
We also liked some of the language used too which is less ‘insurancy’ than usual. So, customers can see what the options are and how the benefits offered might fit their personal situation.
The tiering approach is not perfect though – it can always be argued that particular benefits should be included or excluded. So, if you choose Global Elite, you get maternity cover even if you don’t need it for example. Overall the range looks not just to take Bupa Global to the next stage but also looks like the kind of product ‘story’ that a market leader should have.
Plus points: Tiered approach to iPMI offering simple but logical choices; The new plans are based on solid customer research; Bupa is the brand leader, which can be especially comforting when living and working away from home.
Not so plus points: The number of options is limited so some options are not available at particular price points; Choosing top level cover can be very expensive: iPMI premiums can escalate much faster than inflation; iPMI is not always a straightforward market and there are a growing number of local restrictions to be aware of.
Website: http://www.co.uk. Website http://www.bupa.com
Rating (max 10): Innovation: 8. Overall: 8. Gold
Tags: iPMI; Bupa