Sustainable and Fair Pricing
Like other insurance products, private healthcare insurance premiums cover the cost of paying insured claims and the operations which support them. As a responsible insurer, we believe pricing needs to be fair and sustainable. Our pricing approach helps to ensure our members can access the quality care, diagnostics, and specialist treatment they need.
The components of a price
When setting premiums for individual and SME clients, we consider underlying cost inflation (inflation), incidence trends (claims made during the year) and increases in hospital treatment and specialist costs and innovation in medical practice (medical inflation) to determine our pricing approach. Relevant risk factors are then applied such as age and medical history, to arrive at the end customer price.
Explaining the price of plans
Helping customers to understand what is happening in the private healthcare market, explaining the costs and why their premium could change can help you to develop long lasting, valued relationships with your clients.
To help you with these conversations we have created the below infographic - Explaining where your money goes.
Tailoring to meet your clients' needs
