PBUK 2015: Corporate PMI market is 'fundamentally broken'

This is highlighted by some companies' premiums increasing by over 30% while others are unable to generate a return on investment, according to Barnett Waddingham.

Speaking at Pensions and Benefits UK, the consultant's head of workplace health Carl Chapman said employers could potentially save up to 40% on their medical insurance by exploring alternative health intervention pathways.

READ MORE: WSB DEBATE: HOW TO BOOST ABSENCE MANAGEMENT AND WORKFORCE REHABILITATION

Chapman noted several reasons for the increase in premiums including a rise in treatment costs, a lack of clarity over when patients should stop their treatment, funding and taxation, and the stigma of medical insurance as an indication of stature.

He identified potential ways of achieving a medical health framework that would achieve significant advantages for employees and employers.

This included triaging services, providing trust-based medical cover and big data analysis.

A targeted strategy supported by good governance was also identified as a way of improving medical insurance cover.

"Employees are left to their own devices to find their own treatment pathway, and realistically they're not going to consider all of their options," Chapman said.

"I believe that what we need in the market is a gatekeeper service, made up of a team of nurses who the employee contacts in the first instance, and that team of nurses triage the employer or employee to the most appropriate provider." 

READ MORE: HEALTH INSURANCE AND LIFE COVER GAIN FAVOUR AMONG UK WORKERS

• Tweet  
• Facebook  
• LinkedIn  
• Send to  

• Topics
• Employee Benefits
• healthcare