April UK Bridges Private Medical Insurance Generation Gap
- Published in iPMI Magazine Breaking News
Leading health insurance specialist April UK has joined up with Cardiff Metropolitan University in an effort to bridge the growing generation gap in the insurance industry. The problem was underlined at a high powered summit earlier this week where delegates from the insurance sector were warned about the potential consequences of PMI being regarded as something only older people were interested in.
April UK Marketing Manager Isaac Lam said delegates at the Association of Medical Insurance Intermediaries’ summit had been urged to attract a new generation of customers in the under 40 age bracket - or risk relying on an ever-shrinking market share. He said: “Companies were warned in the starkest possible terms about the consequences of failing to address the growing age gap in the insurance industry and urged to ensure that at least 20 per cent of their customers were in the under 40 bracket. “We have been targeting the younger age groups for some time through our successful sports PMI policies but we have now come up with a new package aimed specifically at students – from both sporting and academic backgrounds.”
The new policy has been formulated in partnership with Cardiff Metropolitan University and will be rolled out to Freshers this year.
Isaac Lam said: “The new policy has been formulated to give students a realistic and affordable level of protection at an early stage of their adult life. “We have worked closely with CMU to ensure the package will appeal to students and provide the next generation of customers the industry needs.”
A number of other universities have already expressed a strong interest in their student plan. April UK is already looking to extend the scheme across the country. In the meantime details of the new policy will be handed out to this year’s intake at Cardiff. “As well as its reputation for academic excellence Cardiff is also well known as a sports college and we have already had extensive experience promoting our sports PMI packages to future sports professionals.
“Our future business leaders will quickly discover their future earning power depends on their own health and capability, just as it does for the professional sports person who might have graduated alongside them.”
The policy is for people in full time education only and provides a substantial discount to the cost of a normal adult PMI package, with comprehensive cover for someone aged up to 21 costing £17.09 a month. Celebrating its 25th anniversary this year, APRIL UK is part of the international APRIL Group headquartered in Lyon, France, which looks after six million policyholders in 37 countries worldwide. The group has a market value in excess of £776 million.