Pandemic helps drive up turnover and policy sales at Liverpool health insurer
Medicash, the Liverpool-based health insurer, sold a record number of policies last year, which has resulted in an increase in turnover, from £32.3m in 2020 to £34.5m in 2021.
It was boosted by the sale of more than 122,000 new policies, the highest in the history of the business which celebrated its 150th anniversary last year.
Full financial figures for 2021, including pre-tax profit statistics, are expected to be published in August.
Medicash also revealed that its current 2022 financial year has enjoyed a strong start, with more than 33,000 new policies written in the first two months of the period, taking its total policyholder base to more than 375,000.
Paul Gambon, Medicash sales and marketing director, said: “We’ve been working hard throughout 2021 and the start of 2022 to offer even more accessible and great value services for our customers, and we’re proud to see that our constant focus on innovation has resonated with customers.
“With the CIPD (Chartered Institute of Personnel and Development) reporting that up to three quarters of senior leaders have employee wellbeing on their agenda following the pandemic, we’ve seen this increased awareness of employee wellbeing translate into more businesses taking active steps to look after their workforce.
“This, in turn, helps with the recruitment and staff retention challenges that many companies face at the moment.”
Among the new services recently introduced by Medicash was Phio, a clinically-led digital physiotherapy app.
With 39% of those working from home throughout the pandemic developing new musculoskeletal problems, Phio allows Medicash’s corporate policyholders to access MSK triage support. Users can then self-manage their physiotherapy journey, controlling their own rate of recovery and tracking progress.
Medicash picked up a series of industry awards in 2021, and chief executive, Sue Weir, said: “We’re thrilled to receive further recognition of our top quality customer service. The tremendous period of growth that we’ve seen at Medicash demonstrates how employers value our health plans, and we’re looking forward to seeing this trend continue.”