7 November 2023
Fairer Finance Launches New PMI Product Ratings
7th November 2023
FAIRER FINANCE LAUNCHES NEW PMI PRODUCT RATINGS
Consumer group and ratings provider, Fairer Finance, has launched its new PMI product ratings this week - https://www.fairerfinance.com/ratings/product-ratings/private-medical-insurance#5stars.
The ratings are deigned to help consumers chose a good quality product. Fairer Finance award a 5-star rating to the products with a set of features that most customers will need and expect. It sets a high bar so the ratings have real value - no more than 15% are awarded 5-star ratings at the start of each year, and often far fewer.
The policies that have been awarded a 5-star rating are AXA Health For You, AXA Personal Health, Bupa By You Comprehensive, The Exeter Health+ and Vitality Personal Healthcare. Here’s a link to a short blog they’ve written on this which tells you more - https://www.fairerfinance.com/insights/blog/our-new-private-medical-insurance-product-ratings?token=aV5lNuRsO0R8DBED%7EI75_97Vw_ZVZdRY
James Daley, managing director of consumer group and ratings provider, Fairer Finance, said: “The private medical insurance market has been growing rapidly in recent months, as more people have decided to hedge their healthcare as the NHS continues to struggle. Although this is a great opportunity for the industry, it’s also a dangerous moment for consumers - most of whom have never bought this insurance before and are unlikely to understand the nuances of what is and isn’t covered.
“Our new product ratings are designed to help people understand the significant differences between the products on the market - so they can make an informed decision about who they sign up with. Some PMI policies offer poor hospital coverage for certain parts of the country, whilst others have key exclusions around treatments for mental health or cancer. It’s important the PMI market seizes this opportunity responsibly and works harder to explain both the benefits and limitations of their products to customers when they are applying as well as throughout the lifetime of the policy."
For more information about Fairer Finance and to read more about its Customer Experience and Product Ratings, visit https://www.fairerfinance.com/.
About Fairer Finance
Fairer Finance is an independent consumer group and ratings provider whose mission is to help create a financial services market which is fair for consumers as well as the companies that serve them. With a heritage spanning almost a decade, Fairer Finance’s unique and impartial Product Ratings are simply designed to help consumers make sense of the complex world of financial products. It rates over 6,000 products spanning over 20 sectors, ranging from bank accounts, credit cards, car insurance and travel insurance.
Its Customer Experience Ratings are designed to help consumers make more informed decisions based on quality and service and not just price (eg trust, complaint-handling, transparency etc).