The typical policyholder is under 54 years of age, is part of a family with 3-4 children and earns more than €30,000 per year.
The insured person chooses to take out an individual product within the health care modality and a long-term relationship with the company.
BRAINTRUST, within the framework of the Competition Observatory it has deployed in the health insurance sector, has analysed the profile of the policyholder of this type of insurance according to the following socio-demographic variables: age, number of household members, family model, income and educational background.
The first of the indicators studied, age, reveals that practically two out of every three policyholders (63%) of this type of insurance are between 25 and 54 years old, with the 35-44 age bracket, with 24.2%, accounting for the greatest number of users. The second of the parameters examined in the framework of the Competition Observatory has been the number of members of the household, reflecting the study that households of 2 to 4 members represent 85% of the insured, and within these families with 3 or 4 people those who concentrate more than half of these insurances, 53%. BRAINTRUST goes deeper into this area by also analysing the model of the family unit of the policyholder, and finds in its study that 62% of them are families with children, a much higher proportion than those households made up of couples without children, which account for only 23%.
Income is another of the criteria evaluated in the study when estimating the rate of taking out insurance, revealing that 60% of policyholders have an annual salary of more than 30,000 euros. The last socio-demographic factor studied by BRAINTRUST 's Competition Observatory in this branch of health insurance was the policyholder's academic background. This data provides very enlightening information, as more than 77% of private health insurance policyholders have a university education, and of these, 45% have a university degree.
In terms of taking out the product, the typical policyholder prefers to take out an individual product within the health care modality and a long-term relationship with the company. According to the study, more than half of the insured remain with the same insurance policy for at least five years, while 10% of those surveyed would have changed or taken out an insurance policy in the last year. Furthermore, it reveals that more than 70% of Spanish households have more than one insured person in the home and that in 75% of these cases, all the home policies are taken out with the same company.
BRAINTRUST also found that 29% of people who say they do not have health insurance admit to having had it at some point in the past. The consultancy firm, an expert in competitive intelligence and customer experience, points out that these percentages reveal a potential market - that of ex-customers of the branch - which should invite companies to reflect on the reasons why these users leave, not only to try to attract them back, but also to learn from this and avoid losing current customers. It also believes that it is essential to offer low-cost products aimed at lower-income households in order to drive up take-up in this market segment.
Graphics: own elaboration
Photo by Lindsay Henwood on Unsplash
