Today, we’re sharing with you insights from the latest ‘Perspectives by Bupa Global’, January 2024.
There are powerful trends shaping our industry in 2024
From the clinical to the commercial, we must ensure we balance delivering the best health outcomes for our customers and building a sustainable IPMI industry for years to come.
The positive news from our expert panel was that IPMI has never been more relevant. New customers are turning to private global healthcare because of pressures on domestic public health systems created by staff shortages and long waiting lists.
However, this increased demand comes at a price. The same public health pressures are contributing to higher medical inflation, which now looks like the ‘new normal’. Changing customer behaviour, including a more proactive approach towards their healthcare, means more people are utilising their benefits than ever before. Across the industry, we’re seeing claims for chronic disease, cancer, mental health and musculoskeletal (MSK) rising significantly.
We need to prioritise the sustainability of our industry in 2024. That means delivering value not only for our customers but also for our business.
Building a more sustainable IPMI industry will be a big trend this year. We’re operating in increasingly complex markets, different countries, currencies, languages and regulations, but we’ve been investing in sustainable growth for several years and we’re starting to see positive signs as we begin 2024.
Anthony Cabrelli — Managing Director, Bupa Global
Your 2024 industry view
We asked for your perspectives on the trends you expect to have the most significant impact this year.
Watch again
Some of our global intermediary partners gave us their perspective on what’s shaping IPMI in 2024.
Overall, it’s quite tempting to view 2020-23 as the “Covid years” which were subject to significant disruption, and to think about this year and next as the start of more stability and predictability. However, I think it’s more likely that the volatility we’ve seen in the last few years is the ‘new normal’.
Joanne Buckle — Principal and Consulting Actuary, Milliman
How Bupa Global is responding in 2024
Significant challenges are ahead of us this year. However, we are optimistic about the long-term future of the IPMI industry.
At Bupa Global, we’re uniquely positioned to respond to the growing demand from customers for a more inclusive and comprehensive healthcare experience. We have the clinical expertise to provide access to the latest treatments and innovations.
Our sole focus is healthcare; that’s all we do. We have the most extensive clinical network of any IPMI provider, which means we’re closer than anyone else to the challenges and opportunities facing our industry.
We also see it as a privilege to be part of the wider Bupa Group, meaning we can leverage the global perspective that comes from running hospitals and clinics across the world.
Our focus this year is to continue to improve our Healthcare Management systems and to prioritise cost containment. Our strategy is built around three pillars: People, Processes and Technology. It allows us to work closer with our partners and providers globally to ensure our customers get access to the best healthcare at a sustainable cost. The improvement in our NPS scores last year is hopefully an indication that we’re getting the balance right.
Randa Fares — Head of Healthcare Management, Middle-East and Asia, Bupa Global
In 2024, we’re investing in our products and listening to feedback from our brokers. Digital is also a big area for us, improving our customer experience and making it easier to do business with us. Finally, we’re also focused on healthcare management and improving our systems and data to detect fraud better and help us manage costs more efficiently.
Nick Brown — Finance Director, Bupa Global
Clinical innovation in 2024
One of the main reasons we’re seeing increased demand and utilisation from new and existing customers for IPMI in 2024 is because they want access to the latest clinical innovations and treatments.
Lack of funding and pressure in public health systems means that IPMI providers are uniquely placed to offer some of the most cutting-edge drugs and clinical care.
However, despite the advances and customer expectations we still must ensure that we manage costs to keep our healthcare affordable and sustainable.
We’re living in a really exciting time when it comes to healthcare technology and clinical innovation.
Clare Scully — Director of Healthcare Insight, Bupa Group
