Medicash has reported record sales in its annual accounts announced today.

Sales of company-paid plans rose to 41,469, up from 38,477 in 2014 driven by a strong intermediary led market, whilst the total number of Medicash policyholders grew by 11% to 188,314 – up from 169,918 the previous year.

Key Figures

  • Premium income £23m (up 5.5% from 21.8m in 2014)
  • Commissions paid to intermediaries £463k (up 59% on 2014)
  • Value of claims paid £18.4m (up 7% on 2014)
  • 97% of claims received were paid.

Chief executive Sue Weir said: “We are delighted to have experienced another year of strong growth. The increase in take up of corporate plans is a reflection of a continued focus on our ongoing commitment to investment in innovation and first class customer service. The 89 strong team based in our Liverpool head office and across the UK deserve to be congratulated for their hard work and dedication.”

Significant new business wins boosted sales considerably. The organisation has also retained its status of ‘Exceptional’ – the highest possible rating – by Investor in Customers, one of the UK’s leading customer service assessment bodies. Medicash are the only health insurer to have achieved the highest rating to date.

Medicash has spearheaded a vigorous campaign against the increase in insurance premium tax (IPT) which came into effect in 2015. The hike (from 6% to 9.5%) had a negative impact on results and the wider market.

In order to build on its strong performance, Medicash has sustained its focus on customer service and product development throughout 2016. Earlier this year, the organisation joined forces with industry specialists Medex Protect to launch a revolutionary new corporate plan aimed at families called Medicash Family Care.

Medicash Family Care has been developed to help parents and guardians meet the costs of caring for sick children irrespective of whether or not they have private medical insurance.

The Medicash Charitable Trust donated over £120,000 to local health-related charities and good causes in 2015.