Premium health insurer Bupa Global has today announced the launch of a new proposition targeted at ultra-high net worth (uHNW) customers. More than healthcare; Private Client by Bupa is “Lifecare”, which defines a new category within the health insurance market to meet demand for a tailored service, focused on prevention, holistic wellbeing, and sought-after therapies.
Research from Bupa Global found that 59% of uHNW customers are now investing in their health and wellbeing more than tangible luxury goods such as handbags and cars, demonstrating that health is a key priority for this demographic. A similar number (65%) said that the pandemic has prompted a renewed focus on their health and wellbeing over the past year.
The Private Client by Bupa proposition focuses on prevention and holistic wellbeing in addition to being there for customers when they need healthcare the most. It curates exceptional health and wellbeing services, bringing them together in one simple package.
Market analysis of cash-rich and time-poor customers reveals that there’s an appetite for increased service levels, personal guidance and greater tailoring to individual needs. As a result, each customer is appointed a named Lifecare Concierge Manager to handle all aspects of their individual or family health plan, with an understanding of their lifestyles, medical conditions, provider preferences and whereabouts.
The brand proposition has been developed in partnership with McCann Manchester, to identify the specific needs of the ultra-wealthy target audience and communicate to them directly. Private Client by Bupa will be introduced to the UK, in China in partnership with the Alltrust Insurance Company, and to Hong Kong based customers this month, and rolled-out across further products in September.
Analysis of the customer segment has shown that reaching uHNWs rely heavily on highly personalised, bespoke content and word of mouth referrals. To target this hard to reach group, a marketing campaign has begun this month with a media partnership with the Financial Times, followed by a series of targeted digital campaigns.
Customers are offered Lifecare, a newly branded proposition, which curates a complete service for the mind, body and being, with plans that are designed to be used. It provides them access to world-class health professionals and services that meet their health priorities, with a focus on prevention and holistic wellbeing. They can also share their health screening results with Bupa Global’s senior clinical experts, to actively manage potential conditions and work out the best ways to use the benefits that come with a health plan.
Neil Kirby, Marketing Director at Bupa Global, said: “Private Client by Bupa is an exciting first step in defining a new luxury ‘Lifecare’ category. This new proposition demonstrates our understanding of the ultra-high net worth market; we know this demographic is looking for a wellness partner, with a provider that understands their needs and priorities, helping to give them peace of mind that their health is in safe hands.”
Richard Aldiss, Managing Director at McCann Manchester, commented: “High net worth consumers demand the very best across all categories and lifestyle purchases. Our insights highlighted the desire for preventative treatments and personalised healthcare plans rooted in a prestige offering. Private Client by Bupa has a prestigious look and feel and is framed as a lifestyle commodity not a circumstance purchase.”
