The future of long term care was addressed last month at Laing and Buisson’s 1998 annual Long Term Conference, attended by representatives from the public, private and voluntary sectors.
The one day conference included assessments of the current state of the long term care market, focusing on funding mechanisms and impending regulation.
The industry keynote presentation was given by Graham Smith, managing director at BUPA Care Services. He centred on the role of BUPA and other emerging “super providers” and the segmentation and branding in the market.
“Long term care is no longer an academic issue for all those people now aged around 50, it’s an intensely personal one from which they’re unable to escape,” he said.
“If people could be persuaded to buy long term care insurance when they were younger, then this would be a big step towards extending the market beyond just those expecting to make claims in the foreseeable future.”
The current political football of long term care funding was hotly debated by the delegates. Kingsley Manning, managing director of financial consultancy, Newchurch and Co., had submitted a proposal to the Royal Commission.
He called for the industry to adopt a more innovative approach to marketing and selling long term care: “There is undoubtedly a huge potential market which needs to take risks and attract investment. If we don’t bring creativity to our products, there is potentially no way out.”