In this interview for New Insurance and Protection, Meg Bratley sits down with Tom Woolgrove, CEO of Benenden Health, to discuss the organisation’s return to surplus, the evolving role of mutual healthcare providers, and why advisers and intermediaries are paying closer attention to alternative healthcare solutions.
With NHS pressures continuing, rising healthcare demand and growing interest in preventative wellbeing support, affordable healthcare solutions are becoming an increasingly important part of the wider protection conversation that advisers are having with clients.
From affordability and accessibility to preventative wellbeing, digital innovation and changing client expectations, Tom shares his thoughts on where the healthcare sector is heading and the opportunities that are emerging.
IFA: Could you tell us a bit about your background and career to date, and what it was that specifically drew you to Benenden Health when you joined in 2024?
Tom: “I’ve had a career mainly in financial services, across both banking and general insurance. Some of my previous roles include Chief Executive of Premium Credit and Transformation Director at Bank of Ireland UK, running large transformation programmes.
I’ve spent around 25 years in financial services. I was also President of the CII and a board member of the Finance and Leasing Association.
Benenden Health was my first move into healthcare, but I see a lot of parallels with general insurance. We’ve got members paying us a monthly fee and, in return, they have protection and reassurance if they need to call upon us.
For me, becoming CEO was about joining a purpose-led organisation. Being a mutual and member-centred organisation really spoke to me because of the social purpose we have, particularly given the pressures on the NHS.
There’s also a real opportunity for impact given the size and scale of the organisation, alongside a commercial opportunity. We’re going through a lot of strategic change, and it’s positive that we’ve got the financial resources and board backing to transform and lead Benenden Health into the future.
Personally, I felt I had the skills and experience to help drive that change and support the organisation into its next chapter. We’ve got a rich history, and I wanted to be part of shaping its future.”
IFA: Benenden Health has reported a significant turnaround in recent years, moving from a £12 million deficit to a £25.1 million surplus. What were the key strategic priorities behind that shift, and which decisions proved most pivotal in returning the organisation to surplus?
Tom: “First and foremost, we always come back to the fact that we’re a member-centred organisation. As a mutual, the most important thing is that we’re here for our members, and long-term financial sustainability is hugely important.
2023 was quite an unusual year. A lot of healthcare providers saw very high demand post-Covid, which contributed to sector-wide financial pressure.
We focused on understanding what our members needed and carried out a lot of research to ensure our products met those needs. Even during a financially pressured period, we remained focused on delivering award winning service and value to our members.
We also had to strengthen our financial resilience, so that did include increasing our monthly contribution rates. That helped move us from deficit to surplus and ensured we had the resources to remain sustainable.
Beyond that, we continued to invest in the core business, in our brand, our proposition, and ensuring we had the right balance between service demand and resources.
By doing all of that, we moved back into surplus and have continued that momentum. As a mutual, we’ve been able to hold contribution rates flat more recently, allowing us to return value back to members given wider cost of living pressures.”
IFA: Affordability sits at the core of Benenden Health’s proposition, with membership priced at around £16 per person per month. How do you maintain that level of accessibility while continuing to invest in service quality and meeting rising demand across the healthcare system?
Tom: “It comes back to being a member-focused mutual organisation and really understanding what our members want.
We focus on providing access to remote GP and physiotherapy services, diagnostics and simple, high-demand elective treatment services, typically short-stay procedures that are highly valued by members. We’re also clear about what we don’t cover, including very high-cost treatments, because that helps keep membership affordable.
We operate efficiently and with significant scale, so we can maintain accessible pricing and reach as wide a membership base as possible.
We also continually review our product. In the last year, we added 80 new surgical treatments, which reflects how we can reinvest as a mutual.
Alongside this, we’re investing heavily in digital services through the Benenden Health App, alongside wellbeing content and clinical consultations.
It’s about offering more value, while keeping membership affordable and sustainable.”
IFA: How do you see Benenden Health’s role within the wider UK healthcare system evolving?
Tom: “We are very clear that we complement the NHS and support it.
The NHS is under significant pressure, so where members can access services through us, that helps ease demand and can often support faster diagnosis and recovery.
There is growing concern about access to healthcare, particularly around diagnostics and early consultation. Given long waiting lists, those early stages can be a barrier, and that’s where we can help.
We also provide additional capacity through our Benenden Hospital, supporting local NHS trusts, helping reduce elective waiting lists and providing patient choice.”
IFA: What impact can early diagnosis have, even where you don’t provide treatment?
Tom: “We’ve got case studies where members come in with symptoms, receive diagnostics and an initial consultation, and are then referred into NHS pathways for treatment.
For example, we don’t provide cancer treatment, but early diagnosis can be critical.
In some cases, it has helped accelerate diagnosis and contributed to life-saving outcomes.”
IFA: Your 2025 surplus has enabled further reinvestment into member services. Where are you currently focusing that investment, and how are you thinking about prioritising new services or enhancements for members?
Tom: “We’ve added 80 new procedures this year across areas such as gynaecology, musculoskeletal and dermatology, based on member feedback.
We’re also investing in digital services through the Benenden Health App, including skin cancer detection tools, heart health monitoring and vision testing.
We’re expanding wellbeing support too, including modules on mental health, sleep, menopause and gut health, alongside clinical consultations.
We’re also developing tailored employer solutions, particularly around physiotherapy and mental health.
The focus is always on putting value back into the product for members.”
IFA: Consumer expectations around healthcare are changing, with growing demand for faster access, preventative support and more flexible models of care. How do you feel that Benenden Health responds to those shifts in demand?
Tom: “We’re becoming much more proactive and preventative in our approach.
Through digital tools, consultations and content, we’re helping members manage their health earlier, helping them stay well.
We also continue to evolve based on member feedback, including more family-focused services and expanded employer offerings.
Healthcare expectations have changed significantly, and we need to evolve with that.”
IFA: Looking ahead, what do you see as the biggest challenges and opportunities for affordable, membership-based healthcare providers, and what should advisers and intermediaries understand about where this part of the market is heading?
Tom: “Demand is increasing, but so are costs, including medical inflation.
That creates pressure but also opportunity. As PMI premiums rise, more people are exploring affordable alternatives.
For advisers, it’s important to understand there are options beyond traditional PMI.
The other major opportunity is preventative healthcare and wellbeing — helping people stay well, not just treating illness. That to us is how we think we will evolve. It’s about providing advice, content and support. People often go to Doctor Google, or increasingly AI, but as a trusted clinical provider, we need to ensure we offer informed guidance.
We are focused on continuing to play an active role in the UK healthcare landscape and broadening people’s understanding of what’s available.”
About Tom Woolgrove
Tom Woolgrove is CEO of Benenden Health, having joined in 2024. He brings over 25 years of experience in financial services across banking and insurance.
Prior roles include CEO of Premium Credit, Chief Transformation Officer at Bank of Ireland UK, and Managing Director of UK Personal Lines at Direct Line Group.
Tom has also served as President of the Chartered Insurance Institute (CII) and a Board Member of the Finance and Leasing Association (FLA).
