Posted on Jan 21, 2011 by Sergio Ulloa
PruHealth, the joint venture between British insurance giant Prudential and Discovery Holdings is launching a new health product range. It will be the first new product to be released by PruHealth since its take-over of Standard Life Healthcare UK
in August 2010.
The new product range will be launched on the 1st of March 2011 and will result in the gradual phasing out of existing Standard Life and PruHealth policies.
The new health insurance product will be available to individuals, SMEs (small & medium enterprises) and corporate clients. A key feature of the new range of healthcare cover is that it can be tailor-made to suit personal requirements, with a series of add-ons to a basic healthcare package. The add-on options will include cover for cancer and an addition to promote wellness and vitality, with discounts for gym membership.
PruHealth has taken time in launching the new product range, which follows consultation with current policyholders in order to create a healthcare insurance product to penetrate the market.
Part of PruHealth's service will include the development of a 'Cover Check' programme designed to simplify policy documentation making it easier for policyholder understanding. Marketing of the new product range will highlight the transparency of the cover included in the policy documents, with the emphasis on a 'Full Cover' policy having no hidden conditions.
PruHealth acquired Standard Life Healthcare UK in August last year as a bolt-on to Prudential's insurance products with the intention to grow its healthcare business.
As part of the launch of the new product range, PruHealth will move its customer services operation from South Africa to the UK, although back-office staff will remain in South Africa. The decision to relocate the PruHealth customer service staff is a key part of the insurers bid to gain market share in the UK and enhance its reputation for quality of service.
PruHealth's new product has been designed to meet a wide spectrum of healthcare needs building on its core strengths of brand awareness and service delivery. Consequently, the company is optimistic that the efforts taken to consult with policyholders in advance of its launch will reap positive benefits in terms of securing new business premiums.
Insurance Company Mentioned:
PruHealth is part of a joint venture named Prudential Health Holdings Limited, between Prudential Assurance Company of the UK and Discovery Holdings. The joint venture was started in 2004 and offers private medical insurance in the United Kingdom. Currently Discovery Holdings owns a 75 percent stake in the joint venture while Prudential Assurance holds the remaining 25 percent.