VitalityHealth overhauls PMI pricing measures

'Wellness engagement' factored in

clock • 1 min read

VitalityHealth is to change its renewal pricing approach for individual private medical insurance (PMI) policies within the guidance of a new Fair, Intuitive and Transparent or 'FIT' framework.

Claims and wellness engagement measures will be factored in as one of the new measures, meaning that wellness engagement will determine PMI renewal premiums for policyholders. The insurer described the industry-standard no claims discount (NCD) rating structure as opaque and said that it could "produce volatile premiums on renewal." The FIT framework will ensure a fairer, more intuitive and more transparent pricing approach for VitalityHealth members, the insurer said. Under this approach, renewal premiums will be based on an ‘ABC' model which takes into account increasing Age; the...

To continue reading this article...

Join Professional Adviser

  • Unlimited access to real-time news, industry insights and market intelligence.
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters.
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection.
  • Members-only access to the editor’s weekly Friday commentary
  • 
 Be the first to hear about our events and awards programmes.

Join

 

Already a Professional Adviser member?

Login

More on Protection

AIG/Aviva deal sparks adviser concern over market consolidation

AIG/Aviva deal sparks adviser concern over market consolidation

Protection industry fears 'thin end of a miserable trend'

Jaskeet Briah
clock 25 September 2023 • 3 min read
Amanda Blanc

AIG's UK protection business to be bought by Aviva in £460m deal

Sale to bring 1.3 million individual protection customers under Aviva

Hope William-Smith
clock 25 September 2023 • 1 min read
FCA sounds warning bell to protection providers over poor practises

FCA sounds warning bell to protection providers over poor practises

Latest ‘Dear CEO’ letter lays out regulatory concerns

John Brazier
clock 20 September 2023 • 4 min read