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...
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