PruHealth has launched into the private medical insurance market with a product that links the cost of premiums to the efforts people make to look after their health. Could this approach help to boost sales in the sector?
Market views Fiona Harris, BUPA BUPA welcomes any new ideas that offer the consumer more choice and encourages them to take better care of their health. However, PruHealth's approach may discourage many people who would like to actively improve their health but also need to claim for treatment on their private medical insurance policy. Policyholders that need to claim on their PruHealth cover – and if that claim exceeds the annual premium – could see the amount they pay the following year increase quite significantly, depending on the level of cover originally taken...
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