PruProtect in UK
UK insurer Prudential and South African insurer Discovery have
teamed up to launch PruProtect, a joint venture offering a range of
products that include life cover, income protection and
severity-based serious illness cover. The move represents another
joint initiative between the two insurers, which first teamed up in
2004 to launch UK health insurer PruHealth.
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PruProtect products incorporate a feature of the PruHealth
insurance products, the Vitality points system. In essence,
policy-holders earn Vitality points for making a conscious effort
to improve their life styles and health. Vitality points are
accumulated over the course of a year and offset against insurance
premiums the following year. “PruProtect encourages individuals to
take charge of their health and well-being and rewards them for
doing so,” said Shaun Matisonn, CEO of PruProtection, the holding
company of PruHealth and PruProtect.
A feature of the PruProtect’s serious illness cover is that it
deviates from what Prudential termed the “all-or-nothing” approach
of conventional products. Prudential explained that under
PruProtect, a claim is proportionate to the severity of the illness
and the likely financial detriment that may result. This means
policyholders are covered for more conditions than with many
traditional critical illness policies and could receive money at an
earlier stage.
Although the payout under PruProtect may be less than under a
traditional critical illness policy, if a policyholder’s condition
worsens they could then receive additional payouts at set
stages.
Alternatively, if a policyholder’s health recovers, the policy
continues as normal and they are able to claim again if needed,
unlike a traditional critical illness policy which would
cease.
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By GlobalDataPruProtect’s back-office operations will be run out of South
Africa.
