VitalityLife launches Wellness Optimiser and Vitality NurseVitalityLife today announces two innovative new developments for the protection market: Wellness Optimiser and Vitality Nurse.
VitalityLife’s new Wellness Optimiser product offers customers an upfront discount and annual premium discounts if they take the right steps to monitor their health.
Members will receive a discount of up to 40% for term cover and up to 60% for whole of life, compared to standard premiums. Future premiums can then change annually depending on their Vitality status, which will be determined by the results of ongoing health checks.
Members will be encouraged to complete a biennial health check, which will be available at a discounted price of £10 for the first two years. Factors including BMI, blood pressure, blood glucose and cholesterol will be measured and any improvements to their health during the two-year period will be reflected in their premiums. Depending on the member’s annual status, premiums can either remain the same, increase by up to 4% or reduce by 1% each year.
People with diabetes or high BMI may find it harder to improve their health on a regular basis. However, the greater awareness provided by the results of the regular health check can be more impactful and could lead to even more significant improvements for their health and expected claim costs. Diabetic members will therefore be offered a larger upfront discount as a greater incentive, of up to 45% for term life cover and up to 65% for Whole of Life cover.
Wellness Optimiser will be available on the VitalityLife Plan, Essentials Plan and Mortgage Plus Plan.
VitalityLife will also launch Vitality Nurse, the company’s own range of medical screening and nurse services whose sole purpose is to improve the underwriting process.
Vitality Nurse will offer an instant booking service for medical underwriting requirements with real time results from VitalityLife’s bespoke evidence analyser app. This will enable easier and faster medical underwriting with 80% UK coverage.
The market norm typically offers an inefficient system characterised by ongoing delays and missed appointments. However, Vitality Nurse gives people the convenience of a medical screening by a clinically qualified nurse in the comfort of their own home in as little as two hours from the time of application submission. The service is available six days a week.
Both innovative developments are underpinned by Vitality’s shared-value insurance model, a unique approach built on the scientifically proven principles of behavioural economics. Shared-value is based on the combination of engaging members and incentivising them to manage their wellness, while dynamically pricing their behaviour into their cover. Members are encouraged to lead a healthier lifestyle through access to Vitality exclusive discounts and rewards – meaning they don’t have to claim to benefit from their insurance.
Herschel Mayers, CEO of VitalityLife, said: “At VitalityLife we are doing all we can to provide the cover people need, while also rewarding them for improving their health. We want to make it easier for people to get cover, which is why we have launched our unique Vitality Nurse service to enable customers to have a medical screening wherever is convenient for them.
“Traditional underwriting is typically performed at the application stage and records a number of key factors that can often change or improve over the lifetime of the policy. However, until now there has not been a specific approach to monitoring these factors on an ongoing basis in the market. Through our revolutionary Wellness Optimiser product, we are expanding our offering and encouraging members to have a biennial health check where specified clinical measures will be taken and used to adjust their future premiums.
“Both these fantastic innovations have been developed to make it simpler for people to get protected, while at the same time encouraging them to live a healthy life and rewarding them for doing so.”
Emma Thomson, Life Office Relationship Director at LifeSearch, said: “We really like these improvements from VitalityLife. The new Wellness Optimiser approach will be popular with people who take an active interest in their health and the new nurse service should really help speed up the underwriting process. We welcome positive developments in the market, especially exciting ones that will stand out to customers, and think these changes fit well with Vitality’s position in the market.”
Notes to editors:
Vitality – changing health and life insurance for good
Vitality is the insurance business that helps people understand how they can improve their own personal health. Vitality makes it cheaper and easier for its members to get healthy and gives them rewards to keep them motivated, through a range of discounts and incentives.
Vitality Ambassadors Jessica Ennis-Hill, Jonny Wilkinson, Joe Root and Maro Itoje are role models who embody the values of Vitality. They are all using their passion for living a healthy lifestyle to motivate others to make positive changes. Taking small steps today can dramatically improve wellbeing over the long-term, regardless of your current state of health.
VitalityLife is one of the fastest growing life insurers in the UK. It is unique to the current UK protection market and its suite of products includes Life Cover, Income Protection Cover, Serious Illness Cover, Business Protection and other additional products. By recognising people's efforts to look after themselves, VitalityLife is able to offer a more comprehensive set of benefits than traditional insurers at a very competitive price. For more information visit www.vitalitylife.co.uk
For further information, please contact:
Head of PR, Vitality
07824 604 926