When we think of innovation in financial services, we tend to think of Shoreditch start-ups pioneering robo-advice solutions, or retail banks launching mobile apps to help customers track their finances or new mortgage lenders using algorithms to decide which customers to lend to, and at what price.
However, the health insurance market is also a player in the wave of innovation currently transforming financial services – and sometimes, new ideas can originate in unlikely places.
Here at Rostrum, we recently began working with National Friendly, a 150 year old mutual that is doing things a little differently in the private medical insurance market following its return to new business this year.
Innovation and collaboration are very much top of mind for National Friendly with the launch of their new Your Health Fund product. Responding to the pressures on the NHS caused by Britain’s ageing population and incorporating product feedback from brokers, Your Health Fund offers policyholders convenient access to quick diagnoses and high quality healthcare services for short term, curable illnesses. The product operates with National Friendly’s deposit principle, which rewards consumers whose claims totals are low by giving them access to a claim fund (like a ‘no claims bonus’) at the end of their policy term.
After securing coverage on National Friendly’s return to new business with key industry publications such as Health Insurance Daily and FT Adviser, we are now expanding the thought leadership approach with this long-running mutual as National Friendly looks to expand its product range into new sectors.
Over the coming months, we’ll continue to raise National Friendly’s profile among consumers and advisers with a series of thought leadership pieces on the growing importance of private medical insurance, the first of which was published in COVER.