Five years after it stopped taking new business, specialist insurer National Friendly is set to start writing healthcare insurance policies again with the support of a major industry player.
The company recently launched its Your Health Fund product after it ceased writing new health insurance business in 2011 when higher than expected claims experience caused capital adequacy issues,
The Financial Times Adviser reported.
“Now, we are opening our doors once again. We’re back with a fresh look and a fresh approach,” the insurer said on its website.
“National Friendly temporarily ceased writing new business as our healthcare claims experience took an unexpected downturn and we did not wish to increase our exposure further by writing new policies,”
FTAdviser also quoted National Friendly chief executive Jonathan Long as saying.
“As our claims experience is now much less volatile, and we have the backing of a major re-insurer, we are now ready to start writing new policies again,” he added.
Long said their previous healthcare product in the market five years ago provided a “cost-effective alternative” to the full-refund products offered by other insurers.
“This product sold well and was liked by customers, as demonstrated by a fair proportion of customers still retaining their National Friendly policy today, even though we have not written any new policies for five years,” Long told
FTAdviser.
According to the report, National Friendly also aims to improve its intermediary market reputation with the hiring of SimplyHealth and Vitality executive Lucy Pinson as business development manager.
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