Health Shield continues growth plan

Health Shield has seen its premium income and membership continue to grow over the last year.

As part of its growth a new IT system will be introduced during the year including a new broker portal, updated members' area and improved management information.

The cash plan provider, which is taking part in the COVER Breakfast Briefing, announced earned premiums rose 6% to just under £23m in 2010 with 43,909 new members joining.

This took its overall membership base to over 120,000 and was its highest ever annual increase, replacing the previous year's 40,311.

The friendly society is in the middle of a five year business plan which it hopes will see it reach 200,000 members by 2013.

It also experienced strong gains in the flexible benefits market and the overall number of new group schemes doubled to 359 corporate client wins.

Claims paid increased by 9% from 322,000 to 352,000, in line with the significant membership increase, and of those claims, 90% were paid within two working days.

Jonathan Burton, chief executive at Health Shield, was pleased with the results that saw it grow market share to 20% of the company-paid sector.

"Health Shield continued to perform in line with market ambitions during 2010, despite fierce competition and a tough economy. We are also working hard behind the scenes on Solvency II, which will ensure that we continue to have strong capital reserves going forward," he said.