Private medical insurance (PMI) advisers have questioned whether VitalityHealth's change to its pricing strategy will adversely affect customers. Fiona Murphy reports.
The health insurer announced this week that renewal premiums will now be based on an ‘ABC' model which takes into account increasing Age; the Base medical inflation rate; and a new Claims and wellness engagement measure. The insurer described the industry-standard no claims discount (NCD) rating structure as opaque and said that it could "produce volatile premiums on renewal." It claimed that the new pricing structure would be" fairer, more intuitive and more transparent" for VitalityHealth...
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According to Vitality and American Express research