Bupa Group Risk is to remove the need for customers to be re-underwritten when they switch providers...
Bupa Group Risk is to remove the need for customers to be re-underwritten when they switch providers.
Previously, for highly-paid members, an insurer would often underwrite a higher amount than the client required to avoid re-underwriting in the following years. Switching to another provider often means clients receive worse terms. Bupa will take on anyone accepted on normal terms by their previous insurer and offer the same forward underwriting entitlement as would have applied had Bupa done the initial underwriting.
An example given by Bupa was that of a scheme member switching to Bupa with a benefit of £70,000 from their previous insurer. Following the firm's announcement, no underwriting will be required in the first five years unless the member's benefit exceeds £90,000.
Lee Lovett, head of sales at Bupa Group Risk, said: "We believe this innovation will make it easier for heads of companies and their advisers to choose Bupa."
