Ben Heffer, insight consultant at Defaqto, takes a closer look at the value-added benefits from inception to claim growing in popularity and how these trends are developing.
Traditionally, individual protection was designed to provide financial compensation when someone dies or suffers with a critical condition or disability, but today, insurers are supporting policyholders and their families in so many more ways through value-added benefits. ‘Road-to-Health' from Skandia and PruProtect (now Vitality), and Red Arc's nurse-led claims support service spearheaded the introduction of such benefits in the 2000s. Now 67% of providers offer claims support services and 58% include health and wellbeing services throughout the term of the policy. We are seeing c...
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