BLOG: A holistic approach

We’re delighted to have won the ‘Best Life Assurance’ award at the Mortgage Awards 2020.

At Vitality, we want to challenge the way people think about insurance. For many, insurance is a safeguard, providing peace of mind when things go wrong.

While this concept remains fundamental to the way we operate, another (and in our view) equally important concept sits right alongside it. Together, they form our core purpose - to make people healthier and enhance and protect their lives. If we were to borrow from the age-old adage that ‘prevention is better than cure’, it simply means that our focus is to encourage people to take control of their health and develop better lifestyle habits now, to help prevent chronic illnesses later on.

In the current climate, the value of being prepared for the unexpected can’t be understated. The COVID-19 pandemic has not only shown us that anything can happen to anyone, but also pushed health and wellness into the spotlight. Now more than ever, it’s important to ensure that people review their circumstances to make sure they’re getting what they need from their insurance protection - before anything happens.

Through the Vitality programme, we incentivise members to make positive health choices. They benefit from better health and tangible financial benefits, such as lower premiums on their insurance and valuable rewards. In 2019 the Vitality Programme, provided our members with over £103m of additional value (1). In turn, this improves their risk profile and reduces their burden on public healthcare systems giving rise to what we call Shared Value. By changing the value proposition members get from their life insurance plan, we’re able to offer them a much more holistic approach to insurance and give something back without the need for a claim.

This model underpins the innovation and evolution of all of our product and wellness offerings in the UK and globally, through our network of leading international insurance partners.

Our life proposition is Simpler, Better and Easier for you and your clients.
We’ve recently implemented a series of changes, designed to make our Life proposition ‘simpler, better and easier’, with a much broader appeal to clients and advisers. The changes incorporated adviser feedback, with the aim to retain the best features of our proposition whilst continuing to be as comprehensive and competitive as before.

One Personal Protection Plan and one Optimiser
Our Personal Protection Plan provides one comprehensive protection product where a client can opt for one or a combination of: Life Cover (Term or Whole of Life), Income Protection Cover or Serious Illness Cover.

We also give clients the option to add Optimiser to their plan. Optimiser provides upfront access to the most preferential rate - referred to as the Platinum rate - giving members up to 30% lower premiums than standard. Members can then maintain this Platinum rate over time by engaging in the Vitality Programme and staying active and healthy. This helps make the cost of cover more affordable for everyone.

Better access to Vitality rewards
In recognition of the power of incentives in changing behaviour and supporting people to live healthier lives, alongside the growing importance of good health highlighted by the pandemic we provide all members with access to the Vitality Programme.

Vitality Select is available to those at a lower premium at no additional cost, and provides members with access to partners and rewards, and the tools and incentives to help them live healthier lives. Vitality Plus available to those with higher premiums at an additional monthly fee, provides access to an extended range of rewards.

Easier to do business with us and enhanced digital capabilities
Vitality has also brought in enhanced servicing and training initiatives, that make it easier for advisers to do business with us. These include fully automated online servicing process, exciting new underwriting processes and enhancements to our Adviser Hub - with greater functionality and support for advisers to quote, submit applications and service existing cover.

We support adviser training and development through our extensive network of regionalised Vitality Business Consultants. Based across the UK, they’re on hand to provide personalised training. Not only that, but the Vitality Academy, which is built around advisers, makes it more convenient than ever to learn and stay up-to-date with industry knowledge, trends, and Vitality products.

There have also been a number of improvements to the digital experience on the adviser and customer website and Member Zone, and further enhancements to underwriting including access to a pre-sales underwriting tool Spectra, designed to improve the visibility of indicative underwriting decisions.

By taking a holistic approach to the world of insurance, we’ve been able to create an award-winning product range that’s the ideal choice for those considering their Personal Protection needs. Not only do Vitality members have the chance to lead happier, healthy lives through healthy long-term habits, but they also have the peace of mind that should things go wrong, they’re comprehensively protected.

1. Claims and benefits report, 2019

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