Prudential, in partnership with Discovery has launched a protection product that it claimed would ‘change the face of UK protection.’
Speaking at the launch of ‘PruProtect’, Gary Shaughnessy, managing director for health and wealth management at Prudential, admitted that the market had lagged behind in terms of technological enhancements and providing true ‘best care’ for consumers. He explained: “The market must keep pace with technological advances. At the moment it takes 30 days to put people on cover – this doesn’t work. Now is the time for a new type of protection, to offer greater value for UK consumers.”
As part of the PruProtect offering, users will be able to obtain a discount if they commit to improving their ‘vitality status’, and will be rewarded vitality points for making an effort to look after their health and well-being. The product will also consider multiple claims, and can cover over 150 illnesses.
Sammy Rubin, chief executive officer at PruProtect, said: “We are delighted to be able to offer a fairer and more interactive product with PruProtect. Payments are proportionate to the severity of the illness, they are continuous – which means policy holders could claim more than once throughout the course of their contract – and by actively looking after themselves, they could help manage their premiums.”
However, Dave Priestly, sales director at Prudential admitted there needed to be a greater cohesion between protection and mortgages, a sentiment that Alan Lakey, senior partner at Highclere Financial Services, agreed with. He said: “Brokers who are not offering protection are either very busy or very stupid.”
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