vitality.co.uk about vitalitylife for adviser use
Post on 19-Dec-2015
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VITALITY.CO.UK
ABOUT VITALITYLIFE
For adviser use
HISTORY OF
VITALITYLIFE
Discovery entered the UK
protection market in 2007 as a
joint venture with Prudential,
creating PruProtect
Expansion into protection
2007
Acquisition of Standard Life HealthCare
2010
50% 50% 75% 25%
HISTORY OF
VITALITYLIFE
Discovery fulfilled its long-term
strategy to take full ownership in
2014 and we became VitalityLife
2014
Transition tofull ownership
100%
ABOUT
DISCOVERY
Market capitalisation of £3.5bn
– equivalent to a FTSE 100
company
Share price
UK BUSINESS IS
BUILT ON
DISCOVERY’S
SHARED VALUE
MODEL
Our model is designed to make
people healthier, which benefits
both members, advisers and
insurers
healthier
Make people
and enhance and protect their lives
GROWTH OF
VITALITYLIFE
Five-fold growth in policyholders
in the last five years
GROWING
MARKET
SHARE
New business market share of
13% in adviser market
Third largest protection writer in
the UK
Source: ABI Q4 2014 market share report
FINANCIAL
STRENGTH OF
VITALITYLIFE
AKG rating
EVOLUTION OF
THE UK
PROTECTION
MARKET
Move towards high value cover
But companies must still be able
to compete on price
Vitality Optimiser enables
VitalityLife to compete with an
innovative high value product in
a competitive market
Price score based on: £100,000 level life cover for 34 year old female over 25 yearsInnovation score based on: Conditions covered as verified by Defaqto
PRODUCT
DEVELOPMENT
VitalityLife is continuously
innovating to create valuable
products that resonate with
customers
OUR
COMMITMENT TO
THE ADVISER
MARKET
Correct as at March 2015
2012 figures
2013 figures
Serious illness % claims paid % declinedVitalityLife 91.4% 8.6%
OUR CLAIMS
STATISTICS –
2012 AND 2013
Life % claims paid % declined
PruProtect 97.4% 2.6%
Serious illness % claims paid % declinedPruProtect 92.9% 7.1%
Income protection % claims paid % declined
PruProtect 94.1% 5.9%
Life % claims paid % declinedVitalityLife 99.0% 1.0%
Income protection % claims paid % declined
VitalityLife 98.2% 1.8%
We paid over
91% of all Serious Illness
claims made in 2013
Nearly £25m paid in claims on Life, Serious Illness and Income protection products
2014 figures
• Average age for claimants: 56 for Life Cover and 44 for Serious Illness Cover
• Total claims of 725
• Largest claim paid was £2,003,567 for Life Cover and £502,032 for Serious Illness Cover
• Top 5 conditions claimed for on Serious Illness Cover were breast cancer, heart attack, bowel cancer, stroke and malignant melanoma
Serious illness % claims paid % declinedVitalityLife 91.0% 9.0%
OUR CLAIMS
STATISTICS -
2014Life % claims paid % declined
VitalityLife 99.4% 0.6%
Income protection % claims paid % declined
VitalityLife 98.0% 2.0%
We paid a record amount in
claims during 2014
AWARDS
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