Health Shield conquers competitive market to post strong results
Health Shield – one of the UK’s leading corporate health cash plan providers – has increased annual premium income to more than £20 million in a year of strong growth for the Society.
In 2009, earned premiums rose by 12 per cent, alongside the highest annual figure on record for recruitment of new members. Last year, the number of new members increased significantly by 63 per cent to 40,311, compared to 24,656 in 2008.
This follows the successful launch of two innovative company paid products in 2009 – Essentials and Essentials Plus – alongside a tailored bespoke scheme offering. These have been exceptionally well received within the marketplace and, as such, the number of new company paid group schemes also rose sharply by 145 per cent to 147.
Jonathan Burton, Chief Executive at Health Shield, commented: “Health Shield has continued to demonstrate great resilience and ambition during 2009, in a fiercely competitive market.
“At the heart of our success lies a first rate product combined with a constant drive to improve our levels of service, meeting the needs of both current and future members.”
According to Health Shield’s Board of Management Annual Report, members retained during the year fell fractionally by 2 per cent. However, surveys carried out by the Society have shown a very high level of member satisfaction. 99.15 per cent of members stated that they were happy with the Society’s service levels regarding claims payments.
In 2009, the number of claims paid increased to 322,571 in line with membership increase. Of those claims, 89.6 per cent were paid within two working days – an all time high. In the last year, Health Shield – as a non-profit making friendly society – has continued to pay out nearly 80 per cent of its contributions back to members in the form of benefits.
Burton added: “As we enter the next phase in the health cash plan market – and also in Health Shield’s exciting development – we’re confident that our highly dedicated and hard-working team will help to develop further service and product improvements. In addition, this will be carried out while remaining loyal to our not-for-profit friendly society values.”
Health Shield’s exceptional business performance comes one year into an ambitious five year growth strategy plan. The Society – which specialises in the corporate market and boasts an impressive client list, including high street retailer Comet – intends to double annual premium income by 2013 as part of the comprehensive strategy.
Earlier this year, Health Shield hit a membership milestone of 100,000 members. The landmark was coupled with an extensive re-branding exercise for the organisation, which revealed a fresh corporate identity across a broad range of communication channels.
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