PruHealth has completed its acquisition of Standard Life Healthcare.
The acquisition will boost PruHealth’s market share to 11%, demonstrating its commitment to the UK market and making it the fourth largest private medical insurance (PMI) provider in the UK.
Neville Koopowitz, previously chief executive officer (CEO) of Discovery Health, has been appointed CEO of PruHealth, and has transferred to London. Herschel Mayers continues as the CEO of PruProtect.
This transaction provides PruHealth with a significantly strengthened competitive position in the UK PMI market. The business will draw on its combined core strengths in product innovation, wellness and service delivery to offer one of the broadest and most flexible product ranges in the market.
Full integration will roll out over the coming months. A product suite building on the best of the current PruHealth range and the range previously offered by Standard Life Healthcare is scheduled to be launched later this year.
Until then, PruHealth will continue to sell and service the entire product range of both businesses. There will be no changes to broker arrangements during this time, ensuring continuity and certainty is maintained:
- Existing policies will not change
- Broker and customer service will be provided in exactly the same way as before the acquisition
- Account management and sales support structures across PruHealth and products previously offered by Standard Life Healthcare remain as they were
- Customers will be contacted and made aware of any planned changes when their policies are due for renewal
Neville Koopowitz, CEO of PruHealth, said: “We are proud to be able to bring to clients both the award-winning product innovation and the excellent service history of two leading PMI businesses, and are excited about the opportunity to further develop our presence in the UK market.
“We are working hard to bring clients a new product suite, building on PruHealth’s wellness expertise and Standard Life Healthcare’s emphasis on outstanding service and comprehensive coverage.”
For previous Standard Life Healthcare policies, a transitional brand which refers to “PruHealth Previously Standard Life Healthcare” will be used during the integration process to ensure a smooth migration. The transitional brand will appear on claims and renewal documents of members with previous Standard Life Healthcare policies for the next 12 months. All other communications (except for direct marketing materials) will be transitionally branded for four months. After this period all material will be branded PruHealth.
Koopowitz added: “Our vision is to be the best health insurer in the UK and to excel at everything we do. The combined business will result in a complementary product range and assets in distribution and service as well as scale in negotiations to benefit clients”.
Read more on healthcare benefits and providers