Since entering this market in July 2008, the current annual premium income has grown to more than £7m. The launch of One Fund is expected to provide further growth, being distributed through a select panel of brokers and Employee Benefit Consultancies into the SME corporate arena, in addition to the current direct marketing offering.
Andrew Haigh, Chief Executive at Engage Mutual commented,
“This is a significant step forward in establishing Engage Mutual as a key player in the UK healthcare market, building on our substantial growth and strong performance over the last 12 months.
“As a mutual, we are driven by the needs of consumers, and One Fund offers a genuinely customer focused proposition, benefiting both the claimant and the employer, who can be confident that the flexible nature of the benefits will contribute to a healthier workforce.”
One Fund has proved popular due to its high level of flexibility for employees, who can choose to spend the annual fund allocated to them on either a single benefit, or across the range of benefits covered by the plan, as dictated by their health needs. This feature differentiates it from many other cash plans. The product could offer a solution to those struggling to cope with ever increasing PMI costs by helping fill the gap that exists between lower cost PMI and the higher end of health cash plans.
These developments should be an encouraging sign to brokers, adding further insurer choice and product innovation at a time when there have been a number of recent closures and mergers in the market.