Published on : Aug 04, 2017
Albany, New York, August 4, 2017: The world is changing, and so is the insurance industry as a whole. It is well recognized that healthcare is the most important thing for any individual, hence the presence of an active health insurance plan ensures protection to several grounds. In recent years, ‘Vitality’, which is a health and life insurer, has approached the U.K. market in an innovative way by utilizing wearable tech to offer policies to those consumers adopting a healthy lifestyle. With a prime focus on U.K. business of Vitality, a study titled “Insurance Company Profile: Vitality” has been broadcasted to the vast repository of Market Research Hub’s research studies. The study comprises comprehensive review of Vitality, along with its market structure, overall performance in both the commercial and personal lines markets.
Initially, the study starts by presenting the global overview of Discovery Holdings Company, along with its corporate structure and historic milestones. Discovery Holdings is a global thought leader and a proudly South African company. The company provides innovative services and assurance products. These services and products integrate with their trend-setting wellness programme, Vitality. It has been analyzed that the company has a core purpose of making people healthier and protecting their lives.
Then, the research focuses on current status of Discovery Holdings. Vitality was launched in 2015 when parent company Discovery Holdings acquired the remaining shareholding in PruHealth and PruProtect; and rebranded the businesses as VitalityHealth and VitalityLife, continuing to develop the brand’s core social purpose of making people healthier. Collectively, VitalityHealth and VitalityLife cover close to 1 million lives. Vitality provides health insurance like other companies, but along with diagnosing and treating medical issues it aims to keep customers fit by offering them rewards and discounts. It has a positive impact on the prevalence of mortality and morbidity experience in the insurance business and in society.
The company can track customer’s health using wearable’s and gym visits. As per the study, Vitality’s success in using wearable technology to create sophisticated pricing structures based on a policy holders well-being is likely to pave the way for much greater use of wearable technology in the health insurance industry. It also offers customers the benefit of a Vitality GP. This option allows customers to speak to one of Vitality's fully qualified GP's over an internet call for consultation, diagnosis or treatment advice.
This profile further explores Vitalitys approach and offers a review of the company, its business structure and strategy, its financial performance, and a SWOT analysis. Also, marketing and distribution strategy to remain competitive is also well-identified in this study.
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