Boots today has announced a partnership agreement with PruHealth to launch private medical insurance in its 1,500 Boots stores.
Recent research by Boots highlights that around 80 per cent of people believe they are put off from taking out private health insurance due to its cost.
In addition, 36 per cent of people would consider taking out PMI if they felt they were offered a competitive rate.
Boots is hoping to break into the UK PMI market, worth at present approximately £3 billion, by partnering with PruHealth to launch a competitive high street health insurance product.
The policy will deliver rewards to those who make no or low claims and take part in its ‘Vitality programme’, a concept originally introduced into the UK PMI market by PruHealth.
Customers will collect Boots Vitality points by taking advantage of a range of current offers such as completing an online health review or stress test, having an eye test or downloading online meal plans.
These points will count towards a vitality status and could mean substantial no claim bonuses of 25 per cent, 50 per cent, 75 per cent or, with enough effort, even 100 per cent of this year’s premium towards the cost of next year’s cover.
Boots PMI will offer three levels of cover which include the following as standard, access to every registered private hospital, access to every NHS private patient unit in the UK, access to over 13,000 consultants and specialists, and full cancer cover at every stage of treatment.
Boots head of insurance services Kevin Johnson says: “Boots recognises the vital role it can play in improving the nation’s health by rewarding our customers. It is a great opportunity for us to use our position on the high street to offer the public greater access to private healthcare through our partnership with PruHealth. It was important for us to not only launch a health insurance product that encourages people to take care of themselves through the Vitality programme, but also one that is genuinely excellent value.”
PruHealth Chief Executive Shaun Matisonn says: “This partnership is key to both companies’ commitment to improving the health of the UK population. By teaming up with a trusted company like Boots, we aim to make private health insurance more accessible and affordable via the high street, and really begin to change people’s attitude to health and wellbeing.”