Standard Life Healthcare has set up a modular business healthcare product which allows small and medium-sized firms to create a bespoke product for their employees by mixing and matching benefits.
Firms start with one of the four main modules – core healthcare, dental cover, health cash plan or travel cover – then add benefits to build their desired package. They can build different packages for different categories of employees such as senior staff members or staff in different departments or cities.
Standard says its consumer and broker research found that flexibility is a key requirement. Fifty-five per cent of the heads of small and medium-sized firms say they want the ability to change their firm’s package depending on cashflow and many say easy servicing is vital.
Chief executive Mike Hall says: “Fifty-seven per cent of the small businessowners we questioned were specifically looking for packages where modules can be tailored to suit their company. We believe the mix and match approach of business healthcare does just that.”
Jelf Corporate Healthcare sales development director Wayne Pontin says: “This is a product designed for the consumer, not the insurance provider. It delivers core in and outpatient cover on a comprehensive basis but can be adapted to suit most companies’ budgets.
“Smaller firms can now access wellbeing concepts that have previously been the domain of the large corporates.”