Standard Life Healthcare is launching into the cost plus sector of the private medical insurance sector.
Cost Plus is aimed at larger companies who have large and stable volumes of medical insurance claims and want an alternative to a fully insured scheme.
With cost plus, the company agrees a claims fund with the insurer who then manages the scheme for the company, with insurance cover protecting the company against claims that exceed their claims fund significantly. The scheme means large companies to cap their liability at an agreed level.
SLH's sales and marketing director Iain McMillan says: “Cost plus is a great way for large companies to manage their medical insurance claims in the knowledge that the admin will be taken care of and their costs will be capped. The launch is part of our deliberate but steady approach into the large corporate market to allow us to offer value added products that customers want alongside award winning customer service.”