An introduction to Vitality Life’s Underwriting with reference to the growing incidence rates of mental health illnesses in the workplace Fergus Bescoby VITALITY.CO.UK/LIFE
Customer journey Ongoing Speed and quality of Medicals made philosophy underwriting easier enhancement
HEALTHY BODY = HEALTHY MIND Research shows that physical activity can boost self-esteem, mood, sleep quality and energy, as well as reducing your risk of stress, depression, dementia and Alzheimer’s disease. It's medically proven that people who do regular physical activity have: • up to a 30% lower risk of depression • up to a 30% lower risk of dementia Exercise can help people already suffering from depression To stay healthy, adults should do 150 minutes of moderate-intensity activity every week. NHS Choices 7/2015 VITALITY.CO.UK/LIFE
Clients Journey With VITALITY.CO.UK/LIFE
A Healthy Lifestyle can prevent depression, stress and anxiety - Vitality have recognised this VITALITY.CO.UK/LIFE
Underwriting rules engine stats for depression/anxiety LIFE % SIC % Straight through rates Standard rates 55.0 16.5 Life cover - 67.7% TGPR 4.8 3.5 SIC - 72.5% Refer U/W 27.0 24.0 Loadings 12.7 - *Mood disorder - 56.0 exclusion Stats do not include more serious Postpone 0.5 - mental illnesses such as Schizophrenia and bipolar depression 100% 100% *Exclusion only applied to TPD 6 VITALITY.CO.UK/LIFE
Key Underwriting questions Have you ever attempted: suicide, overdose, self harm or had suicidal thoughts – if so how many times has it happened and when was the last time? Have you required any of the following to treat this condition: hospital admission, referral to a psychiatrist, Lithium medication or ECT (electroconvulsive therapy)? Within the last 3 years, what is the longest duration that your daily activities have been restricted due to this condition (e.g. causing time off work, confinement to the house, bed rest etc.)? Did your condition start in reaction to a major life event such as pregnancy, bereavement, unemployment or divorce? When did you last experience symptoms or take medication for this condition? 7 VITALITY.CO.UK/LIFE
Big White Wall available to our IPC Policyholders Mental health issues are an increasing problem for the UK workforce and this is why our Income Protection now provides access to Big White Wall, an online service that provides a forum for people experiencing mental health issues to reach out and receive support from qualified ‘Wall Guides’. Vitality have partnered with Big White Wall, an award-winning online mental health service, to provide 24/7 support for whatever is troubling you. Big White Wall can help with range of common mental health issues including depression and anxiety. They have trained counsellors online at all times, plus a range of tools, resources and online courses. Big White Wall is included in our IPC Plan VITALITY.CO.UK/LIFE
VITALITY NURSES • • Launched in February 2017 Recruiting more nurses • • First to the market BigT (Tele-interviews) • • Over 30 nurses/nationwide LittleT • • >80% of screenings done by Vitality Wellness Days nurses • Evidence analyser • Finger-prick testing • Online booking facilities • Costumer feedback 9/10 9 VITALITY.CO.UK/LIFE
ON-GOING ENHANCEMENTS TO UNDERWRITING PHILOSOPHY Occupations Anxiety Ulcerative Colitis Self Lumps 27 27 Raised FH motor Future travel Smoking and harm cholesterol neurone Type 2 diabetes questions bumps TPD SCC/BCC disease Crohns disease Abnormal smear FH of PKD Back Pain Heart murmurs ENHANCEMENTS Armed forces Type 1 High blood Metabolic Skin lesions diabetes Pins and needles syndrome pressure Depression Exclusions Hypothyroid Asthma VITALITY.CO.UK/LIFE 10
August Release Results (Source Vitalitylife) Changes went live in August release STP Crohn’s Disease 87 Previously 0% STP with 100% TGPR % 42 Type 2 Diabetes Postponement for recent diagnosis removed % 57 Future Travel Automation of most disclosures – previously 100% refer % Tweaks to focus on last 3 years symptoms / medication. Thyroid 81 Previously 69% STP % Conditions VITALITY.CO.UK/LIFE
MEDICAL CONDITIONS GUIDE • Likely underwriting decisions • Evidence required to underwrite a risk • Decision parameters • Key information to increase the likelihood of an instance decision • Useful stats • Currently being updated to include Type 1 diabetes 12 VITALITY.CO.UK/LIFE
KEY POINTS TO TAKE AWAY Ongoing Underwriting enhancements Making the medical journey easier *Approximately 60-65% anxiety/depression disclosures accepted at STD rates for Life Cover Sensible but competitive underwriting resulting in speedier claims assessment Understand what our clients want *Source-Vitalitylife VITALITY.CO.UK/LIFE
THANK YOU VITALITY.CO.UK/LIFE
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